SFTX vs. SPAQ

Last updated Jun 4, 2026

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 -0.14, they often move in opposite directions. SFTX charges 0.82%/yr vs 0.85%/yr for SPAQ.

Performance

SFTX vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon International Managed Risk ETF (SFTX) 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, SFTX achieves a 22.26% return, which is significantly higher than SPAQ's 2.81% return.

SFTX

• 1D: -0.29%
• 1M: 7.93%
• YTD: 22.26%
• 6M: 24.22%
• 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)

SFTX vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025
SFTX Horizon International Managed Risk ETF	22.26%	1.61%
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	-1.13%

Correlation

The correlation between SFTX and SPAQ is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	-0.14

SFTX vs. SPAQ - Sectors Allocation Comparison

Sectors	SFTX	SPAQ
Technology	28.2%	-
Financial Services	16.2%	91.6%
Industrials	12.1%	0.1%
Healthcare	10.1%	-
Basic Materials	8.6%	-
Energy	8.0%	-
Consumer Cyclical	5.9%	-
Communication Services	4.5%	-
Consumer Defensive	3.7%	-
Utilities	1.9%	-
Real Estate	0.9%	-

Return for Risk

SFTX 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.

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.

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

Sharpe Ratios by Period

	SFTX	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	2.57	0.86	+1.71

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.

Drawdown Indicators

	SFTX	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-12.75%	-5.30%	-7.45%
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	-0.29%	-0.01%	-0.28%
Average Drawdown Average peak-to-trough decline	-2.78%	-0.54%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.47%	—

Volatility

Volatility by Period

	SFTX	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	21.65%	8.80%	+12.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	7.00%	+14.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	7.00%	+14.65%

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 0.20%, less than SPAQ's 16.23% yield.

Position	TTM	2025	2024	2023
SFTX Horizon International Managed Risk ETF	0.20%	0.25%	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 SFTX and SPAQ in my portfolio?

SFTX and SPAQ have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SFTX or SPAQ?

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.

Which ETF is cheaper, SFTX or SPAQ?

SFTX is cheaper with a 0.82% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.23%, compared with 0.20% for SFTX.

What is the main difference between SFTX and SPAQ?

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.