NVIR vs. SPAQ

Last updated Jun 24, 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 18.04%/yr vs 5.98%/yr for SPAQ. At a correlation of -0.02, they often move in opposite directions. 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 15.99% return, which is significantly higher than SPAQ's 3.35% return.

NVIR

• 1D: -0.24%
• 1M: -6.60%
• YTD: 15.99%
• 6M: 15.77%
• 1Y: 26.56%
• 3Y*: 18.04%
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: -0.20%
• 1M: 1.41%
• YTD: 3.35%
• 6M: 2.27%
• 1Y: 4.10%
• 3Y*: 5.98%
• 5Y*: —
• 10Y*: —

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

NVIR vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	15.99%	9.84%	17.53%	5.23%
SPAQ Horizon Kinetics SPAC Active ETF	3.35%	7.35%	4.33%	4.61%

Correlation

The correlation between NVIR and SPAQ is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	-0.02

NVIR vs. SPAQ - Sectors Allocation Comparison

Sectors	NVIR	SPAQ
Energy	79.3%	-
Industrials	15.0%	0.1%
Utilities	3.1%	-
Technology	2.8%	-
Basic Materials	1.8%	-
Healthcare	1.3%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	100.0%
Real Estate	-	-

Return for Risk

NVIR vs. SPAQ — Risk / Return Rank

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

NVIR

NVIR Risk / Return Rank: 53
NVIR Sharpe Ratio Rank: 50
NVIR Sortino Ratio Rank: 46
NVIR Omega Ratio Rank: 47
NVIR Calmar Ratio Rank: 64
NVIR Martin Ratio Rank: 57

SPAQ

SPAQ Risk / Return Rank: 18
SPAQ Sharpe Ratio Rank: 16
SPAQ Sortino Ratio Rank: 15
SPAQ Omega Ratio Rank: 17
SPAQ Calmar Ratio Rank: 19
SPAQ Martin Ratio Rank: 24

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.

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	1.61	0.48	+1.13
Sortino ratio: Return per unit of downside risk	2.16	0.71	+1.45
Omega ratio: Gain probability vs. loss probability	1.28	1.11	+0.17
Calmar ratio: Return relative to maximum drawdown	2.93	0.82	+2.11
Martin ratio: Return relative to average drawdown	9.32	2.97	+6.35

NVIR vs. SPAQ - Sharpe Ratio Comparison

The current NVIR Sharpe Ratio is 1.61, which is higher than the SPAQ Sharpe Ratio of 0.48. 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%	-5.00%	-4.09%
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	-5.30%	-17.17%
Current Drawdown Current decline from peak	-7.99%	-0.32%	-7.67%
Average Drawdown Average peak-to-trough decline	-4.61%	-0.53%	-4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.39%	+1.47%

Volatility

NVIR vs. SPAQ - Volatility Comparison

Horizon Kinetics Energy Remediation ETF (NVIR) has a higher volatility of 6.20% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.02%. 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	6.20%	1.02%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	12.76%	5.06%	+7.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	8.65%	+7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	6.96%	+12.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	6.96%	+12.36%

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 0.79%, less than SPAQ's 16.15% yield.

Position	TTM	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	0.79%	0.92%	1.50%	1.34%
SPAQ Horizon Kinetics SPAC Active ETF	16.15%	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 -0.05, 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 (6.20%) compared to SPAQ (1.02%). 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 18.04% vs 5.98% for SPAQ. Both ETFs have the same 0.85% expense ratio. On volatility, SPAQ has been the lower-risk option at 1.02%. 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 18.04% return vs 5.98%. 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 16.15%, compared with 0.79% 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 (1.61 vs 0.48), 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.