HBTA vs. SPAQ

Last updated Jun 4, 2026

HBTA (Horizon Expedition Plus ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both exchange-traded funds - HBTA is a Derivative Income fund actively managed by Horizon, while SPAQ is a Health & Biotech Equities fund actively managed by Horizon. Both are actively managed. Over the past year, HBTA returned 38.33% vs 4.98% for SPAQ. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

HBTA vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Expedition Plus ETF (HBTA) 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, HBTA achieves a 14.07% return, which is significantly higher than SPAQ's 2.81% return.

HBTA

• 1D: -0.68%
• 1M: 7.20%
• YTD: 14.07%
• 6M: 14.43%
• 1Y: 38.33%
• 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)

HBTA vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025
HBTA Horizon Expedition Plus ETF	14.07%	14.69%
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	7.29%

Correlation

The correlation between HBTA and SPAQ is 0.03, 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	0.03
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.06

Return for Risk

HBTA vs. SPAQ — Risk / Return Rank

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

HBTA

HBTA Risk / Return Rank: 67
HBTA Sharpe Ratio Rank: 70
HBTA Sortino Ratio Rank: 65
HBTA Omega Ratio Rank: 66
HBTA Calmar Ratio Rank: 60
HBTA Martin Ratio Rank: 74

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.

HBTA vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Expedition Plus ETF (HBTA) 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.

	HBTA	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.57	+1.68
Sortino ratio: Return per unit of downside risk	2.96	0.84	+2.12
Omega ratio: Gain probability vs. loss probability	1.39	1.13	+0.26
Calmar ratio: Return relative to maximum drawdown	2.92	0.94	+1.98
Martin ratio: Return relative to average drawdown	13.75	3.39	+10.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBTA vs. SPAQ - Sharpe Ratio Comparison

The current HBTA Sharpe Ratio is 2.24, which is higher than the SPAQ Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of HBTA 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

	HBTA	SPAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	0.57	+1.68
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.86	+0.05

Drawdowns

HBTA vs. SPAQ - Drawdown Comparison

The maximum HBTA drawdown since its inception was -26.73%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for HBTA and SPAQ.

Drawdown Indicators

	HBTA	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-26.73%	-5.30%	-21.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-5.30%	-7.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	-0.68%	-0.01%	-0.67%
Average Drawdown Average peak-to-trough decline	-4.22%	-0.54%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.47%	+1.33%

Volatility

HBTA vs. SPAQ - Volatility Comparison

Horizon Expedition Plus ETF (HBTA) has a higher volatility of 4.46% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.95%. This indicates that HBTA'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

	HBTA	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	1.95%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	5.01%	+8.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	8.80%	+8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.85%	7.00%	+17.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	7.00%	+17.85%

HBTA vs. SPAQ - Expense Ratio Comparison

Both HBTA and SPAQ have an expense ratio of 0.85%.

Dividends

HBTA vs. SPAQ - Dividend Comparison

HBTA's dividend yield for the trailing twelve months is around 0.56%, less than SPAQ's 16.23% yield.

Position	TTM	2025	2024	2023
HBTA Horizon Expedition Plus ETF	0.56%	0.64%	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 HBTA and SPAQ in my portfolio?

HBTA and SPAQ have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBTA or SPAQ?

HBTA has higher volatility (4.46%) compared to SPAQ (1.95%). In terms of maximum drawdown, HBTA dropped -26.73% vs SPAQ's -5.30%.

Which ETF is better, HBTA or SPAQ?

On 1-year performance, HBTA leads with 38.33% vs 4.98% for SPAQ. Both ETFs have the same 0.85% expense ratio. On volatility, SPAQ has been the lower-risk option at 1.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBTA or SPAQ?

Over the 1-year period, HBTA has performed better with a 38.33% return vs 4.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTA or SPAQ?

HBTA and SPAQ have the same expense ratio: 0.85% per year.

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

SPAQ has the higher dividend yield at 16.23%, compared with 0.56% for HBTA.

What is the main difference between HBTA and SPAQ?

HBTA is categorized as Derivative Income, while SPAQ is Health & Biotech Equities.

Which has better risk-adjusted returns?

HBTA currently has the higher Sharpe Ratio (2.24 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.