SPAQ vs. BTEC

Last updated Apr 1, 2026

Compare and contrast key facts about Horizon Kinetics SPAC Active ETF (SPAQ) and Principal Healthcare Innovators Index ETF (BTEC).

SPAQ and BTEC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPAQ is an actively managed fund by Horizon. It was launched on Jun 29, 2007. BTEC is a passively managed fund by Principal that tracks the performance of the NASDAQ U.S. Health Care Innovators Index. It was launched on Aug 19, 2016.

Performance

SPAQ vs. BTEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics SPAC Active ETF (SPAQ) and Principal Healthcare Innovators Index ETF (BTEC). The values are adjusted to include any dividend payments, if applicable.

SPAQ vs. BTEC - Yearly Performance Comparison

	2026 (YTD)
SPAQ Horizon Kinetics SPAC Active ETF	-0.91%
BTEC Principal Healthcare Innovators Index ETF	0.00%

Returns By Period

SPAQ

• 1D: 0.62%
• 1M: -0.24%
• YTD: 0.06%
• 6M: 1.51%
• 1Y: 4.82%
• 3Y*: 5.22%
• 5Y*: —
• 10Y*: —

BTEC

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAQ vs. BTEC - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than BTEC's 0.42% expense ratio.

SPAQ

Horizon Kinetics SPAC Active ETF

BTEC

Principal Healthcare Innovators Index ETF

Return for Risk

SPAQ vs. BTEC — Risk / Return Rank

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

SPAQ

SPAQ Risk / Return Rank: 34
SPAQ Sharpe Ratio Rank: 30
SPAQ Sortino Ratio Rank: 29
SPAQ Omega Ratio Rank: 31
SPAQ Calmar Ratio Rank: 38
SPAQ Martin Ratio Rank: 39

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. BTEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Principal Healthcare Innovators Index ETF (BTEC). 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	BTEC	Difference
Sharpe ratio Return per unit of total volatility	0.56	—	—
Sortino ratio Return per unit of downside risk	0.84	—	—
Omega ratio Gain probability vs. loss probability	1.13	—	—
Calmar ratio Return relative to maximum drawdown	0.98	—	—
Martin ratio Return relative to average drawdown	3.66	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPAQ	BTEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	—	—

Dividends

SPAQ vs. BTEC - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.68%, while BTEC has not paid dividends to shareholders.

	TTM	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	16.68%	16.69%	3.00%	2.60%
BTEC Principal Healthcare Innovators Index ETF	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPAQ vs. BTEC - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, which is greater than BTEC's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SPAQ and BTEC.

Drawdown Indicators

	SPAQ	BTEC	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	0.00%	-5.30%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	—	—
Current Drawdown Current decline from peak	-1.97%	0.00%	-1.97%
Average Drawdown Average peak-to-trough decline	-0.53%	0.00%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	—	—

Volatility

Volatility by Period

	SPAQ	BTEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	0.00%	+8.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.04%	0.00%	+7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	0.00%	+7.04%