SPAQ vs. CNCR

Last updated Jun 25, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and CNCR (Loncar Cancer Immunotherapy ETF) are both Health & Biotech Equities funds. SPAQ is actively managed, while CNCR is passively managed. SPAQ charges 0.85%/yr vs 0.79%/yr for CNCR.

Performance

SPAQ vs. CNCR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics SPAC Active ETF (SPAQ) and Loncar Cancer Immunotherapy ETF (CNCR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPAQ

• 1D: -0.06%
• 1M: 1.35%
• YTD: 3.29%
• 6M: 1.91%
• 1Y: 3.62%
• 3Y*: 5.95%
• 5Y*: —
• 10Y*: —

CNCR

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

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

SPAQ vs. CNCR - Yearly Performance Comparison

	2026 (YTD)
SPAQ Horizon Kinetics SPAC Active ETF	1.82%
CNCR Loncar Cancer Immunotherapy ETF	0.00%

SPAQ vs. CNCR - Sectors Allocation Comparison

Sectors	SPAQ	CNCR
Financial Services	100.0%	3.3%
Industrials	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	96.6%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPAQ vs. CNCR — Risk / Return Rank

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

SPAQ

SPAQ Risk / Return Rank: 18
SPAQ Sharpe Ratio Rank: 15
SPAQ Sortino Ratio Rank: 14
SPAQ Omega Ratio Rank: 16
SPAQ Calmar Ratio Rank: 19
SPAQ Martin Ratio Rank: 23

CNCR

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

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. CNCR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Loncar Cancer Immunotherapy ETF (CNCR). 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.

	SPAQ	CNCR	Difference
Sharpe ratio: Return per unit of total volatility	0.42	—	—
Sortino ratio: Return per unit of downside risk	0.64	—	—
Omega ratio: Gain probability vs. loss probability	1.10	—	—
Calmar ratio: Return relative to maximum drawdown	0.79	—	—
Martin ratio: Return relative to average drawdown	2.79	—	—

Drawdowns

SPAQ vs. CNCR - Drawdown Comparison

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

Drawdown Indicators

	SPAQ	CNCR	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	0.00%	-5.30%
Max Drawdown (1Y) Largest decline over 1 year	-4.60%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	—	—
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.53%	0.00%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	—	—

Volatility

Volatility by Period

	SPAQ	CNCR	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	8.62%	0.00%	+8.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.95%	0.00%	+6.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	0.00%	+6.95%

SPAQ vs. CNCR - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than CNCR's 0.79% expense ratio.

Dividends

SPAQ vs. CNCR - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.16%, while CNCR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CNCR Loncar Cancer Immunotherapy ETF	0.00%	0.00%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.16%	16.69%	3.00%	2.60%

Frequently Asked Questions

Which ETF is better, SPAQ or CNCR?

On fees, CNCR is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPAQ or CNCR?

CNCR is cheaper with a 0.79% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.16%, compared with 0.00% for CNCR.

What is the main difference between SPAQ and CNCR?

They also come from different issuers: Horizon and Exchange Traded Concepts. Their fees differ too: 0.85% for SPAQ and 0.79% for CNCR.