SMOX vs. MEDX

Last updated Jul 8, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and MEDX (Horizon Kinetics Medical ETF) are both exchange-traded funds - SMOX is a Mid Cap Blend Equities fund actively managed by Horizon, while MEDX is a Health & Biotech Equities fund actively managed by Horizon. Both are actively managed. At a 0.26 correlation, their price movements are largely independent. SMOX charges 0.75%/yr vs 0.85%/yr for MEDX.

Performance

SMOX vs. MEDX - 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 Medical ETF (MEDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMOX achieves a 19.32% return, which is significantly higher than MEDX's 13.53% return.

SMOX

• 1D: -0.99%
• 1M: 3.24%
• 6M: 15.14%
• YTD: 19.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MEDX

• 1D: 1.24%
• 1M: 9.32%
• 6M: 12.47%
• YTD: 13.53%
• 1Y: 40.17%
• 3Y*: 11.26%
• 5Y*: —
• 10Y*: —

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

SMOX vs. MEDX - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	19.32%	0.44%
MEDX Horizon Kinetics Medical ETF	13.53%	0.73%

Correlation

The correlation between SMOX and MEDX is 0.26, 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 3, 2025	0.26

SMOX vs. MEDX - Sectors Allocation Comparison

Sectors	SMOX	MEDX
Industrials	21.3%	-
Financial Services	13.1%	-
Technology	12.0%	-
Healthcare	8.8%	100.0%
Consumer Cyclical	8.6%	-
Real Estate	6.8%	-
Energy	5.9%	-
Consumer Defensive	4.2%	-
Basic Materials	3.4%	-
Communication Services	2.0%	-
Utilities	1.0%	-

Return for Risk

SMOX vs. MEDX — 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.

MEDX

MEDX Risk / Return Rank: 80
MEDX Sharpe Ratio Rank: 82
MEDX Sortino Ratio Rank: 88
MEDX Omega Ratio Rank: 74
MEDX Calmar Ratio Rank: 84
MEDX Martin Ratio Rank: 70

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. MEDX - 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 Medical ETF (MEDX). 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	MEDX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.15	—
Sortino ratio: Return per unit of downside risk	—	3.32	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	3.83	—
Martin ratio: Return relative to average drawdown	—	10.53	—

Drawdowns

SMOX vs. MEDX - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum MEDX drawdown of -23.10%. Use the drawdown chart below to compare losses from any high point for SMOX and MEDX.

Drawdown Indicators

	SMOX	MEDX	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-23.10%	+15.34%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.54%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.10%	—
Current Drawdown Current decline from peak	-2.18%	0.00%	-2.18%
Average Drawdown Average peak-to-trough decline	-1.35%	-6.59%	+5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.83%	—

Volatility

Volatility by Period

	SMOX	MEDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	18.75%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	17.15%	-1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.32%	17.15%	-1.83%

SMOX vs. MEDX - Expense Ratio Comparison

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

Dividends

SMOX vs. MEDX - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than MEDX's 1.08% yield.

Position	TTM	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	1.08%	1.23%	1.92%	4.94%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMOX and MEDX in my portfolio?

SMOX and MEDX have a correlation of 0.26, 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 MEDX?

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 MEDX?

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

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

MEDX has the higher dividend yield at 1.08%, compared with 0.07% for SMOX.

What is the main difference between SMOX and MEDX?

SMOX is categorized as Mid Cap Blend Equities, while MEDX is Health & Biotech Equities. Their fees differ too: 0.75% for SMOX and 0.85% for MEDX.