SPAQ vs. AAA

Last updated Jun 4, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - SPAQ is a Health & Biotech Equities fund actively managed by Horizon, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past 3 years, SPAQ returned 5.87%/yr vs 6.50%/yr for AAA. At a correlation of -0.10, they often move in opposite directions. SPAQ charges 0.85%/yr vs 0.25%/yr for AAA.

Performance

SPAQ vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics SPAC Active ETF (SPAQ) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAQ achieves a 2.81% return, which is significantly higher than AAA's 1.86% return.

SPAQ

• 1D: 0.00%
• 1M: 1.51%
• YTD: 2.81%
• 6M: 1.64%
• 1Y: 4.98%
• 3Y*: 5.87%
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.22%
• 1M: 0.67%
• YTD: 1.86%
• 6M: 2.19%
• 1Y: 5.39%
• 3Y*: 6.50%
• 5Y*: 4.64%
• 10Y*: —

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

SPAQ vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	7.35%	4.33%	5.52%
AAA AAF First Priority CLO Bond ETF	1.86%	4.92%	6.85%	7.93%

Correlation

The correlation between SPAQ and AAA is -0.15, 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 (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023	-0.10

Return for Risk

SPAQ vs. AAA — 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

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

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.

SPAQ vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and AAF First Priority CLO Bond ETF (AAA). 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.

	SPAQ	AAA	Difference
Sharpe ratio: Return per unit of total volatility	0.57	2.36	-1.79
Sortino ratio: Return per unit of downside risk	0.84	4.06	-3.22
Omega ratio: Gain probability vs. loss probability	1.13	1.47	-0.34
Calmar ratio: Return relative to maximum drawdown	0.94	8.98	-8.04
Martin ratio: Return relative to average drawdown	3.39	27.78	-24.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPAQ vs. AAA - Sharpe Ratio Comparison

The current SPAQ Sharpe Ratio is 0.57, which is lower than the AAA Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of SPAQ and AAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPAQ	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	2.36	-1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.93	-1.07

Drawdowns

SPAQ vs. AAA - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for SPAQ and AAA.

Drawdown Indicators

	SPAQ	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-2.63%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	-0.60%	-4.70%
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	-2.40%	-2.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-0.01%	-0.22%	+0.21%
Average Drawdown Average peak-to-trough decline	-0.54%	-0.30%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	0.19%	+1.28%

Volatility

SPAQ vs. AAA - Volatility Comparison

Horizon Kinetics SPAC Active ETF (SPAQ) has a higher volatility of 1.95% compared to AAF First Priority CLO Bond ETF (AAA) at 0.74%. This indicates that SPAQ's price experiences larger fluctuations and is considered to be riskier than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAQ	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	0.74%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	5.01%	1.76%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.80%	2.30%	+6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	2.28%	+4.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.00%	2.15%	+4.85%

SPAQ vs. AAA - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

SPAQ vs. AAA - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.23%, more than AAA's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.90%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
SPAQ Horizon Kinetics SPAC Active ETF	16.23%	16.69%	3.00%	2.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPAQ and AAA in my portfolio?

SPAQ and AAA have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAQ or AAA?

SPAQ has higher volatility (1.95%) compared to AAA (0.74%). In terms of maximum drawdown, SPAQ dropped -5.30% vs AAA's -2.63%.

Which ETF is better, SPAQ or AAA?

On 3-year performance, AAA leads with 6.50% vs 5.87% for SPAQ. On fees, AAA is cheaper at 0.25% per year. On volatility, AAA has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAQ or AAA?

Over the 3-year period, AAA has performed better with a 6.50% return vs 5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAQ or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.23%, compared with 4.90% for AAA.

What is the main difference between SPAQ and AAA?

SPAQ is categorized as Health & Biotech Equities, while AAA is CLO. They also come from different issuers: Horizon and Alternative Access Funds LLC. Their fees differ too: 0.85% for SPAQ and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.36 vs 0.57), 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.