SFTY vs. SPAQ

Last updated Jul 17, 2026

SFTY (Horizon Managed Risk ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both exchange-traded funds - SFTY is a Tactical Allocation fund managed by Horizon, while SPAQ is a Health & Biotech Equities fund actively managed by Horizon. Over the past year, SFTY returned 21.14% vs 4.73% for SPAQ. At a 0.03 correlation, their price movements are largely independent. SFTY charges 0.77%/yr vs 0.85%/yr for SPAQ.

Performance

SFTY vs. SPAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Managed Risk ETF (SFTY) 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, SFTY achieves a 10.02% return, which is significantly higher than SPAQ's 3.62% return.

SFTY

• 1D: -0.29%
• 1M: 0.52%
• 6M: 8.56%
• YTD: 10.02%
• 1Y: 21.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: -0.02%
• 1M: 0.23%
• 6M: 3.36%
• YTD: 3.62%
• 1Y: 4.73%
• 3Y*: 5.91%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SFTY vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025
SFTY Horizon Managed Risk ETF	10.02%	12.10%
SPAQ Horizon Kinetics SPAC Active ETF	3.62%	1.29%

Correlation

The correlation between SFTY 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 (1Y) Calculated over the trailing 1-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.03

Return for Risk

SFTY vs. SPAQ — Risk / Return Rank

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

SFTY

SFTY Risk / Return Rank: 68
SFTY Sharpe Ratio Rank: 68
SFTY Sortino Ratio Rank: 67
SFTY Omega Ratio Rank: 67
SFTY Calmar Ratio Rank: 62
SFTY Martin Ratio Rank: 76

SPAQ

SPAQ Risk / Return Rank: 24
SPAQ Sharpe Ratio Rank: 20
SPAQ Sortino Ratio Rank: 18
SPAQ Omega Ratio Rank: 22
SPAQ Calmar Ratio Rank: 28
SPAQ Martin Ratio Rank: 32

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.

SFTY vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Managed Risk ETF (SFTY) 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.

	SFTY	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	1.77	0.55	+1.22
Sortino ratio: Return per unit of downside risk	2.46	0.81	+1.65
Omega ratio: Gain probability vs. loss probability	1.32	1.13	+0.19
Calmar ratio: Return relative to maximum drawdown	2.46	1.10	+1.36
Martin ratio: Return relative to average drawdown	10.99	3.74	+7.25

SFTY vs. SPAQ - Sharpe Ratio Comparison

The current SFTY Sharpe Ratio is 1.77, which is higher than the SPAQ Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of SFTY and SPAQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SFTY vs. SPAQ - Drawdown Comparison

The maximum SFTY drawdown since its inception was -8.64%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for SFTY and SPAQ.

Drawdown Indicators

	SFTY	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-8.64%	-5.30%	-3.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-4.32%	-4.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	-0.51%	-0.06%	-0.45%
Average Drawdown Average peak-to-trough decline	-1.12%	-0.53%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.27%	+0.66%

Volatility

SFTY vs. SPAQ - Volatility Comparison

Horizon Managed Risk ETF (SFTY) has a higher volatility of 2.82% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.54%. This indicates that SFTY'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.

Volatility by Period

	SFTY	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	1.54%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	4.30%	+5.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	8.62%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.84%	6.94%	+4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.84%	6.94%	+4.90%

SFTY vs. SPAQ - Expense Ratio Comparison

SFTY has a 0.77% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

SFTY vs. SPAQ - Dividend Comparison

SFTY's dividend yield for the trailing twelve months is around 0.17%, less than SPAQ's 16.10% yield.

Position	TTM	2025	2024	2023
SFTY Horizon Managed Risk ETF	0.17%	0.19%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.10%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both SFTY and SPAQ in my portfolio?

SFTY 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.

Which is riskier, SFTY or SPAQ?

SFTY has higher volatility (2.82%) compared to SPAQ (1.54%). In terms of maximum drawdown, SFTY dropped -8.64% vs SPAQ's -5.30%.

Which ETF is better, SFTY or SPAQ?

On 1-year performance, SFTY leads with 21.14% vs 4.73% for SPAQ. On fees, SFTY is cheaper at 0.77% per year. On volatility, SPAQ has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFTY or SPAQ?

Over the 1-year period, SFTY has performed better with a 21.14% return vs 4.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFTY or SPAQ?

SFTY is cheaper with a 0.77% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.10%, compared with 0.17% for SFTY.

What is the main difference between SFTY and SPAQ?

SFTY is categorized as Tactical Allocation, while SPAQ is Health & Biotech Equities. Their fees differ too: 0.77% for SFTY and 0.85% for SPAQ.

Which has better risk-adjusted returns?

SFTY currently has the higher Sharpe Ratio (1.77 vs 0.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.