SPAQ vs. SMOX

Last updated Jun 4, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and SMOX (Horizon Small/Mid Cap Core Equity ETF) are both exchange-traded funds - SPAQ is a Health & Biotech Equities fund actively managed by Horizon, while SMOX is a Mid Cap Blend Equities fund actively managed by Horizon. Both are actively managed. At a 0.04 correlation, their price movements are largely independent. SPAQ charges 0.85%/yr vs 0.75%/yr for SMOX.

Performance

SPAQ vs. SMOX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPAQ achieves a 2.81% return, which is significantly lower than SMOX's 17.11% return.

SPAQ

• 1D: 0.00%
• 1M: 1.51%
• YTD: 2.81%
• 6M: 1.64%
• 1Y: 4.98%
• 3Y*: 5.87%
• 5Y*: —
• 10Y*: —

SMOX

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

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

SPAQ vs. SMOX - Yearly Performance Comparison

	2026 (YTD)	2025
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	-1.13%
SMOX Horizon Small/Mid Cap Core Equity ETF	17.11%	0.44%

Correlation

The correlation between SPAQ and SMOX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.04

SPAQ vs. SMOX - Sectors Allocation Comparison

Sectors	SPAQ	SMOX
Financial Services	91.6%	15.3%
Industrials	0.1%	22.1%
Basic Materials	-	4.0%
Communication Services	-	1.6%
Consumer Cyclical	-	11.4%
Consumer Defensive	-	4.9%
Energy	-	8.0%
Healthcare	-	8.8%
Real Estate	-	7.6%
Technology	-	14.4%
Utilities	-	1.9%

Return for Risk

SPAQ vs. SMOX — Risk / Return Rank

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

SPAQ

SPAQ Risk / Return Rank: 20
SPAQ Sharpe Ratio Rank: 18
SPAQ Sortino Ratio Rank: 17
SPAQ Omega Ratio Rank: 20
SPAQ Calmar Ratio Rank: 21
SPAQ Martin Ratio Rank: 25

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.

SPAQ vs. SMOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Horizon Small/Mid Cap Core Equity ETF (SMOX). 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.

	SPAQ	SMOX	Difference
Sharpe ratio: Return per unit of total volatility	0.57	—	—
Sortino ratio: Return per unit of downside risk	0.84	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.94	—	—
Martin ratio: Return relative to average drawdown	3.39	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPAQ	SMOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	2.52	-1.66

Drawdowns

SPAQ vs. SMOX - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum SMOX drawdown of -7.76%. Use the drawdown chart below to compare losses from any high point for SPAQ and SMOX.

Drawdown Indicators

	SPAQ	SMOX	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-7.76%	+2.46%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	—	—
Current Drawdown Current decline from peak	-0.01%	-0.04%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.54%	-1.49%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	—	—

Volatility

Volatility by Period

	SPAQ	SMOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.80%	15.55%	-6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	15.55%	-8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.00%	15.55%	-8.55%

SPAQ vs. SMOX - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than SMOX's 0.75% expense ratio.

Dividends

SPAQ vs. SMOX - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.23%, more than SMOX's 0.07% yield.

Position	TTM	2025	2024	2023
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.23%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both SPAQ and SMOX in my portfolio?

SPAQ and SMOX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPAQ or SMOX?

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, SPAQ or SMOX?

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

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

SPAQ has the higher dividend yield at 16.23%, compared with 0.07% for SMOX.

What is the main difference between SPAQ and SMOX?

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