BTEC vs. SPAQ

Last updated Jun 5, 2026

BTEC (Principal Healthcare Innovators Index ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. BTEC is passively managed, while SPAQ is actively managed. BTEC charges 0.42%/yr vs 0.85%/yr for SPAQ.

Performance

BTEC vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Healthcare Innovators Index ETF (BTEC) and Horizon Kinetics SPAC Active ETF (SPAQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BTEC

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: 0.02%
• 1M: 1.67%
• YTD: 2.82%
• 6M: 1.66%
• 1Y: 4.74%
• 3Y*: 5.86%
• 5Y*: —
• 10Y*: —

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

BTEC vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)
BTEC Principal Healthcare Innovators Index ETF	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	1.83%

BTEC vs. SPAQ - Sectors Allocation Comparison

Sectors	BTEC	SPAQ
Healthcare	99.4%	-
Industrials	0.6%	0.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	91.6%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BTEC vs. SPAQ — 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: 24

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.

BTEC vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Healthcare Innovators Index ETF (BTEC) 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.

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

Sharpe Ratios by Period

	BTEC	SPAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.86	—

Drawdowns

BTEC vs. SPAQ - Drawdown Comparison

The maximum BTEC drawdown since its inception was 0.00%, smaller than the maximum SPAQ drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for BTEC and SPAQ.

Drawdown Indicators

	BTEC	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-5.30%	+5.30%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.54%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.47%	—

Volatility

Volatility by Period

	BTEC	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.94%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	8.80%	-8.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	6.99%	-6.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	6.99%	-6.99%

BTEC vs. SPAQ - Expense Ratio Comparison

BTEC has a 0.42% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

BTEC vs. SPAQ - Dividend Comparison

BTEC has not paid dividends to shareholders, while SPAQ's dividend yield for the trailing twelve months is around 16.23%.

Position	TTM	2025	2024	2023
BTEC Principal Healthcare Innovators Index ETF	0.00%	0.00%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.23%	16.69%	3.00%	2.60%

Frequently Asked Questions

Which ETF is better, BTEC or SPAQ?

On fees, BTEC is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTEC or SPAQ?

BTEC is cheaper with a 0.42% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.23%, compared with 0.00% for BTEC.

What is the main difference between BTEC and SPAQ?

They also come from different issuers: Principal and Horizon. Their fees differ too: 0.42% for BTEC and 0.85% for SPAQ.