SMOX vs. IMCB

Last updated Jun 4, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both Mid Cap Blend Equities funds. SMOX is actively managed, while IMCB is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. SMOX charges 0.75%/yr vs 0.04%/yr for IMCB.

Performance

SMOX vs. IMCB - Performance Comparison

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

Returns By Period

In the year-to-date period, SMOX achieves a 17.11% return, which is significantly higher than IMCB's 14.72% return.

SMOX

• 1D: 0.05%
• 1M: 2.23%
• YTD: 17.11%
• 6M: 17.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMCB

• 1D: -0.24%
• 1M: 5.22%
• YTD: 14.72%
• 6M: 14.61%
• 1Y: 23.24%
• 3Y*: 17.84%
• 5Y*: 8.81%
• 10Y*: 11.32%

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

SMOX vs. IMCB - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	17.11%	0.44%
IMCB iShares Morningstar Mid-Cap ETF	14.72%	-0.10%

Correlation

The correlation between SMOX and IMCB is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.91

SMOX vs. IMCB - Sectors Allocation Comparison

Sectors	SMOX	IMCB
Industrials	22.1%	19.0%
Financial Services	15.3%	12.0%
Technology	14.4%	21.3%
Consumer Cyclical	11.4%	9.0%
Healthcare	8.8%	7.9%
Energy	8.0%	7.4%
Real Estate	7.6%	4.3%
Consumer Defensive	4.9%	5.1%
Basic Materials	4.0%	5.3%
Utilities	1.9%	6.2%
Communication Services	1.6%	2.3%

Return for Risk

SMOX vs. IMCB — Risk / Return Rank

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

IMCB

IMCB Risk / Return Rank: 56
IMCB Sharpe Ratio Rank: 53
IMCB Sortino Ratio Rank: 53
IMCB Omega Ratio Rank: 51
IMCB Calmar Ratio Rank: 58
IMCB 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. IMCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Small/Mid Cap Core Equity ETF (SMOX) and iShares Morningstar Mid-Cap ETF (IMCB). 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.

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

Sharpe Ratios by Period

	SMOX	IMCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.83	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.52	0.50	+2.02

Drawdowns

SMOX vs. IMCB - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for SMOX and IMCB.

Drawdown Indicators

	SMOX	IMCB	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-58.80%	+51.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.05%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.80%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.99%	—
Current Drawdown Current decline from peak	-0.04%	-0.24%	+0.20%
Average Drawdown Average peak-to-trough decline	-1.49%	-7.73%	+6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.03%	—

Volatility

Volatility by Period

	SMOX	IMCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	12.75%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	17.57%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	19.65%	-4.10%

SMOX vs. IMCB - Expense Ratio Comparison

SMOX has a 0.75% expense ratio, which is higher than IMCB's 0.04% expense ratio.

Dividends

SMOX vs. IMCB - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than IMCB's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCB iShares Morningstar Mid-Cap ETF	1.21%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMOX and IMCB in my portfolio?

With a correlation of 0.91, SMOX and IMCB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SMOX or IMCB?

On fees, IMCB is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMOX or IMCB?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.75% for SMOX.

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

IMCB has the higher dividend yield at 1.21%, compared with 0.07% for SMOX.

What is the main difference between SMOX and IMCB?

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.75% for SMOX and 0.04% for IMCB.