EFFE vs. SPAQ

Last updated Jun 24, 2026

EFFE (Harbor Osmosis Emerging Markets Resource Efficient ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both exchange-traded funds - EFFE is a Emerging Markets Diversified fund actively managed by Harbor, while SPAQ is a Health & Biotech Equities fund actively managed by Horizon. Both are actively managed. Over the past year, EFFE returned 30.19% vs 4.10% for SPAQ. At a correlation of -0.01, they often move in opposite directions. EFFE charges 0.69%/yr vs 0.85%/yr for SPAQ.

Performance

EFFE vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) 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, EFFE achieves a 17.73% return, which is significantly higher than SPAQ's 3.35% return.

EFFE

• 1D: -5.58%
• 1M: 0.23%
• YTD: 17.73%
• 6M: 18.02%
• 1Y: 30.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: -0.20%
• 1M: 1.41%
• YTD: 3.35%
• 6M: 2.27%
• 1Y: 4.10%
• 3Y*: 5.98%
• 5Y*: —
• 10Y*: —

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

EFFE vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EFFE Harbor Osmosis Emerging Markets Resource Efficient ETF	17.73%	22.42%	-0.84%
SPAQ Horizon Kinetics SPAC Active ETF	3.35%	7.35%	0.34%

Correlation

The correlation between EFFE and SPAQ is -0.07, 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 (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	-0.01

Return for Risk

EFFE vs. SPAQ — Risk / Return Rank

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

EFFE

EFFE Risk / Return Rank: 45
EFFE Sharpe Ratio Rank: 42
EFFE Sortino Ratio Rank: 38
EFFE Omega Ratio Rank: 44
EFFE Calmar Ratio Rank: 49
EFFE Martin Ratio Rank: 51

SPAQ

SPAQ Risk / Return Rank: 18
SPAQ Sharpe Ratio Rank: 16
SPAQ Sortino Ratio Rank: 15
SPAQ Omega Ratio Rank: 17
SPAQ Calmar Ratio Rank: 19
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.

EFFE vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) 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.

	EFFE	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	1.34	0.48	+0.86
Sortino ratio: Return per unit of downside risk	1.83	0.71	+1.11
Omega ratio: Gain probability vs. loss probability	1.26	1.11	+0.15
Calmar ratio: Return relative to maximum drawdown	2.21	0.82	+1.38
Martin ratio: Return relative to average drawdown	7.90	2.97	+4.93

EFFE vs. SPAQ - Sharpe Ratio Comparison

The current EFFE Sharpe Ratio is 1.34, which is higher than the SPAQ Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of EFFE and SPAQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFFE vs. SPAQ - Drawdown Comparison

The maximum EFFE drawdown since its inception was -13.75%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for EFFE and SPAQ.

Drawdown Indicators

	EFFE	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-13.75%	-5.30%	-8.45%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-5.00%	-8.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	-9.05%	-0.32%	-8.73%
Average Drawdown Average peak-to-trough decline	-2.12%	-0.53%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	1.39%	+2.44%

Volatility

EFFE vs. SPAQ - Volatility Comparison

Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) has a higher volatility of 12.74% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.02%. This indicates that EFFE's price experiences larger fluctuations and is considered to be riskier than SPAQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFFE	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.74%	1.02%	+11.72%
Volatility (6M) Calculated over the trailing 6-month period	20.67%	5.06%	+15.61%
Volatility (1Y) Calculated over the trailing 1-year period	22.67%	8.65%	+14.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	6.96%	+14.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	6.96%	+14.50%

EFFE vs. SPAQ - Expense Ratio Comparison

EFFE has a 0.69% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

EFFE vs. SPAQ - Dividend Comparison

EFFE's dividend yield for the trailing twelve months is around 3.99%, less than SPAQ's 16.15% yield.

Position	TTM	2025	2024	2023
EFFE Harbor Osmosis Emerging Markets Resource Efficient ETF	3.99%	4.69%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.15%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both EFFE and SPAQ in my portfolio?

EFFE and SPAQ have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFFE or SPAQ?

EFFE has higher volatility (12.74%) compared to SPAQ (1.02%). In terms of maximum drawdown, EFFE dropped -13.75% vs SPAQ's -5.30%.

Which ETF is better, EFFE or SPAQ?

On 1-year performance, EFFE leads with 30.19% vs 4.10% for SPAQ. On fees, EFFE is cheaper at 0.69% per year. On volatility, SPAQ has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFFE or SPAQ?

Over the 1-year period, EFFE has performed better with a 30.19% return vs 4.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFFE or SPAQ?

EFFE is cheaper with a 0.69% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.15%, compared with 3.99% for EFFE.

What is the main difference between EFFE and SPAQ?

EFFE is categorized as Emerging Markets Diversified, while SPAQ is Health & Biotech Equities. They also come from different issuers: Harbor and Horizon. Their fees differ too: 0.69% for EFFE and 0.85% for SPAQ.

Which has better risk-adjusted returns?

EFFE currently has the higher Sharpe Ratio (1.34 vs 0.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.