SPAQ vs. COMB
SPAQ (Horizon Kinetics SPAC Active ETF) and COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) are both exchange-traded funds - SPAQ is a Health & Biotech Equities fund actively managed by Horizon, while COMB is a Commodities fund actively managed by GraniteShares. Both are actively managed. Over the past 3 years, SPAQ returned 5.87%/yr vs 16.31%/yr for COMB. At a correlation of -0.06, they often move in opposite directions. SPAQ charges 0.85%/yr vs 0.25%/yr for COMB.
Performance
SPAQ vs. COMB - Performance Comparison
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Returns By Period
In the year-to-date period, SPAQ achieves a 2.81% return, which is significantly lower than COMB's 26.81% return.
SPAQ
- 1D
- 0.00%
- 1M
- 1.51%
- YTD
- 2.81%
- 6M
- 1.64%
- 1Y
- 4.98%
- 3Y*
- 5.87%
- 5Y*
- —
- 10Y*
- —
COMB
- 1D
- 0.03%
- 1M
- -2.98%
- YTD
- 26.81%
- 6M
- 25.89%
- 1Y
- 38.86%
- 3Y*
- 16.31%
- 5Y*
- 11.27%
- 10Y*
- —
SPAQ vs. COMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPAQ Horizon Kinetics SPAC Active ETF | 2.81% | 7.35% | 4.33% | 5.52% |
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 26.81% | 15.12% | 5.24% | -6.33% |
Correlation
The correlation between SPAQ and COMB 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 (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023 | -0.06 |
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Return for Risk
SPAQ vs. COMB — Risk / Return Rank
SPAQ
COMB
SPAQ vs. COMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB). 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 | COMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.41 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 5.08 | -4.13 |
| Martin ratioReturn relative to average drawdown | 3.39 | 13.24 | -9.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPAQ | COMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.57 | 2.29 | -1.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 0.52 | +0.34 |
Drawdowns
SPAQ vs. COMB - Drawdown Comparison
The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum COMB drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for SPAQ and COMB.
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Drawdown Indicators
| SPAQ | COMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.30% | -33.50% | +28.20% |
Max Drawdown (1Y)Largest decline over 1 year | -5.30% | -7.69% | +2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -5.30% | -11.35% | +6.05% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.63% | — |
Current DrawdownCurrent decline from peak | -0.01% | -4.35% | +4.34% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -12.06% | +11.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.47% | 2.94% | -1.47% |
Volatility
SPAQ vs. COMB - Volatility Comparison
The current volatility for Horizon Kinetics SPAC Active ETF (SPAQ) is 1.95%, while GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) has a volatility of 5.14%. This indicates that SPAQ experiences smaller price fluctuations and is considered to be less risky than COMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAQ | COMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.95% | 5.14% | -3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 5.01% | 14.99% | -9.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.80% | 17.02% | -8.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.00% | 16.70% | -9.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 15.13% | -8.13% |
SPAQ vs. COMB - Expense Ratio Comparison
SPAQ has a 0.85% expense ratio, which is higher than COMB's 0.25% expense ratio.
Dividends
SPAQ vs. COMB - Dividend Comparison
SPAQ's dividend yield for the trailing twelve months is around 16.23%, more than COMB's 7.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 7.14% | 9.05% | 2.48% | 6.57% | 30.85% | 15.83% | 0.07% | 1.48% | 0.97% | 0.20% |
SPAQ Horizon Kinetics SPAC Active ETF | 16.23% | 16.69% | 3.00% | 2.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPAQ and COMB 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.
COMB has higher volatility (5.14%) compared to SPAQ (1.95%). In terms of maximum drawdown, SPAQ dropped -5.30% vs COMB's -33.50%.
On 3-year performance, COMB leads with 16.31% vs 5.87% for SPAQ. On fees, COMB is cheaper at 0.25% per year. On volatility, SPAQ has been the lower-risk option at 1.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, COMB has performed better with a 16.31% return vs 5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMB is cheaper with a 0.25% expense ratio, compared with 0.85% for SPAQ.
SPAQ has the higher dividend yield at 16.23%, compared with 7.14% for COMB.
SPAQ is categorized as Health & Biotech Equities, while COMB is Commodities. They also come from different issuers: Horizon and GraniteShares. Their fees differ too: 0.85% for SPAQ and 0.25% for COMB.
COMB currently has the higher Sharpe Ratio (2.29 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.
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