MDEV vs. SPAQ

Last updated Jun 4, 2026

MDEV (First Trust Indxx Medical Devices ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. MDEV is passively managed, while SPAQ is actively managed. Over the past 3 years, MDEV returned -2.86%/yr vs 5.87%/yr for SPAQ. At a 0.01 correlation, their price movements are largely independent. MDEV charges 0.70%/yr vs 0.85%/yr for SPAQ.

Performance

MDEV vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Medical Devices ETF (MDEV) 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, MDEV achieves a -11.48% return, which is significantly lower than SPAQ's 2.81% return.

MDEV

• 1D: 0.04%
• 1M: 1.54%
• YTD: -11.48%
• 6M: -12.29%
• 1Y: -7.05%
• 3Y*: -2.86%
• 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)

MDEV vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MDEV First Trust Indxx Medical Devices ETF	-11.48%	2.00%	1.79%	1.55%
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	7.35%	4.33%	5.52%

Correlation

The correlation between MDEV and SPAQ is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023	0.01

The correlation between MDEV and SPAQ shifts across timeframes, from -0.10 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

MDEV vs. SPAQ - Sectors Allocation Comparison

Sectors	MDEV	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

MDEV vs. SPAQ — Risk / Return Rank

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

MDEV

MDEV Risk / Return Rank: 5
MDEV Sharpe Ratio Rank: 5
MDEV Sortino Ratio Rank: 5
MDEV Omega Ratio Rank: 5
MDEV Calmar Ratio Rank: 5
MDEV Martin Ratio Rank: 4

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.

MDEV vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) 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.

	MDEV	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	0.57	-1.01
Sortino ratio: Return per unit of downside risk	-0.53	0.84	-1.37
Omega ratio: Gain probability vs. loss probability	0.94	1.13	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.39	0.94	-1.33
Martin ratio: Return relative to average drawdown	-0.98	3.39	-4.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDEV vs. SPAQ - Sharpe Ratio Comparison

The current MDEV Sharpe Ratio is -0.44, which is lower than the SPAQ Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of MDEV 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

	MDEV	SPAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	0.57	-1.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	0.86	-1.18

Drawdowns

MDEV vs. SPAQ - Drawdown Comparison

The maximum MDEV drawdown since its inception was -42.34%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for MDEV and SPAQ.

Drawdown Indicators

	MDEV	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-5.30%	-37.04%
Max Drawdown (1Y) Largest decline over 1 year	-18.13%	-5.30%	-12.83%
Max Drawdown (3Y) Largest decline over 3 years	-22.50%	-5.30%	-17.20%
Current Drawdown Current decline from peak	-33.76%	-0.01%	-33.75%
Average Drawdown Average peak-to-trough decline	-25.65%	-0.54%	-25.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.22%	1.47%	+5.75%

Volatility

MDEV vs. SPAQ - Volatility Comparison

First Trust Indxx Medical Devices ETF (MDEV) has a higher volatility of 4.60% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.95%. This indicates that MDEV'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

	MDEV	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	1.95%	+2.65%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	5.01%	+6.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	8.80%	+7.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	7.00%	+11.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.98%	7.00%	+11.98%

MDEV vs. SPAQ - Expense Ratio Comparison

MDEV has a 0.70% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

MDEV vs. SPAQ - Dividend Comparison

MDEV has not paid dividends to shareholders, while SPAQ's dividend yield for the trailing twelve months is around 16.23%.

Position	TTM	2025	2024	2023
MDEV First Trust Indxx Medical Devices ETF	0.00%	0.00%	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 MDEV and SPAQ in my portfolio?

MDEV and SPAQ have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDEV or SPAQ?

MDEV has higher volatility (4.60%) compared to SPAQ (1.95%). In terms of maximum drawdown, MDEV dropped -42.34% vs SPAQ's -5.30%.

Which ETF is better, MDEV or SPAQ?

On 3-year performance, SPAQ leads with 5.87% vs -2.86% for MDEV. On fees, MDEV is cheaper at 0.70% per year. 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, MDEV or SPAQ?

Over the 3-year period, SPAQ has performed better with a 5.87% return vs -2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDEV or SPAQ?

MDEV is cheaper with a 0.70% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.23%, compared with 0.00% for MDEV.

What is the main difference between MDEV and SPAQ?

They also come from different issuers: First Trust and Horizon. Their fees differ too: 0.70% for MDEV and 0.85% for SPAQ.

Which has better risk-adjusted returns?

SPAQ currently has the higher Sharpe Ratio (0.57 vs -0.44), 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.