MEDX vs. SPAQ

Last updated Jun 4, 2026

MEDX (Horizon Kinetics Medical ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds from Horizon. Both are actively managed. Over the past 3 years, MEDX returned 5.77%/yr vs 5.87%/yr for SPAQ. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

MEDX vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Medical ETF (MEDX) 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, MEDX achieves a 0.84% return, which is significantly lower than SPAQ's 2.81% return.

MEDX

• 1D: 0.92%
• 1M: 2.85%
• YTD: 0.84%
• 6M: 0.03%
• 1Y: 29.45%
• 3Y*: 5.77%
• 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)

MEDX vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	0.84%	28.62%	-4.68%	-6.22%
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	7.35%	4.33%	4.95%

Correlation

The correlation between MEDX and SPAQ is 0.00, 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	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.03

MEDX vs. SPAQ - Sectors Allocation Comparison

Sectors	MEDX	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

MEDX vs. SPAQ — Risk / Return Rank

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

MEDX

MEDX Risk / Return Rank: 50
MEDX Sharpe Ratio Rank: 48
MEDX Sortino Ratio Rank: 53
MEDX Omega Ratio Rank: 45
MEDX Calmar Ratio Rank: 57
MEDX Martin Ratio Rank: 47

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.

MEDX vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Medical ETF (MEDX) 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.

	MEDX	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.57	+1.09
Sortino ratio: Return per unit of downside risk	2.57	0.84	+1.73
Omega ratio: Gain probability vs. loss probability	1.29	1.13	+0.16
Calmar ratio: Return relative to maximum drawdown	2.81	0.94	+1.86
Martin ratio: Return relative to average drawdown	7.81	3.39	+4.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEDX vs. SPAQ - Sharpe Ratio Comparison

The current MEDX Sharpe Ratio is 1.65, which is higher than the SPAQ Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of MEDX 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

	MEDX	SPAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	0.57	+1.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.86	-0.59

Drawdowns

MEDX vs. SPAQ - Drawdown Comparison

The maximum MEDX drawdown since its inception was -23.10%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for MEDX and SPAQ.

Drawdown Indicators

	MEDX	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-23.10%	-5.30%	-17.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	-5.30%	-5.24%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-5.30%	-17.80%
Current Drawdown Current decline from peak	-5.55%	-0.01%	-5.54%
Average Drawdown Average peak-to-trough decline	-6.72%	-0.54%	-6.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	1.47%	+2.31%

Volatility

MEDX vs. SPAQ - Volatility Comparison

Horizon Kinetics Medical ETF (MEDX) has a higher volatility of 4.92% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.95%. This indicates that MEDX'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

	MEDX	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	1.95%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	5.01%	+8.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.88%	8.80%	+9.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	7.00%	+9.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	7.00%	+9.97%

MEDX vs. SPAQ - Expense Ratio Comparison

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

Dividends

MEDX vs. SPAQ - Dividend Comparison

MEDX's dividend yield for the trailing twelve months is around 1.22%, less than SPAQ's 16.23% yield.

Position	TTM	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	1.22%	1.23%	1.92%	4.94%
SPAQ Horizon Kinetics SPAC Active ETF	16.23%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both MEDX and SPAQ in my portfolio?

MEDX and SPAQ have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEDX or SPAQ?

MEDX has higher volatility (4.92%) compared to SPAQ (1.95%). In terms of maximum drawdown, MEDX dropped -23.10% vs SPAQ's -5.30%.

Which ETF is better, MEDX or SPAQ?

On 3-year performance, SPAQ leads with 5.87% vs 5.77% for MEDX. 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, MEDX or SPAQ?

Over the 3-year period, SPAQ has performed better with a 5.87% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEDX or SPAQ?

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

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

SPAQ has the higher dividend yield at 16.23%, compared with 1.22% for MEDX.

Which has better risk-adjusted returns?

MEDX currently has the higher Sharpe Ratio (1.65 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.