PBPH vs. SPAQ

Last updated Jun 4, 2026

PBPH (Portfolio Building Block World Pharma and Biotech Index ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. PBPH is passively managed, while SPAQ is actively managed. At a 0.00 correlation, their price movements are largely independent. PBPH charges 0.13%/yr vs 0.85%/yr for SPAQ.

Performance

PBPH vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Portfolio Building Block World Pharma and Biotech Index ETF (PBPH) 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, PBPH achieves a -1.13% return, which is significantly lower than SPAQ's 2.81% return.

PBPH

• 1D: 0.58%
• 1M: 0.07%
• YTD: -1.13%
• 6M: -0.02%
• 1Y: —
• 3Y*: —
• 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)

PBPH vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025
PBPH Portfolio Building Block World Pharma and Biotech Index ETF	-1.13%	0.76%
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	-1.17%

Correlation

The correlation between PBPH 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 (All Time) Calculated using the full available price history since Nov 26, 2025	0.00

Return for Risk

PBPH vs. SPAQ — Risk / Return Rank

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

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.

PBPH vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block World Pharma and Biotech Index ETF (PBPH) 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.

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

Sharpe Ratios by Period

	PBPH	SPAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.86	-0.91

Drawdowns

PBPH vs. SPAQ - Drawdown Comparison

The maximum PBPH drawdown since its inception was -11.10%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for PBPH and SPAQ.

Drawdown Indicators

	PBPH	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.10%	-5.30%	-5.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.30%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	-8.69%	-0.01%	-8.68%
Average Drawdown Average peak-to-trough decline	-4.23%	-0.54%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.47%	—

Volatility

Volatility by Period

	PBPH	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.78%	8.80%	+7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.78%	7.00%	+9.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	7.00%	+9.78%

PBPH vs. SPAQ - Expense Ratio Comparison

PBPH has a 0.13% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

PBPH vs. SPAQ - Dividend Comparison

PBPH's dividend yield for the trailing twelve months is around 0.09%, less than SPAQ's 16.23% yield.

Position	TTM	2025	2024	2023
PBPH Portfolio Building Block World Pharma and Biotech Index ETF	0.09%	0.09%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.23%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both PBPH and SPAQ in my portfolio?

PBPH 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 ETF is better, PBPH or SPAQ?

On fees, PBPH is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBPH or SPAQ?

PBPH is cheaper with a 0.13% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.23%, compared with 0.09% for PBPH.

What is the main difference between PBPH and SPAQ?

They also come from different issuers: Portfolio Building Block and Horizon. Their fees differ too: 0.13% for PBPH and 0.85% for SPAQ.