SMOX vs. QGRD

Last updated Jun 5, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both exchange-traded funds - SMOX is a Mid Cap Blend Equities fund actively managed by Horizon, while QGRD is a Equity Hedged fund actively managed by Horizon. Both are actively managed. A 0.63 correlation means they provide meaningful diversification when combined. SMOX charges 0.75%/yr vs 0.85%/yr for QGRD.

Performance

SMOX vs. QGRD - 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 NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMOX achieves a 17.59% return, which is significantly higher than QGRD's 14.62% return.

SMOX

• 1D: 0.42%
• 1M: 1.48%
• YTD: 17.59%
• 6M: 17.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -0.40%
• 1M: 6.91%
• YTD: 14.62%
• 6M: 12.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMOX vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	17.59%	0.44%
QGRD Horizon NASDAQ-100 Defined Risk ETF	14.62%	-1.65%

Correlation

The correlation between SMOX and QGRD is 0.63, 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 4, 2025	0.63

Return for Risk

SMOX vs. QGRD - 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 NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.58	2.11	+0.47

Drawdowns

SMOX vs. QGRD - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum QGRD drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for SMOX and QGRD.

Drawdown Indicators

	SMOX	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-9.41%	+1.65%
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-1.47%	-2.18%	+0.71%

Volatility

Volatility by Period

	SMOX	QGRD	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	12.91%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	12.91%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	12.91%	+2.58%

SMOX vs. QGRD - Expense Ratio Comparison

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

Dividends

SMOX vs. QGRD - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than QGRD's 1.37% yield.

Position	TTM	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.37%	1.57%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%

Frequently Asked Questions

Can I hold both SMOX and QGRD in my portfolio?

SMOX and QGRD have a correlation of 0.63, 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 QGRD?

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 QGRD?

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

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

QGRD has the higher dividend yield at 1.37%, compared with 0.07% for SMOX.

What is the main difference between SMOX and QGRD?

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