SPAQ vs. DRLL

Last updated Aug 4, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and DRLL (Strive U.S. Energy ETF) are both exchange-traded funds - SPAQ is a Health & Biotech Equities fund actively managed by Horizon, while DRLL is a Energy Equities fund tracking the Bloomberg US Energy Select Index. SPAQ is actively managed, while DRLL is passively managed. Over the past 3 years, SPAQ returned 5.94%/yr vs 12.43%/yr for DRLL. Their -0.04 correlation means they have often moved in opposite directions in the past. SPAQ charges 0.85%/yr vs 0.41%/yr for DRLL.

Performance

SPAQ vs. DRLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics SPAC Active ETF (SPAQ) and Strive U.S. Energy ETF (DRLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAQ achieves a 3.57% return, which is significantly lower than DRLL's 34.95% return.

SPAQ

• 1D: 0.03%
• 1M: 0.44%
• 6M: 1.92%
• YTD: 3.57%
• 1Y: 4.85%
• 3Y*: 5.94%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.88%

DRLL

• 1D: -1.27%
• 1M: 12.74%
• 6M: 22.18%
• YTD: 34.95%
• 1Y: 42.98%
• 3Y*: 12.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRLL Strive U.S. Energy ETF	$486.14K	$506.54K	$559.53K
SPAQ Horizon Kinetics SPAC Active ETF	$5.63K	$6.41K	$8.75K

SPAQ vs. DRLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	3.57%	7.35%	4.33%	5.32%
DRLL Strive U.S. Energy ETF	34.95%	7.74%	0.02%	-5.38%

Correlation

The correlation between SPAQ and DRLL is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (3Y) Balances recent behavior with more history.	-0.06
Correlation (All Time) Calculated using the full available price history since Jan 30, 2023	-0.04

SPAQ vs. DRLL - Sectors Allocation Comparison

Sectors	SPAQ	DRLL
Financial Services	100.0%	-
Industrials	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.9%
Consumer Defensive	-	-
Energy	-	99.1%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPAQ vs. DRLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPAQ

SPAQ Risk / Return Rank: 29
SPAQ Sharpe Ratio Rank: 24
SPAQ Sortino Ratio Rank: 22
SPAQ Omega Ratio Rank: 27
SPAQ Calmar Ratio Rank: 33
SPAQ Martin Ratio Rank: 37

DRLL

DRLL Risk / Return Rank: 68
DRLL Sharpe Ratio Rank: 78
DRLL Sortino Ratio Rank: 71
DRLL Omega Ratio Rank: 70
DRLL Calmar Ratio Rank: 69
DRLL Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPAQ vs. DRLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Strive U.S. Energy ETF (DRLL). 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	DRLL	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.88	-1.32
Sortino ratio: Return per unit of downside risk	0.83	2.42	-1.59
Omega ratio: Gain probability vs. loss probability	1.13	1.31	-0.18
Calmar ratio: Return relative to maximum drawdown	1.16	2.54	-1.38
Martin ratio: Return relative to average drawdown	3.87	6.46	-2.59

SPAQ vs. DRLL - Sharpe Ratio Comparison

The current SPAQ Sharpe Ratio is 0.56, which is lower than the DRLL Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of SPAQ and DRLL, 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

SPAQ vs. DRLL - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum DRLL drawdown of -23.73%. Use the drawdown chart below to compare losses from any high point for SPAQ and DRLL.

Drawdown Indicators

	SPAQ	DRLL	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-23.73%	+18.43%
Max Drawdown (1Y) Largest decline over 1 year	-4.20%	-16.99%	+12.79%
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	-23.73%	+18.43%
Current Drawdown Current decline from peak	-0.11%	-5.52%	+5.41%
Average Drawdown Average peak-to-trough decline	-0.52%	-8.14%	+7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	6.67%	-5.41%

Volatility

SPAQ vs. DRLL - Volatility Comparison

The current volatility for Horizon Kinetics SPAC Active ETF (SPAQ) is 1.52%, while Strive U.S. Energy ETF (DRLL) has a volatility of 6.98%. This indicates that SPAQ experiences smaller price fluctuations and is considered to be less risky than DRLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAQ	DRLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	6.98%	-5.46%
Volatility (6M) Calculated over the trailing 6-month period	3.88%	18.78%	-14.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.66%	22.98%	-14.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	23.79%	-16.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	23.79%	-16.89%

SPAQ vs. DRLL - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than DRLL's 0.41% expense ratio.

Dividends

SPAQ vs. DRLL - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.11%, more than DRLL's 2.25% yield.

Position	TTM	2025	2024	2023	2022
DRLL Strive U.S. Energy ETF	2.25%	2.99%	3.00%	3.01%	1.18%
SPAQ Horizon Kinetics SPAC Active ETF	16.11%	16.69%	3.00%	2.60%	0.00%

Frequently Asked Questions

Can I hold both SPAQ and DRLL in my portfolio?

SPAQ and DRLL 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.

Which is riskier, SPAQ or DRLL?

DRLL has higher volatility (6.98%) compared to SPAQ (1.52%). In terms of maximum drawdown, SPAQ dropped -5.30% vs DRLL's -23.73%.

Which ETF is better, SPAQ or DRLL?

On 3-year performance, DRLL leads with 12.43% vs 5.94% for SPAQ. On fees, DRLL is cheaper at 0.41% per year. On volatility, SPAQ has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAQ or DRLL?

Over the 3-year period, DRLL has performed better with a 12.43% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAQ or DRLL?

DRLL is cheaper with a 0.41% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.11%, compared with 2.25% for DRLL.

What is the main difference between SPAQ and DRLL?

SPAQ is categorized as Health & Biotech Equities, while DRLL is Energy Equities. They also come from different issuers: Horizon and Strive. Their fees differ too: 0.85% for SPAQ and 0.41% for DRLL.

Which has better risk-adjusted returns?

DRLL currently has the higher Sharpe Ratio (1.88 vs 0.56), 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.