SBIO vs. SPAQ
Compare and contrast key facts about ALPS Medical Breakthroughs ETF (SBIO) and Horizon Kinetics SPAC Active ETF (SPAQ).
SBIO and SPAQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SBIO is a passively managed fund by SS&C that tracks the performance of the S-Network Medical Breakthroughs Index. It was launched on Dec 31, 2014. SPAQ is an actively managed fund by Horizon. It was launched on Jun 29, 2007.
Performance
SBIO vs. SPAQ - Performance Comparison
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SBIO vs. SPAQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SBIO ALPS Medical Breakthroughs ETF | 3.20% | 55.07% | 3.81% | 3.83% |
SPAQ Horizon Kinetics SPAC Active ETF | 0.14% | 7.35% | 4.33% | 5.52% |
Returns By Period
In the year-to-date period, SBIO achieves a 3.20% return, which is significantly higher than SPAQ's 0.14% return.
SBIO
- 1D
- 0.99%
- 1M
- 3.89%
- YTD
- 3.20%
- 6M
- 36.23%
- 1Y
- 95.78%
- 3Y*
- 26.37%
- 5Y*
- 1.76%
- 10Y*
- 9.75%
SPAQ
- 1D
- 0.09%
- 1M
- -0.41%
- YTD
- 0.14%
- 6M
- 1.74%
- 1Y
- 4.91%
- 3Y*
- 5.25%
- 5Y*
- —
- 10Y*
- —
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SBIO vs. SPAQ - Expense Ratio Comparison
SBIO has a 0.50% expense ratio, which is lower than SPAQ's 0.85% expense ratio.
Return for Risk
SBIO vs. SPAQ — Risk / Return Rank
SBIO
SPAQ
SBIO vs. SPAQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS Medical Breakthroughs ETF (SBIO) 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.
| SBIO | SPAQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.92 | 0.57 | +2.35 |
Sortino ratioReturn per unit of downside risk | 3.57 | 0.85 | +2.72 |
Omega ratioGain probability vs. loss probability | 1.45 | 1.13 | +0.32 |
Calmar ratioReturn relative to maximum drawdown | 5.66 | 0.93 | +4.73 |
Martin ratioReturn relative to average drawdown | 19.94 | 3.46 | +16.48 |
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
| SBIO | SPAQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.92 | 0.57 | +2.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.78 | -0.55 |
Correlation
The correlation between SBIO and SPAQ is 0.06, 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
SBIO vs. SPAQ - Dividend Comparison
SBIO has not paid dividends to shareholders, while SPAQ's dividend yield for the trailing twelve months is around 16.66%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBIO ALPS Medical Breakthroughs ETF | 0.00% | 0.00% | 3.55% | 0.22% | 0.00% | 0.00% | 0.00% | 0.04% | 2.79% | 1.77% |
SPAQ Horizon Kinetics SPAC Active ETF | 16.66% | 16.69% | 3.00% | 2.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SBIO vs. SPAQ - Drawdown Comparison
The maximum SBIO drawdown since its inception was -63.06%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for SBIO and SPAQ.
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Drawdown Indicators
| SBIO | SPAQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.06% | -5.30% | -57.76% |
Max Drawdown (1Y)Largest decline over 1 year | -15.08% | -5.30% | -9.78% |
Max Drawdown (5Y)Largest decline over 5 years | -53.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -63.06% | — | — |
Current DrawdownCurrent decline from peak | -13.79% | -1.89% | -11.90% |
Average DrawdownAverage peak-to-trough decline | -28.70% | -0.53% | -28.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.28% | 1.42% | +2.86% |
Volatility
SBIO vs. SPAQ - Volatility Comparison
ALPS Medical Breakthroughs ETF (SBIO) has a higher volatility of 12.61% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.75%. This indicates that SBIO'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
| SBIO | SPAQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.61% | 1.75% | +10.86% |
Volatility (6M)Calculated over the trailing 6-month period | 22.09% | 6.21% | +15.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.43% | 8.59% | +24.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.55% | 7.04% | +26.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.34% | 7.04% | +26.30% |