DVXV vs. SPAQ

Last updated Jun 4, 2026

DVXV (WEBs Health Care XLV Defined Volatility ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. DVXV is passively managed, while SPAQ is actively managed. At a correlation of -0.06, they often move in opposite directions. DVXV charges 0.89%/yr vs 0.85%/yr for SPAQ.

Performance

DVXV vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs Health Care XLV Defined Volatility ETF (DVXV) and Horizon Kinetics SPAC Active ETF (SPAQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVXV achieves a -6.26% return, which is significantly lower than SPAQ's 2.81% return.

DVXV

• 1D: 1.22%
• 1M: 2.40%
• YTD: -6.26%
• 6M: -6.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: 0.00%
• 1M: 1.51%
• YTD: 2.81%
• 6M: 1.64%
• 1Y: 4.98%
• 3Y*: 5.87%
• 5Y*: —
• 10Y*: —

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

DVXV vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025
DVXV WEBs Health Care XLV Defined Volatility ETF	-6.26%	21.27%
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	1.06%

Correlation

The correlation between DVXV and SPAQ is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	-0.06

Return for Risk

DVXV 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: 25

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.

DVXV vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Health Care XLV Defined Volatility ETF (DVXV) 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

	DVXV	SPAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.86	-0.11

Drawdowns

DVXV vs. SPAQ - Drawdown Comparison

The maximum DVXV drawdown since its inception was -14.36%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for DVXV and SPAQ.

Drawdown Indicators

	DVXV	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-14.36%	-5.30%	-9.06%
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	-10.72%	-0.01%	-10.71%
Average Drawdown Average peak-to-trough decline	-4.79%	-0.54%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.47%	—

Volatility

Volatility by Period

	DVXV	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	8.80%	+12.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	7.00%	+14.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	7.00%	+14.33%

DVXV vs. SPAQ - Expense Ratio Comparison

DVXV has a 0.89% expense ratio, which is higher than SPAQ's 0.85% expense ratio.

Dividends

DVXV vs. SPAQ - Dividend Comparison

DVXV 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
DVXV WEBs Health Care XLV Defined Volatility 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

Can I hold both DVXV and SPAQ in my portfolio?

DVXV and SPAQ have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DVXV or SPAQ?

On fees, SPAQ is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DVXV or SPAQ?

SPAQ is cheaper with a 0.85% expense ratio, compared with 0.89% for DVXV.

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

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

What is the main difference between DVXV and SPAQ?

They also come from different issuers: WEBs and Horizon. Their fees differ too: 0.89% for DVXV and 0.85% for SPAQ.