NVIR vs. SPAQ

Last updated Aug 2, 2026

NVIR (Horizon Kinetics Energy Remediation ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both exchange-traded funds - NVIR is a Energy Equities fund actively managed by Horizon, while SPAQ is a Health & Biotech Equities fund actively managed by Horizon. Both are actively managed. Over the past 3 years, NVIR returned 14.61%/yr vs 5.79%/yr for SPAQ. Their -0.02 correlation means they have often moved in opposite directions in the past. Both charge a 0.85% expense ratio.

Performance

NVIR vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Energy Remediation ETF (NVIR) 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, NVIR achieves a 19.87% return, which is significantly higher than SPAQ's 3.54% return.

NVIR

• 1D: 1.02%
• 1M: 3.92%
• 6M: 8.24%
• YTD: 19.87%
• 1Y: 32.95%
• 3Y*: 14.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.25%

SPAQ

• 1D: -0.03%
• 1M: 0.41%
• 6M: 2.26%
• YTD: 3.54%
• 1Y: 4.82%
• 3Y*: 5.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.88%

*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)
NVIR Horizon Kinetics Energy Remediation ETF	$13.32K	$14.45K	$24.85K
SPAQ Horizon Kinetics SPAC Active ETF	$5.60K	$7.34K	$10.07K

NVIR vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	19.87%	9.84%	17.53%	5.23%
SPAQ Horizon Kinetics SPAC Active ETF	3.54%	7.35%	4.33%	4.61%

Correlation

The correlation between NVIR 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 (1Y) Focuses on recent behavior, but can change the most.	-0.08
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	-0.02

Return for Risk

NVIR vs. SPAQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVIR

NVIR Risk / Return Rank: 76
NVIR Sharpe Ratio Rank: 77
NVIR Sortino Ratio Rank: 73
NVIR Omega Ratio Rank: 72
NVIR Calmar Ratio Rank: 86
NVIR Martin Ratio Rank: 71

SPAQ

SPAQ Risk / Return Rank: 28
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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVIR vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Energy Remediation ETF (NVIR) 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.

	NVIR	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	1.78	0.55	+1.23
Sortino ratio: Return per unit of downside risk	2.36	0.81	+1.56
Omega ratio: Gain probability vs. loss probability	1.30	1.12	+0.18
Calmar ratio: Return relative to maximum drawdown	3.33	1.13	+2.21
Martin ratio: Return relative to average drawdown	8.79	3.76	+5.03

NVIR vs. SPAQ - Sharpe Ratio Comparison

The current NVIR Sharpe Ratio is 1.78, which is higher than the SPAQ Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of NVIR 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

NVIR vs. SPAQ - Drawdown Comparison

The maximum NVIR drawdown since its inception was -22.47%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for NVIR and SPAQ.

Drawdown Indicators

	NVIR	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	-5.30%	-17.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-4.20%	-4.89%
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	-5.30%	-17.17%
Current Drawdown Current decline from peak	-4.91%	-0.14%	-4.77%
Average Drawdown Average peak-to-trough decline	-4.66%	-0.53%	-4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	1.26%	+2.19%

Volatility

NVIR vs. SPAQ - Volatility Comparison

Horizon Kinetics Energy Remediation ETF (NVIR) has a higher volatility of 4.75% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.61%. This indicates that NVIR'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

	NVIR	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	1.61%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	3.92%	+9.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.05%	8.65%	+8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	6.91%	+12.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	6.91%	+12.35%

NVIR vs. SPAQ - Expense Ratio Comparison

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

Dividends

NVIR vs. SPAQ - Dividend Comparison

NVIR's dividend yield for the trailing twelve months is around 0.76%, less than SPAQ's 16.12% yield.

Position	TTM	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	0.76%	0.92%	1.50%	1.34%
SPAQ Horizon Kinetics SPAC Active ETF	16.12%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both NVIR and SPAQ in my portfolio?

NVIR 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 is riskier, NVIR or SPAQ?

NVIR has higher volatility (4.75%) compared to SPAQ (1.61%). In terms of maximum drawdown, NVIR dropped -22.47% vs SPAQ's -5.30%.

Which ETF is better, NVIR or SPAQ?

On 3-year performance, NVIR leads with 14.61% vs 5.79% for SPAQ. Both ETFs have the same 0.85% expense ratio. On volatility, SPAQ has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVIR or SPAQ?

Over the 3-year period, NVIR has performed better with a 14.61% return vs 5.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVIR or SPAQ?

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

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

SPAQ has the higher dividend yield at 16.12%, compared with 0.76% for NVIR.

What is the main difference between NVIR and SPAQ?

NVIR is categorized as Energy Equities, while SPAQ is Health & Biotech Equities.

Which has better risk-adjusted returns?

NVIR currently has the higher Sharpe Ratio (1.78 vs 0.55), 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.