PBE vs. SPAQ
Compare and contrast key facts about Invesco Dynamic Biotechnology & Genome ETF (PBE) and Horizon Kinetics SPAC Active ETF (SPAQ).
PBE and SPAQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBE is a passively managed fund by Invesco that tracks the performance of the Dynamic Biotech & Genome Intellidex Index (AMEX). It was launched on Jun 23, 2005. SPAQ is an actively managed fund by Horizon. It was launched on Jun 29, 2007.
Performance
PBE vs. SPAQ - Performance Comparison
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PBE vs. SPAQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PBE Invesco Dynamic Biotechnology & Genome ETF | -3.51% | 24.84% | 1.10% | 0.15% |
SPAQ Horizon Kinetics SPAC Active ETF | 0.06% | 7.35% | 4.33% | 5.52% |
Returns By Period
In the year-to-date period, PBE achieves a -3.51% return, which is significantly lower than SPAQ's 0.06% return.
PBE
- 1D
- 3.03%
- 1M
- -3.31%
- YTD
- -3.51%
- 6M
- 14.03%
- 1Y
- 26.26%
- 3Y*
- 8.51%
- 5Y*
- 1.51%
- 10Y*
- 7.52%
SPAQ
- 1D
- 0.62%
- 1M
- -0.24%
- YTD
- 0.06%
- 6M
- 1.51%
- 1Y
- 4.82%
- 3Y*
- 5.22%
- 5Y*
- —
- 10Y*
- —
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PBE vs. SPAQ - Expense Ratio Comparison
PBE has a 0.59% expense ratio, which is lower than SPAQ's 0.85% expense ratio.
Return for Risk
PBE vs. SPAQ — Risk / Return Rank
PBE
SPAQ
PBE vs. SPAQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) 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.
| PBE | SPAQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.16 | 0.56 | +0.60 |
Sortino ratioReturn per unit of downside risk | 1.73 | 0.84 | +0.90 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.13 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 2.12 | 0.98 | +1.14 |
Martin ratioReturn relative to average drawdown | 6.21 | 3.66 | +2.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBE | SPAQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 0.56 | +0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.78 | -0.46 |
Correlation
The correlation between PBE and SPAQ is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PBE vs. SPAQ - Dividend Comparison
PBE's dividend yield for the trailing twelve months is around 1.09%, less than SPAQ's 16.68% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBE Invesco Dynamic Biotechnology & Genome ETF | 1.09% | 1.00% | 0.05% | 0.02% | 0.00% | 0.00% | 0.04% | 0.00% | 0.00% | 0.57% | 0.38% | 1.12% |
SPAQ Horizon Kinetics SPAC Active ETF | 16.68% | 16.69% | 3.00% | 2.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PBE vs. SPAQ - Drawdown Comparison
The maximum PBE drawdown since its inception was -45.69%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for PBE and SPAQ.
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Drawdown Indicators
| PBE | SPAQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.69% | -5.30% | -40.39% |
Max Drawdown (1Y)Largest decline over 1 year | -11.73% | -5.30% | -6.43% |
Max Drawdown (5Y)Largest decline over 5 years | -34.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.84% | — | — |
Current DrawdownCurrent decline from peak | -7.54% | -1.97% | -5.57% |
Average DrawdownAverage peak-to-trough decline | -16.33% | -0.53% | -15.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 1.41% | +2.60% |
Volatility
PBE vs. SPAQ - Volatility Comparison
Invesco Dynamic Biotechnology & Genome ETF (PBE) has a higher volatility of 7.57% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.75%. This indicates that PBE'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.
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Volatility by Period
| PBE | SPAQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.57% | 1.75% | +5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 13.75% | 6.25% | +7.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.72% | 8.60% | +14.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.70% | 7.04% | +15.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.15% | 7.04% | +18.11% |