SFTX vs. SPAQ
SFTX (Horizon International Managed Risk ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both exchange-traded funds - SFTX is a Tactical Allocation fund actively managed by Horizon, while SPAQ is a Health & Biotech Equities fund actively managed by Horizon. Both are actively managed. At a correlation of -0.09, they often move in opposite directions. SFTX charges 0.82%/yr vs 0.85%/yr for SPAQ.
Performance
SFTX vs. SPAQ - Performance Comparison
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Returns By Period
In the year-to-date period, SFTX achieves a 18.83% return, which is significantly higher than SPAQ's 3.29% return.
SFTX
- 1D
- -0.85%
- 1M
- 0.36%
- YTD
- 18.83%
- 6M
- 18.52%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAQ
- 1D
- -0.06%
- 1M
- 1.35%
- YTD
- 3.29%
- 6M
- 1.91%
- 1Y
- 3.62%
- 3Y*
- 5.95%
- 5Y*
- —
- 10Y*
- —
SFTX vs. SPAQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SFTX Horizon International Managed Risk ETF | 18.83% | 1.61% |
SPAQ Horizon Kinetics SPAC Active ETF | 3.29% | -1.15% |
Correlation
The correlation between SFTX and SPAQ is -0.09, 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 Dec 3, 2025 | -0.09 |
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Return for Risk
SFTX vs. SPAQ — Risk / Return Rank
SFTX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPAQ
SFTX vs. SPAQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon International Managed Risk ETF (SFTX) 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.
| SFTX | SPAQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.10 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.79 | — |
| Martin ratioReturn relative to average drawdown | — | 2.79 | — |
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Drawdowns
SFTX vs. SPAQ - Drawdown Comparison
The maximum SFTX drawdown since its inception was -12.75%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for SFTX and SPAQ.
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Drawdown Indicators
| SFTX | SPAQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.75% | -5.30% | -7.45% |
Max Drawdown (1Y)Largest decline over 1 year | — | -4.60% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.30% | — |
Current DrawdownCurrent decline from peak | -3.83% | -0.38% | -3.45% |
Average DrawdownAverage peak-to-trough decline | -2.68% | -0.53% | -2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.39% | — |
Volatility
SFTX vs. SPAQ - Volatility Comparison
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Volatility by Period
| SFTX | SPAQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.02% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.05% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 22.81% | 8.62% | +14.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.81% | 6.95% | +15.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.81% | 6.95% | +15.86% |
SFTX vs. SPAQ - Expense Ratio Comparison
SFTX has a 0.82% expense ratio, which is lower than SPAQ's 0.85% expense ratio.
Dividends
SFTX vs. SPAQ - Dividend Comparison
SFTX's dividend yield for the trailing twelve months is around 0.21%, less than SPAQ's 16.16% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
SFTX Horizon International Managed Risk ETF | 0.21% | 0.25% | 0.00% | 0.00% |
SPAQ Horizon Kinetics SPAC Active ETF | 16.16% | 16.69% | 3.00% | 2.60% |
Frequently Asked Questions
SFTX and SPAQ have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SFTX is cheaper at 0.82% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SFTX is cheaper with a 0.82% expense ratio, compared with 0.85% for SPAQ.
SPAQ has the higher dividend yield at 16.16%, compared with 0.21% for SFTX.
SFTX is categorized as Tactical Allocation, while SPAQ is Health & Biotech Equities. Their fees differ too: 0.82% for SFTX and 0.85% for SPAQ.
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