HEAL vs. SPAQ

Last updated Aug 4, 2026

HEAL (Global X HealthTech ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. HEAL is passively managed, while SPAQ is actively managed. Over the past 3 years, HEAL returned -6.93%/yr vs 5.94%/yr for SPAQ. Their 0.07 correlation means their historical movements had little consistent relationship. HEAL charges 0.50%/yr vs 0.85%/yr for SPAQ.

Performance

HEAL vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X HealthTech ETF (HEAL) 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, HEAL achieves a -5.19% return, which is significantly lower than SPAQ's 3.57% return.

HEAL

• 1D: 2.94%
• 1M: -4.37%
• 6M: -2.05%
• YTD: -5.19%
• 1Y: -10.31%
• 3Y*: -6.93%
• 5Y*: -12.95%
• 10Y*: —
• ALL TIME*: -9.16%

SPAQ

• 1D: 0.03%
• 1M: 0.44%
• 6M: 1.92%
• YTD: 3.57%
• 1Y: 4.85%
• 3Y*: 5.94%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEAL Global X HealthTech ETF	$260.96K	$227.88K	$213.27K
SPAQ Horizon Kinetics SPAC Active ETF	$5.63K	$6.41K	$8.75K

HEAL vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HEAL Global X HealthTech ETF	-5.19%	-0.62%	-2.87%	-20.00%
SPAQ Horizon Kinetics SPAC Active ETF	3.57%	7.35%	4.33%	5.32%

Correlation

The correlation between HEAL and SPAQ is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (All Time) Calculated using the full available price history since Jan 30, 2023	0.07

HEAL vs. SPAQ - Sectors Allocation Comparison

Sectors	HEAL	SPAQ
Healthcare	94.1%	-
Technology	5.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Industrials	-	0.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

HEAL vs. SPAQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HEAL

HEAL Risk / Return Rank: 6
HEAL Sharpe Ratio Rank: 5
HEAL Sortino Ratio Rank: 5
HEAL Omega Ratio Rank: 6
HEAL Calmar Ratio Rank: 6
HEAL Martin Ratio Rank: 7

SPAQ

SPAQ Risk / Return Rank: 29
SPAQ Sharpe Ratio Rank: 24
SPAQ Sortino Ratio Rank: 22
SPAQ Omega Ratio Rank: 27
SPAQ Calmar Ratio Rank: 33
SPAQ Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEAL vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X HealthTech ETF (HEAL) 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.

	HEAL	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	0.56	-1.02
Sortino ratio: Return per unit of downside risk	-0.51	0.83	-1.34
Omega ratio: Gain probability vs. loss probability	0.94	1.13	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.34	1.16	-1.50
Martin ratio: Return relative to average drawdown	-0.61	3.87	-4.48

HEAL vs. SPAQ - Sharpe Ratio Comparison

The current HEAL Sharpe Ratio is -0.45, which is lower than the SPAQ Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of HEAL 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

HEAL vs. SPAQ - Drawdown Comparison

The maximum HEAL drawdown since its inception was -65.76%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for HEAL and SPAQ.

Drawdown Indicators

	HEAL	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-65.76%	-5.30%	-60.46%
Max Drawdown (1Y) Largest decline over 1 year	-30.71%	-4.20%	-26.51%
Max Drawdown (3Y) Largest decline over 3 years	-34.56%	-5.30%	-29.26%
Max Drawdown (5Y) Largest decline over 5 years	-59.14%	—	—
Current Drawdown Current decline from peak	-59.07%	-0.11%	-58.96%
Average Drawdown Average peak-to-trough decline	-43.49%	-0.52%	-42.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.90%	1.26%	+15.64%

Volatility

HEAL vs. SPAQ - Volatility Comparison

Global X HealthTech ETF (HEAL) has a higher volatility of 6.91% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.52%. This indicates that HEAL'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

	HEAL	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.91%	1.52%	+5.39%
Volatility (6M) Calculated over the trailing 6-month period	17.44%	3.88%	+13.56%
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	8.66%	+14.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.67%	6.90%	+19.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.27%	6.90%	+19.37%

HEAL vs. SPAQ - Expense Ratio Comparison

HEAL has a 0.50% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

HEAL vs. SPAQ - Dividend Comparison

HEAL's dividend yield for the trailing twelve months is around 0.26%, less than SPAQ's 16.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HEAL Global X HealthTech ETF	0.26%	0.33%	0.00%	0.00%	0.00%	0.00%	0.03%
SPAQ Horizon Kinetics SPAC Active ETF	16.11%	16.69%	3.00%	2.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEAL and SPAQ in my portfolio?

HEAL and SPAQ have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEAL or SPAQ?

HEAL has higher volatility (6.91%) compared to SPAQ (1.52%). In terms of maximum drawdown, HEAL dropped -65.76% vs SPAQ's -5.30%.

Which ETF is better, HEAL or SPAQ?

On 3-year performance, SPAQ leads with 5.94% vs -6.93% for HEAL. On fees, HEAL is cheaper at 0.50% per year. On volatility, SPAQ has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEAL or SPAQ?

Over the 3-year period, SPAQ has performed better with a 5.94% return vs -6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEAL or SPAQ?

HEAL is cheaper with a 0.50% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.11%, compared with 0.26% for HEAL.

What is the main difference between HEAL and SPAQ?

They also come from different issuers: Global X and Horizon. Their fees differ too: 0.50% for HEAL and 0.85% for SPAQ.

Which has better risk-adjusted returns?

SPAQ currently has the higher Sharpe Ratio (0.56 vs -0.45), 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.