MHIP vs. SPAQ

Last updated Jul 28, 2026

MHIP (Milliman Healthcare Inflation Plus ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. Both are actively managed. Their 0.08 correlation means their historical movements had little consistent relationship. MHIP charges 0.55%/yr vs 0.85%/yr for SPAQ.

Performance

MHIP vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Milliman Healthcare Inflation Plus ETF (MHIP) and Horizon Kinetics SPAC Active ETF (SPAQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MHIP

• 1D: 0.51%
• 1M: 0.74%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPAQ

• 1D: 0.33%
• 1M: 0.17%
• 6M: 3.10%
• YTD: 3.56%
• 1Y: 4.83%
• 3Y*: 5.81%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.91%

*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)
MHIP Milliman Healthcare Inflation Plus ETF	$444.11	$1.02K	$5.73K
SPAQ Horizon Kinetics SPAC Active ETF	$7.36K	$7.84K	$10.02K

MHIP vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)
MHIP Milliman Healthcare Inflation Plus ETF	0.54%
SPAQ Horizon Kinetics SPAC Active ETF	2.42%

Correlation

The correlation between MHIP and SPAQ is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.08

Return for Risk

MHIP vs. SPAQ — Risk / Return Rank

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

MHIP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPAQ

SPAQ Risk / Return Rank: 29
SPAQ Sharpe Ratio Rank: 24
SPAQ Sortino Ratio Rank: 22
SPAQ Omega Ratio Rank: 26
SPAQ Calmar Ratio Rank: 33
SPAQ Martin Ratio Rank: 37

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.

MHIP vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Milliman Healthcare Inflation Plus ETF (MHIP) 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.

	MHIP	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.56	—
Sortino ratio: Return per unit of downside risk	—	0.83	—
Omega ratio: Gain probability vs. loss probability	—	1.13	—
Calmar ratio: Return relative to maximum drawdown	—	1.14	—
Martin ratio: Return relative to average drawdown	—	3.84	—

Drawdowns

MHIP vs. SPAQ - Drawdown Comparison

The maximum MHIP drawdown since its inception was -3.09%, smaller than the maximum SPAQ drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for MHIP and SPAQ.

Drawdown Indicators

	MHIP	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.09%	-5.30%	+2.21%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.27%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	-1.08%	-0.12%	-0.96%
Average Drawdown Average peak-to-trough decline	-1.34%	-0.53%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.26%	—

Volatility

Volatility by Period

	MHIP	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.14%	8.66%	+2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.14%	6.92%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.14%	6.92%	+4.22%

MHIP vs. SPAQ - Expense Ratio Comparison

MHIP has a 0.55% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

MHIP vs. SPAQ - Dividend Comparison

MHIP has not paid dividends to shareholders, while SPAQ's dividend yield for the trailing twelve months is around 16.11%.

Position	TTM	2025	2024	2023
MHIP Milliman Healthcare Inflation Plus ETF	0.00%	0.00%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.11%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both MHIP and SPAQ in my portfolio?

MHIP and SPAQ have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MHIP or SPAQ?

On fees, MHIP is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MHIP or SPAQ?

MHIP is cheaper with a 0.55% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.11%, compared with 0.00% for MHIP.

What is the main difference between MHIP and SPAQ?

They also come from different issuers: Milliman and Horizon. Their fees differ too: 0.55% for MHIP and 0.85% for SPAQ.