Yes, that's Sweetie Belle as Kratos, the slayer of gods.
This started as a sketch that I did on this Christmas' Eve, and well I liked it so much I decided to color it.
Wow, I just noticed that my picture was not only featured on Equestira Daily's recent Drawfriend, but it also made it to the header of it, so thank you EqD! [link]
Sweetie Belle (c) Hasbro
God Of War (c) Sony