HELX vs. SPAQ

Last updated Jun 24, 2026

HELX (Franklin Genomic Advancements ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. Both are actively managed. Over the past 3 years, HELX returned 7.14%/yr vs 5.98%/yr for SPAQ. At a 0.06 correlation, their price movements are largely independent. HELX charges 0.50%/yr vs 0.85%/yr for SPAQ.

Performance

HELX vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Genomic Advancements ETF (HELX) 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, HELX achieves a 0.89% return, which is significantly lower than SPAQ's 3.35% return.

HELX

• 1D: 0.84%
• 1M: 7.10%
• YTD: 0.89%
• 6M: -0.79%
• 1Y: 35.07%
• 3Y*: 7.14%
• 5Y*: -5.27%
• 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)

HELX vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELX Franklin Genomic Advancements ETF	0.89%	26.34%	-5.32%	-5.24%
SPAQ Horizon Kinetics SPAC Active ETF	3.35%	7.35%	4.33%	5.32%

Correlation

The correlation between HELX 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 (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 30, 2023	0.06

HELX vs. SPAQ - Sectors Allocation Comparison

Sectors	HELX	SPAQ
Healthcare	96.5%	-
Basic Materials	2.4%	-
Technology	1.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Industrials	-	0.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

HELX vs. SPAQ — Risk / Return Rank

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

HELX

HELX Risk / Return Rank: 45
HELX Sharpe Ratio Rank: 51
HELX Sortino Ratio Rank: 52
HELX Omega Ratio Rank: 47
HELX Calmar Ratio Rank: 42
HELX Martin Ratio Rank: 35

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.

HELX vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Genomic Advancements ETF (HELX) 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.

	HELX	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.48	+1.17
Sortino ratio: Return per unit of downside risk	2.36	0.71	+1.65
Omega ratio: Gain probability vs. loss probability	1.28	1.11	+0.17
Calmar ratio: Return relative to maximum drawdown	1.96	0.82	+1.13
Martin ratio: Return relative to average drawdown	4.96	2.97	+1.99

HELX vs. SPAQ - Sharpe Ratio Comparison

The current HELX Sharpe Ratio is 1.65, which is higher than the SPAQ Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of HELX 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

HELX vs. SPAQ - Drawdown Comparison

The maximum HELX drawdown since its inception was -58.75%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for HELX and SPAQ.

Drawdown Indicators

	HELX	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-58.75%	-5.30%	-53.45%
Max Drawdown (1Y) Largest decline over 1 year	-18.01%	-5.00%	-13.01%
Max Drawdown (3Y) Largest decline over 3 years	-29.48%	-5.30%	-24.18%
Max Drawdown (5Y) Largest decline over 5 years	-58.75%	—	—
Current Drawdown Current decline from peak	-36.69%	-0.32%	-36.37%
Average Drawdown Average peak-to-trough decline	-34.33%	-0.53%	-33.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.09%	1.39%	+5.70%

Volatility

HELX vs. SPAQ - Volatility Comparison

Franklin Genomic Advancements ETF (HELX) has a higher volatility of 6.84% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.02%. This indicates that HELX'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

	HELX	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.84%	1.02%	+5.82%
Volatility (6M) Calculated over the trailing 6-month period	16.93%	5.06%	+11.87%
Volatility (1Y) Calculated over the trailing 1-year period	21.37%	8.65%	+12.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.14%	6.96%	+17.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.36%	6.96%	+20.40%

HELX vs. SPAQ - Expense Ratio Comparison

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

Dividends

HELX vs. SPAQ - Dividend Comparison

HELX's dividend yield for the trailing twelve months is around 0.39%, less than SPAQ's 16.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HELX Franklin Genomic Advancements ETF	0.39%	0.39%	0.00%	0.00%	0.00%	0.24%	0.12%
SPAQ Horizon Kinetics SPAC Active ETF	16.15%	16.69%	3.00%	2.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HELX and SPAQ in my portfolio?

HELX 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, HELX or SPAQ?

HELX has higher volatility (6.84%) compared to SPAQ (1.02%). In terms of maximum drawdown, HELX dropped -58.75% vs SPAQ's -5.30%.

Which ETF is better, HELX or SPAQ?

On 3-year performance, HELX leads with 7.14% vs 5.98% for SPAQ. On fees, HELX is cheaper at 0.50% 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, HELX or SPAQ?

Over the 3-year period, HELX has performed better with a 7.14% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELX or SPAQ?

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

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

SPAQ has the higher dividend yield at 16.15%, compared with 0.39% for HELX.

What is the main difference between HELX and SPAQ?

They also come from different issuers: Franklin Templeton and Horizon. Their fees differ too: 0.50% for HELX and 0.85% for SPAQ.

Which has better risk-adjusted returns?

HELX currently has the higher Sharpe Ratio (1.65 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.