SMOX vs. HBTA

Last updated Jun 25, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and HBTA (Horizon Expedition Plus ETF) are both exchange-traded funds - SMOX is a Mid Cap Blend Equities fund actively managed by Horizon, while HBTA is a Derivative Income fund actively managed by Horizon. Both are actively managed. A 0.72 correlation means they provide meaningful diversification when combined. SMOX charges 0.75%/yr vs 0.85%/yr for HBTA.

Performance

SMOX vs. HBTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Small/Mid Cap Core Equity ETF (SMOX) and Horizon Expedition Plus ETF (HBTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMOX achieves a 19.91% return, which is significantly higher than HBTA's 9.30% return.

SMOX

• 1D: 0.19%
• 1M: 3.62%
• YTD: 19.91%
• 6M: 17.45%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBTA

• 1D: -0.75%
• 1M: -1.79%
• YTD: 9.30%
• 6M: 7.78%
• 1Y: 28.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMOX vs. HBTA - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	19.91%	0.44%
HBTA Horizon Expedition Plus ETF	9.30%	0.46%

Correlation

The correlation between SMOX and HBTA is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.73

Return for Risk

SMOX vs. HBTA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMOX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HBTA

HBTA Risk / Return Rank: 54
HBTA Sharpe Ratio Rank: 53
HBTA Sortino Ratio Rank: 50
HBTA Omega Ratio Rank: 51
HBTA Calmar Ratio Rank: 51
HBTA Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMOX vs. HBTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Small/Mid Cap Core Equity ETF (SMOX) and Horizon Expedition Plus ETF (HBTA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SMOX	HBTA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.59	—
Sortino ratio: Return per unit of downside risk	—	2.16	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.19	—
Martin ratio: Return relative to average drawdown	—	9.86	—

Drawdowns

SMOX vs. HBTA - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum HBTA drawdown of -26.73%. Use the drawdown chart below to compare losses from any high point for SMOX and HBTA.

Drawdown Indicators

	SMOX	HBTA	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-26.73%	+18.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.18%	—
Current Drawdown Current decline from peak	-0.32%	-4.82%	+4.50%
Average Drawdown Average peak-to-trough decline	-1.38%	-4.17%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.93%	—

Volatility

Volatility by Period

	SMOX	HBTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	18.27%	-2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	25.01%	-9.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	25.01%	-9.56%

SMOX vs. HBTA - Expense Ratio Comparison

SMOX has a 0.75% expense ratio, which is lower than HBTA's 0.85% expense ratio.

Dividends

SMOX vs. HBTA - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than HBTA's 0.58% yield.

Position	TTM	2025
HBTA Horizon Expedition Plus ETF	0.58%	0.64%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%

Frequently Asked Questions

Can I hold both SMOX and HBTA in my portfolio?

SMOX and HBTA have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMOX or HBTA?

On fees, SMOX is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMOX or HBTA?

SMOX is cheaper with a 0.75% expense ratio, compared with 0.85% for HBTA.

Which ETF pays a higher dividend yield, SMOX or HBTA?

HBTA has the higher dividend yield at 0.58%, compared with 0.07% for SMOX.

What is the main difference between SMOX and HBTA?

SMOX is categorized as Mid Cap Blend Equities, while HBTA is Derivative Income. Their fees differ too: 0.75% for SMOX and 0.85% for HBTA.