Horizon Small/Mid Cap Core Equity ETF (SMOX) Valuation
SMOX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 17.9 trailing earnings
- Forward P/E
- 14.0 analyst estimates
- Price / sales
- 1.30
- Price / book
- 2.56
- EV / EBITDA
- 10.9
- Earnings yield
- 5.59% inverse of P/E
- Dividend yield
- 1.31% of the holdings
- Return on equity
- 14.3% combined
- Net margin
- 7.2% combined
- Beta
- 0.98 weighted, vs S&P 500
SMOX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SMOX | 17.9 | 14.0 | 1.30 | 2.56 | 1.31% | 14.3% | 7.2% | 1.4% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
SMOX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 20.2% | 26.7 | 19.7 | 1.82 | 4.16 | 0.69% | 15.6% |
| Financial Services | 17.9% | 11.3 | 9.7 | 0.99 | 1.49 | 1.96% | 13.1% |
| Technology | 12.3% | 29.0 | 15.5 | 1.03 | 3.98 | 0.33% | 13.7% |
| Consumer Cyclical | 11.4% | 14.1 | 12.7 | 0.88 | 2.58 | 1.10% | 18.2% |
| Healthcare | 10.4% | 22.9 | 14.6 | 1.90 | 4.35 | 0.16% | 19.0% |
| Real Estate | 7.7% | 20.5 | 21.4 | 3.49 | 2.07 | 4.69% | 10.1% |
| Energy | 7.6% | 12.8 | 10.3 | 1.55 | 1.75 | 1.89% | 13.6% |
| Basic Materials | 4.2% | 18.8 | 14.7 | 1.58 | 2.79 | 1.16% | 14.9% |
| Consumer Defensive | 4.0% | 22.7 | 14.9 | 0.67 | 3.23 | 0.12% | 14.3% |
| Communication Services | 2.4% | 20.6 | 16.7 | 2.13 | 3.30 | 1.19% | 16.0% |
| Utilities | 1.3% | 18.6 | 17.4 | 2.90 | 1.76 | 3.33% | 9.5% |
SMOX earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How SMOX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SMOX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SNX | TD SYNNEX Corporation | 1.22% | 15.0 | 12.7 | 0.3 | 0.78% | 1.49% |
| OKTA | Okta, Inc. | 1.22% | 112.8 | 54.3 | 10.7 | — | 0.20% |
| UTHR | United Therapeutics Corporation | 1.22% | 19.1 | 16.4 | 7.2 | — | 1.17% |
| RS | Reliance Steel & Aluminum Co. | 1.19% | 23.9 | 16.4 | 1.3 | 1.22% | 0.91% |
| THC | Tenet Healthcare Corporation | 1.18% | 10.5 | 12.5 | 1.0 | — | 2.06% |
| DINO | HF Sinclair Corporation | 1.04% | 11.9 | 10.0 | 0.7 | 1.68% | 1.61% |
| ATI | ATI Inc. | 1.04% | 54.4 | 28.8 | 5.4 | — | 0.35% |
| FTI | TechnipFMC plc | 1.02% | 24.3 | 21.3 | 2.6 | 0.29% | 0.77% |
| ROKU | Roku, Inc | 1.01% | 65.8 | 39.1 | 4.4 | — | 0.28% |
| OVV | Ovintiv Inc. | 0.98% | 19.3 | 9.0 | 2.0 | 1.73% | 0.93% |
| EWBC | East West Bancorp, Inc. | 0.94% | 12.2 | 12.7 | 6.0 | 2.52% | 1.42% |
| CLH | Clean Harbors, Inc. | 0.89% | 38.8 | 34.5 | 2.7 | — | 0.42% |
| YZ8 | Permian Resources Corporation | 0.89% | — | — | — | — | — |
| RGA | Reinsurance Group of America, Incorporated | 0.85% | 11.7 | 7.7 | 0.7 | 1.47% | 1.34% |
| MTSI | MACOM Technology Solutions Holdings, Inc. | 0.84% | 83.5 | 32.3 | 17.2 | — | 0.19% |
| RNR | RenaissanceRe Holdings Ltd. | 0.82% | 6.1 | 8.1 | 1.3 | 0.47% | 2.48% |
| TOL | Toll Brothers, Inc. | 0.80% | 10.8 | 10.0 | 1.1 | 0.78% | 1.36% |
| MLI | Mueller Industries, Inc. | 0.79% | 15.6 | 18.2 | 2.9 | 1.17% | 0.93% |
| RBC | RBC Bearings Incorporated | 0.79% | 49.3 | 36.9 | 8.1 | — | 0.29% |
| NVT | nVent Electric plc | 0.78% | 39.3 | 25.1 | 4.8 | 0.59% | 0.36% |
| ARW | Arrow Electronics, Inc. | 0.77% | 13.7 | 5.0 | 0.3 | — | 1.03% |
| WWD | Woodward, Inc. | 0.76% | 36.5 | 31.6 | 4.6 | 0.39% | 0.38% |
| NBIX | Neurocrine Biosciences, Inc. | 0.75% | 19.9 | 14.1 | 4.1 | — | 0.70% |
| PFGC | Performance Food Group Company | 0.73% | 42.7 | 16.6 | 0.2 | — | 0.32% |
| AIT | Applied Industrial Technologies, Inc. | 0.68% | 30.2 | 27.8 | 2.4 | 0.62% | 0.42% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About SMOX valuation
Adding up its 273 holdings with company data, SMOX trades at 17.9 times trailing earnings and 14.0 times analysts' forward estimates, with a price-to-book ratio of 2.56 and a dividend yield of 1.31%. Its earnings yield of 5.59% is 0.26 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 11.1% of the fund and earn 9.8% of its combined profit. By sector, Technology is the most expensive at 29.0 times earnings and Financial Services the cheapest at 11.3. Companies that lost money over the past year are 1.4% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 97.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SMOX chart, SMOX holdings, SMOX dividends.
SMOX valuation FAQ
What is the P/E ratio of SMOX?
Based on its holdings, SMOX has a trailing P/E of 17.9 and a forward P/E of 14.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SMOX?
The trailing earnings yield is 5.59% (1 ÷ P/E) and the forward earnings yield 7.16%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SMOX more expensive than the S&P 500?
SMOX trades at 17.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.0 and 19.9.
What is the price-to-book ratio of SMOX?
The holdings of SMOX trade at 2.56 times book value, with a combined return on equity of 14.3%.
Which sector in SMOX has the highest P/E?
Technology has the highest P/E at 29.0 and Financial Services the lowest at 11.3.