HRTS vs. SPAQ

Last updated Apr 2, 2026

Compare and contrast key facts about Tema Obesity & Cardiometabolic ETF (HRTS) and Horizon Kinetics SPAC Active ETF (SPAQ).

HRTS and SPAQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HRTS is an actively managed fund by Tema. It was launched on Nov 20, 2023. SPAQ is an actively managed fund by Horizon. It was launched on Jun 29, 2007.

Performance

HRTS vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Obesity & Cardiometabolic ETF (HRTS) and Horizon Kinetics SPAC Active ETF (SPAQ). The values are adjusted to include any dividend payments, if applicable.

HRTS vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HRTS Tema Obesity & Cardiometabolic ETF	-3.74%	23.93%	-4.30%	14.97%
SPAQ Horizon Kinetics SPAC Active ETF	0.14%	7.35%	4.33%	0.50%

Returns By Period

In the year-to-date period, HRTS achieves a -3.74% return, which is significantly lower than SPAQ's 0.14% return.

HRTS

• 1D: 0.84%
• 1M: -4.98%
• YTD: -3.74%
• 6M: 8.13%
• 1Y: 20.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: 0.09%
• 1M: -0.41%
• YTD: 0.14%
• 6M: 1.74%
• 1Y: 4.91%
• 3Y*: 5.25%
• 5Y*: —
• 10Y*: —

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

HRTS vs. SPAQ - Expense Ratio Comparison

HRTS has a 0.75% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

SPAQ

Horizon Kinetics SPAC Active ETF

HRTS

Tema Obesity & Cardiometabolic ETF

Return for Risk

HRTS vs. SPAQ — Risk / Return Rank

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

HRTS

HRTS Risk / Return Rank: 53
HRTS Sharpe Ratio Rank: 58
HRTS Sortino Ratio Rank: 56
HRTS Omega Ratio Rank: 49
HRTS Calmar Ratio Rank: 57
HRTS Martin Ratio Rank: 46

SPAQ

SPAQ Risk / Return Rank: 30
SPAQ Sharpe Ratio Rank: 28
SPAQ Sortino Ratio Rank: 27
SPAQ Omega Ratio Rank: 29
SPAQ Calmar Ratio Rank: 33
SPAQ Martin Ratio Rank: 34

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.

HRTS vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Obesity & Cardiometabolic ETF (HRTS) 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.

	HRTS	SPAQ	Difference
Sharpe ratio Return per unit of total volatility	1.07	0.57	+0.50
Sortino ratio Return per unit of downside risk	1.54	0.85	+0.69
Omega ratio Gain probability vs. loss probability	1.20	1.13	+0.06
Calmar ratio Return relative to maximum drawdown	1.58	0.93	+0.66
Martin ratio Return relative to average drawdown	4.72	3.46	+1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HRTS vs. SPAQ - Sharpe Ratio Comparison

The current HRTS Sharpe Ratio is 1.07, which is higher than the SPAQ Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of HRTS and SPAQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HRTS	SPAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	0.57	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.78	-0.14

Correlation

The correlation between HRTS and SPAQ is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HRTS vs. SPAQ - Dividend Comparison

HRTS's dividend yield for the trailing twelve months is around 1.39%, less than SPAQ's 16.66% yield.

	TTM	2025	2024	2023
HRTS Tema Obesity & Cardiometabolic ETF	1.39%	1.34%	1.63%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.66%	16.69%	3.00%	2.60%

Drawdowns

HRTS vs. SPAQ - Drawdown Comparison

The maximum HRTS drawdown since its inception was -25.81%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for HRTS and SPAQ.

Drawdown Indicators

	HRTS	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-25.81%	-5.30%	-20.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-5.30%	-5.71%
Current Drawdown Current decline from peak	-7.25%	-1.89%	-5.36%
Average Drawdown Average peak-to-trough decline	-9.12%	-0.53%	-8.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	1.42%	+2.27%

Volatility

HRTS vs. SPAQ - Volatility Comparison

Tema Obesity & Cardiometabolic ETF (HRTS) has a higher volatility of 5.94% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.75%. This indicates that HRTS'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

	HRTS	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	1.75%	+4.19%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	6.21%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	8.59%	+10.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	7.04%	+12.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.27%	7.04%	+12.23%