ASD vs. SPAQ

Last updated Jul 1, 2026

ASD (Defiance Autism Impact ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. At a 0.34 correlation, their price movements are largely independent. ASD charges 0.79%/yr vs 0.85%/yr for SPAQ.

Performance

ASD vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Autism Impact ETF (ASD) and Horizon Kinetics SPAC Active ETF (SPAQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ASD

• 1D: 0.51%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: -0.24%
• 1M: 0.67%
• YTD: 3.28%
• 6M: 3.44%
• 1Y: 4.15%
• 3Y*: 5.88%
• 5Y*: —
• 10Y*: —

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

ASD vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)
ASD Defiance Autism Impact ETF	9.64%
SPAQ Horizon Kinetics SPAC Active ETF	0.45%

Correlation

The correlation between ASD and SPAQ is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 2, 2026	0.34

Return for Risk

ASD vs. SPAQ — Risk / Return Rank

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

ASD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPAQ

SPAQ Risk / Return Rank: 19
SPAQ Sharpe Ratio Rank: 17
SPAQ Sortino Ratio Rank: 15
SPAQ Omega Ratio Rank: 18
SPAQ Calmar Ratio Rank: 22
SPAQ Martin Ratio Rank: 26

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.

ASD vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Autism Impact ETF (ASD) and Horizon Kinetics SPAC Active ETF (SPAQ). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ASD	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.49	—
Sortino ratio: Return per unit of downside risk	—	0.73	—
Omega ratio: Gain probability vs. loss probability	—	1.11	—
Calmar ratio: Return relative to maximum drawdown	—	0.91	—
Martin ratio: Return relative to average drawdown	—	3.19	—

Drawdowns

ASD vs. SPAQ - Drawdown Comparison

The maximum ASD drawdown since its inception was -2.42%, smaller than the maximum SPAQ drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for ASD and SPAQ.

Drawdown Indicators

	ASD	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-2.42%	-5.30%	+2.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.60%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	0.00%	-0.39%	+0.39%
Average Drawdown Average peak-to-trough decline	-0.78%	-0.53%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.30%	—

Volatility

Volatility by Period

	ASD	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.25%	8.56%	+8.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	6.94%	+10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	6.94%	+10.31%

ASD vs. SPAQ - Expense Ratio Comparison

ASD has a 0.79% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

ASD vs. SPAQ - Dividend Comparison

ASD's dividend yield for the trailing twelve months is around 0.02%, less than SPAQ's 16.16% yield.

Position	TTM	2025	2024	2023
ASD Defiance Autism Impact ETF	0.02%	0.00%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.16%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both ASD and SPAQ in my portfolio?

ASD and SPAQ have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ASD or SPAQ?

On fees, ASD is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASD or SPAQ?

ASD is cheaper with a 0.79% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.16%, compared with 0.02% for ASD.

What is the main difference between ASD and SPAQ?

They also come from different issuers: Defiance and Horizon. Their fees differ too: 0.79% for ASD and 0.85% for SPAQ.