GERM vs. SPAQ

Last updated Jun 4, 2026

GERM (Amplify Treatments, Testing and Advancements ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. GERM is passively managed, while SPAQ is actively managed. Over the past year, GERM returned 0.00% vs 4.98% for SPAQ. GERM charges 0.68%/yr vs 0.85%/yr for SPAQ.

Performance

GERM vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Treatments, Testing and Advancements ETF (GERM) and Horizon Kinetics SPAC Active ETF (SPAQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GERM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 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)

GERM vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GERM Amplify Treatments, Testing and Advancements ETF	0.00%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	7.35%	2.27%

GERM vs. SPAQ - Sectors Allocation Comparison

Sectors	GERM	SPAQ
Healthcare	99.3%	-
Financial Services	0.4%	91.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	0.1%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GERM 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.

GERM vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Treatments, Testing and Advancements ETF (GERM) 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

	GERM	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	—	0.86	—

Drawdowns

GERM vs. SPAQ - Drawdown Comparison

The maximum GERM 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 GERM and SPAQ.

Drawdown Indicators

	GERM	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-5.30%	+5.30%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-5.30%	+5.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	0.00%	-0.54%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	1.47%	-1.47%

Volatility

GERM vs. SPAQ - Volatility Comparison

The current volatility for Amplify Treatments, Testing and Advancements ETF (GERM) is 0.00%, while Horizon Kinetics SPAC Active ETF (SPAQ) has a volatility of 1.95%. This indicates that GERM experiences smaller price fluctuations and is considered to be less risky than SPAQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GERM	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	1.95%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	0.00%	5.01%	-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%	7.00%	-7.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	7.00%	-7.00%

GERM vs. SPAQ - Expense Ratio Comparison

GERM has a 0.68% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

GERM vs. SPAQ - Dividend Comparison

GERM 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
GERM Amplify Treatments, Testing and Advancements 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 is riskier, GERM or SPAQ?

SPAQ has higher volatility (1.95%) compared to GERM (0.00%). In terms of maximum drawdown, GERM dropped 0.00% vs SPAQ's -5.30%.

Which ETF is better, GERM or SPAQ?

On 1-year performance, SPAQ leads with 4.98% vs 0.00% for GERM. On fees, GERM is cheaper at 0.68% per year. On volatility, GERM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GERM or SPAQ?

Over the 1-year period, SPAQ has performed better with a 4.98% return vs 0.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GERM or SPAQ?

GERM is cheaper with a 0.68% expense ratio, compared with 0.85% for SPAQ.

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

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

What is the main difference between GERM and SPAQ?

They also come from different issuers: Amplify and Horizon. Their fees differ too: 0.68% for GERM and 0.85% for SPAQ.