GSKH vs. SPAQ

Last updated Jun 6, 2026

GSKH (GSK plc ADRhedged ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. GSKH is passively managed, while SPAQ is actively managed. Over the past year, GSKH returned 30.78% vs 4.96% for SPAQ. At a correlation of -0.03, they often move in opposite directions. GSKH charges 0.19%/yr vs 0.85%/yr for SPAQ.

Performance

GSKH vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GSK plc ADRhedged ETF (GSKH) 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, GSKH achieves a 7.84% return, which is significantly higher than SPAQ's 2.68% return.

GSKH

• 1D: 1.34%
• 1M: 4.57%
• YTD: 7.84%
• 6M: 8.19%
• 1Y: 30.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: -0.14%
• 1M: 0.96%
• YTD: 2.68%
• 6M: 1.74%
• 1Y: 4.96%
• 3Y*: 5.76%
• 5Y*: —
• 10Y*: —

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

GSKH vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025
GSKH GSK plc ADRhedged ETF	7.84%	37.05%
SPAQ Horizon Kinetics SPAC Active ETF	2.68%	7.48%

Correlation

The correlation between GSKH 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 (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jan 8, 2025	-0.03

GSKH vs. SPAQ - Sectors Allocation Comparison

Sectors	GSKH	SPAQ
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	91.6%
Industrials	-	0.1%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GSKH vs. SPAQ — Risk / Return Rank

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

GSKH

GSKH Risk / Return Rank: 36
GSKH Sharpe Ratio Rank: 36
GSKH Sortino Ratio Rank: 39
GSKH Omega Ratio Rank: 38
GSKH Calmar Ratio Rank: 37
GSKH Martin Ratio Rank: 30

SPAQ

SPAQ Risk / Return Rank: 21
SPAQ Sharpe Ratio Rank: 19
SPAQ Sortino Ratio Rank: 18
SPAQ Omega Ratio Rank: 21
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.

GSKH vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GSK plc ADRhedged ETF (GSKH) 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.

	GSKH	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.57	+0.61
Sortino ratio: Return per unit of downside risk	1.82	0.84	+0.99
Omega ratio: Gain probability vs. loss probability	1.23	1.13	+0.10
Calmar ratio: Return relative to maximum drawdown	1.67	0.94	+0.73
Martin ratio: Return relative to average drawdown	4.06	3.38	+0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSKH vs. SPAQ - Sharpe Ratio Comparison

The current GSKH Sharpe Ratio is 1.18, which is higher than the SPAQ Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of GSKH 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.

Sharpe Ratios by Period

	GSKH	SPAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	0.57	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	0.86	+0.33

Drawdowns

GSKH vs. SPAQ - Drawdown Comparison

The maximum GSKH drawdown since its inception was -18.54%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for GSKH and SPAQ.

Drawdown Indicators

	GSKH	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-18.54%	-5.30%	-13.24%
Max Drawdown (1Y) Largest decline over 1 year	-18.54%	-5.30%	-13.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	-13.28%	-0.14%	-13.14%
Average Drawdown Average peak-to-trough decline	-5.65%	-0.54%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	1.47%	+6.14%

Volatility

GSKH vs. SPAQ - Volatility Comparison

GSK plc ADRhedged ETF (GSKH) has a higher volatility of 6.33% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.88%. This indicates that GSKH'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

	GSKH	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	1.88%	+4.45%
Volatility (6M) Calculated over the trailing 6-month period	18.35%	5.01%	+13.34%
Volatility (1Y) Calculated over the trailing 1-year period	26.30%	8.80%	+17.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.08%	6.99%	+20.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.08%	6.99%	+20.09%

GSKH vs. SPAQ - Expense Ratio Comparison

GSKH has a 0.19% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

GSKH vs. SPAQ - Dividend Comparison

GSKH's dividend yield for the trailing twelve months is around 1.57%, less than SPAQ's 16.25% yield.

Position	TTM	2025	2024	2023
GSKH GSK plc ADRhedged ETF	1.57%	1.15%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.25%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both GSKH and SPAQ in my portfolio?

GSKH 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 is riskier, GSKH or SPAQ?

GSKH has higher volatility (6.33%) compared to SPAQ (1.88%). In terms of maximum drawdown, GSKH dropped -18.54% vs SPAQ's -5.30%.

Which ETF is better, GSKH or SPAQ?

On 1-year performance, GSKH leads with 30.78% vs 4.96% for SPAQ. On fees, GSKH is cheaper at 0.19% per year. On volatility, SPAQ has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSKH or SPAQ?

Over the 1-year period, GSKH has performed better with a 30.78% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSKH or SPAQ?

GSKH is cheaper with a 0.19% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.25%, compared with 1.57% for GSKH.

What is the main difference between GSKH and SPAQ?

They also come from different issuers: ADRhedged and Horizon. Their fees differ too: 0.19% for GSKH and 0.85% for SPAQ.

Which has better risk-adjusted returns?

GSKH currently has the higher Sharpe Ratio (1.18 vs 0.57), 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.