- ISIN
- US53656G5559
- Issuer
- Horizon
- Inception Date
- Jun 29, 2007
- Category
- Health & Biotech Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Assets Under Management
- $10M
Share Price Chart
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Performance
SPAQ Performance Chart
Horizon Kinetics SPAC Active ETF (SPAQ) is up 2.7% since the beginning of the year. SPAQ is currently trading at $93 per share.
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Returns By Period
Horizon Kinetics SPAC Active ETF (SPAQ) has returned 2.68% so far this year and 4.96% over the past 12 months.
Horizon Kinetics SPAC Active ETF
- 1D
- -0.14%
- 1M
- 0.96%
- YTD
- 2.68%
- 6M
- 1.74%
- 1Y
- 4.96%
- 3Y*
- 5.76%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAQ Monthly Returns History
Based on dividend-adjusted daily data since Jan 30, 2023, SPAQ's average daily return is +0.02%, while the average monthly return is +0.46%. At this rate, an investment would double in approximately 12.6 years.
Historically, 79% of months were positive and 21% were negative. The best month was May 2025 with a return of +2.1%, while the worst month was Dec 2025 at -1.2%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 2 months.
On a daily basis, SPAQ closed higher 57% of trading days. The best single day was Oct 15, 2024 with a return of +3.6%, while the worst single day was Oct 14, 2024 at -3.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.26% | -0.95% | -0.24% | 1.70% | 0.83% | 0.09% | 2.68% | ||||||
| 2025 | 0.30% | 0.92% | 1.24% | 0.68% | 2.11% | 1.05% | -0.28% | -0.40% | 0.08% | 2.02% | 0.61% | -1.16% | 7.35% |
| 2024 | 0.06% | 0.00% | 0.77% | 0.52% | 0.30% | -0.07% | 0.30% | 0.39% | -0.20% | 1.45% | -0.12% | 0.85% | 4.33% |
| 2023 | 0.55% | 0.72% | 0.25% | 0.23% | 0.62% | 0.46% | 0.43% | 0.81% | 0.46% | 0.13% | 0.15% | 0.59% | 5.52% |
Benchmark Metrics
Horizon Kinetics SPAC Active ETF has an annualized alpha of 4.01%, beta of 0.02, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 31, 2023.
- This ETF participated in 28.52% of S&P 500 Index downside but only 18.05% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.02 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.01%
- Beta
- 0.02
- R²
- 0.00
- Upside Capture
- 18.05%
- Downside Capture
- 28.52%
Expense Ratio
SPAQ has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Risk / Return Rank
SPAQ ranks 22 for risk / return — below 22% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and compare them to S&P 500 Index.
| SPAQ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.13 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | — | — |
| Martin ratioReturn relative to average drawdown | 3.38 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Horizon Kinetics SPAC Active ETF provided a 16.25% dividend yield over the last twelve months, with an annual payout of $15.13 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $15.13 | $15.13 | $2.95 | $2.53 |
Dividend yield | 16.25% | 16.69% | 3.00% | 2.60% |
Monthly Dividends
The table displays the monthly dividend distributions for Horizon Kinetics SPAC Active ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $15.13 | $15.13 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.95 | $2.95 |
| 2023 | $2.53 | $2.53 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Horizon Kinetics SPAC Active ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Horizon Kinetics SPAC Active ETF was 5.30%, occurring on Sep 17, 2025. Recovery took 15 trading sessions.
The current Horizon Kinetics SPAC Active ETF drawdown is 0.14%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 pullback2025 | -5.30%Sep 2025 | 2mo 26d | 21d | 3mo 17dJun 2025 - Oct 2025 |
2024 pullback2024 | -4.05%Feb 2024 | 2mo 8d | 27d | 3mo 5dDec 2023 - Mar 2024 |
2025 pullback2025 | -3.95%Oct 2025 | 7d | 7mo 5d | 7mo 12dOct 2025 - May 2026 |
2024 pullback2024 | -3.55%Oct 2024 | 1mo 22d | 4d | 1mo 26dAug 2024 - Oct 2024 |
2025 selloff2025 | -0.96%Feb 2025 | 0s | 6d | 6dFeb 2025 - Feb 2025 |
Drawdown Indicators
| SPAQ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.30% | -9.10% | +3.80% |
Max Drawdown (1Y)Largest decline over 1 year | -5.30% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.30% | — | — |
Current DrawdownCurrent decline from peak | -0.14% | -2.97% | +2.83% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -1.13% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.47% | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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