PBPH vs. SPAQ
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 correlation of -0.01, they often move in opposite directions. PBPH charges 0.13%/yr vs 0.85%/yr for SPAQ.
Performance
PBPH vs. SPAQ - Performance Comparison
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Returns By Period
In the year-to-date period, PBPH achieves a 7.57% return, which is significantly higher than SPAQ's 3.62% return.
PBPH
- 1D
- 1.60%
- 1M
- 5.78%
- 6M
- 6.38%
- YTD
- 7.57%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAQ
- 1D
- -0.02%
- 1M
- 0.23%
- 6M
- 3.36%
- YTD
- 3.62%
- 1Y
- 4.73%
- 3Y*
- 5.91%
- 5Y*
- —
- 10Y*
- —
PBPH vs. SPAQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PBPH Portfolio Building Block World Pharma and Biotech Index ETF | 7.57% | 0.74% |
SPAQ Horizon Kinetics SPAC Active ETF | 3.62% | -1.19% |
Correlation
The correlation between PBPH and SPAQ is -0.01, 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 25, 2025 | -0.01 |
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Return for Risk
PBPH vs. SPAQ — Risk / Return Rank
PBPH
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPAQ
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.
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.
| PBPH | SPAQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.13 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.10 | — |
| Martin ratioReturn relative to average drawdown | — | 3.74 | — |
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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.
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Drawdown Indicators
| PBPH | SPAQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.10% | -5.30% | -5.80% |
Max Drawdown (1Y)Largest decline over 1 year | — | -4.32% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.30% | — |
Current DrawdownCurrent decline from peak | -3.16% | -0.06% | -3.10% |
Average DrawdownAverage peak-to-trough decline | -4.15% | -0.53% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.27% | — |
Volatility
PBPH vs. SPAQ - Volatility Comparison
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Volatility by Period
| PBPH | SPAQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.54% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 4.30% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 8.62% | +9.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.85% | 6.94% | +10.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.85% | 6.94% | +10.91% |
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 0.08%, less than SPAQ's 16.10% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
PBPH Portfolio Building Block World Pharma and Biotech Index ETF | 0.08% | 0.09% | 0.00% | 0.00% |
SPAQ Horizon Kinetics SPAC Active ETF | 16.10% | 16.69% | 3.00% | 2.60% |
Frequently Asked Questions
PBPH and SPAQ have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PBPH is cheaper with a 0.13% expense ratio, compared with 0.85% for SPAQ.
SPAQ has the higher dividend yield at 16.10%, compared with 0.08% for PBPH.
They also come from different issuers: Portfolio Building Block and Horizon. Their fees differ too: 0.13% for PBPH and 0.85% for SPAQ.
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