SMOX vs. JAPN

Last updated Jun 4, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - SMOX is a Mid Cap Blend Equities fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. At a 0.28 correlation, their price movements are largely independent. SMOX charges 0.75%/yr vs 0.85%/yr for JAPN.

Performance

SMOX vs. JAPN - 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 Kinetics Japan Owner Operator ETF (JAPN). 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 JAPN's -13.33% return.

SMOX

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

JAPN

• 1D: -1.75%
• 1M: -2.99%
• YTD: -13.33%
• 6M: -13.01%
• 1Y: -16.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMOX vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	17.11%	0.44%
JAPN Horizon Kinetics Japan Owner Operator ETF	-13.33%	0.37%

Correlation

The correlation between SMOX and JAPN is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.28

Return for Risk

SMOX vs. JAPN — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 2
JAPN Sortino Ratio Rank: 3
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 3
JAPN Martin Ratio Rank: 2

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. JAPN - 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 Kinetics Japan Owner Operator ETF (JAPN). 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	JAPN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.52	-0.54	+3.07

Drawdowns

SMOX vs. JAPN - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for SMOX and JAPN.

Drawdown Indicators

	SMOX	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-23.94%	+16.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.94%	—
Current Drawdown Current decline from peak	-0.04%	-22.90%	+22.86%
Average Drawdown Average peak-to-trough decline	-1.49%	-9.47%	+7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.54%	—

Volatility

Volatility by Period

	SMOX	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	18.77%	-3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	19.24%	-3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	19.24%	-3.69%

SMOX vs. JAPN - Expense Ratio Comparison

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

Dividends

SMOX vs. JAPN - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than JAPN's 0.28% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%

Frequently Asked Questions

Can I hold both SMOX and JAPN in my portfolio?

SMOX and JAPN have a correlation of 0.28, 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 JAPN?

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 JAPN?

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

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

JAPN has the higher dividend yield at 0.28%, compared with 0.07% for SMOX.

What is the main difference between SMOX and JAPN?

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