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SPAQ vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPAQ vs. EWM

Last updated Jul 17, 2026
Documentation

SPAQ (Horizon Kinetics SPAC Active ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - SPAQ is a Health & Biotech Equities fund actively managed by Horizon, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. SPAQ is actively managed, while EWM is passively managed. Over the past 3 years, SPAQ returned 5.91%/yr vs 14.14%/yr for EWM. At a correlation of -0.03, they often move in opposite directions. SPAQ charges 0.85%/yr vs 0.49%/yr for EWM.

Performance

SPAQ vs. EWM - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, SPAQ achieves a 3.62% return, which is significantly lower than EWM's 4.46% return.

SPAQ

1D
-0.02%
1M
0.23%
6M
3.36%
YTD
3.62%
1Y
4.73%
3Y*
5.91%
5Y*
—
10Y*
—

EWM

1D
0.61%
1M
0.25%
6M
1.06%
YTD
4.46%
1Y
22.47%
3Y*
14.14%
5Y*
6.20%
10Y*
2.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPAQ vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023
SPAQ
Horizon Kinetics SPAC Active ETF		3.62%7.35%4.33%5.32%
EWM
iShares MSCI Malaysia ETF		4.46%15.74%19.46%-8.27%

Correlation

The correlation between SPAQ and EWM 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

-0.05

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2023

-0.03

The correlation between SPAQ and EWM shifts across timeframes, from -0.15 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

SPAQ vs. EWM - Sectors Allocation Comparison

Sectors
SPAQ
EWM

Financial Services

100.0%
50.5%

Industrials

0.1%
12.2%

Basic Materials

-

9.9%

Communication Services

-

5.5%

Consumer Cyclical

-

1.1%

Consumer Defensive

-

4.7%

Energy

-

2.9%

Healthcare

-

3.4%

Real Estate

-

-

Technology

-

-

Utilities

-

10.9%

Financial Services

SPAQ
100.0%
EWM
50.5%

Industrials

SPAQ
0.1%
EWM
12.2%

Basic Materials

SPAQ

-

EWM
9.9%

Communication Services

SPAQ

-

EWM
5.5%

Consumer Cyclical

SPAQ

-

EWM
1.1%

Consumer Defensive

SPAQ

-

EWM
4.7%

Energy

SPAQ

-

EWM
2.9%

Healthcare

SPAQ

-

EWM
3.4%

Real Estate

SPAQ

-

EWM

-

Technology

SPAQ

-

EWM

-

Utilities

SPAQ

-

EWM
10.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Horizon Kinetics SPAC Active ETF

iShares MSCI Malaysia ETF

Often compared with SPAQ:
SPAQ vs. MEDXSPAQ vs. MEDISPAQ vs. NVIRSPAQ vs. XBISPAQ vs. XLVSPAQ vs. SPYSPAQ vs. ARKG
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. AAXJEWM vs. SCHD

Return for Risk

SPAQ vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPAQ
SPAQ Risk / Return Rank: 2424
Overall Rank
SPAQ Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
SPAQ Sortino Ratio Rank: 1818
Sortino Ratio Rank
SPAQ Omega Ratio Rank: 2222
Omega Ratio Rank
SPAQ Calmar Ratio Rank: 2828
Calmar Ratio Rank
SPAQ Martin Ratio Rank: 3232
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 5454
Overall Rank
EWM Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 5858
Sortino Ratio Rank
EWM Omega Ratio Rank: 5454
Omega Ratio Rank
EWM Calmar Ratio Rank: 5252
Calmar Ratio Rank
EWM Martin Ratio Rank: 4545
Martin Ratio Rank
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. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and iShares MSCI Malaysia ETF (EWM). 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.

SPAQEWMDifference
Sharpe ratioReturn per unit of total volatility
0.55
1.58

-1.03

Sortino ratioReturn per unit of downside risk
0.81
2.24

-1.42

Omega ratioGain probability vs. loss probability

1.13

1.27

-0.15

Calmar ratioReturn relative to maximum drawdown

1.10

2.13

-1.03

Martin ratioReturn relative to average drawdown

3.74

5.95

-2.21

SPAQ vs. EWM - Sharpe Ratio Comparison

The current SPAQ Sharpe Ratio is 0.55, which is lower than the EWM Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of SPAQ and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPAQ vs. EWM - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for SPAQ and EWM.

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Drawdown Indicators

SPAQEWMDifference

Max Drawdown

Largest peak-to-trough decline

-5.30%

-89.19%

+83.89%

Max Drawdown (1Y)

Largest decline over 1 year

-4.32%

-10.61%

+6.29%

Max Drawdown (3Y)

Largest decline over 3 years

-5.30%

-21.31%

+16.01%

Max Drawdown (5Y)

Largest decline over 5 years

—

-22.76%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.81%

—

Current Drawdown

Current decline from peak

-0.06%

-7.68%

+7.62%

Average Drawdown

Average peak-to-trough decline

-0.53%

-31.74%

+31.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.27%

3.78%

-2.51%

Volatility

SPAQ vs. EWM - Volatility Comparison

The current volatility for Horizon Kinetics SPAC Active ETF (SPAQ) is 1.54%, while iShares MSCI Malaysia ETF (EWM) has a volatility of 4.47%. This indicates that SPAQ experiences smaller price fluctuations and is considered to be less risky than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPAQEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.54%

4.47%

-2.93%

Volatility (6M)

Calculated over the trailing 6-month period

4.30%

11.36%

-7.06%

Volatility (1Y)

Calculated over the trailing 1-year period

8.62%

14.25%

-5.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.94%

13.77%

-6.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.94%

16.16%

-9.22%

SPAQ vs. EWM - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than EWM's 0.49% expense ratio.

Dividends

SPAQ vs. EWM - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.10%, more than EWM's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.56%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
SPAQ
Horizon Kinetics SPAC Active ETF		16.10%16.69%3.00%2.60%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPAQ and EWM 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.

EWM has higher volatility (4.47%) compared to SPAQ (1.54%). In terms of maximum drawdown, SPAQ dropped -5.30% vs EWM's -89.19%.

On 3-year performance, EWM leads with 14.14% vs 5.91% for SPAQ. On fees, EWM is cheaper at 0.49% per year. On volatility, SPAQ has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, EWM has performed better with a 14.14% return vs 5.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.85% for SPAQ.

SPAQ has the higher dividend yield at 16.10%, compared with 3.56% for EWM.

SPAQ is categorized as Health & Biotech Equities, while EWM is Asia Pacific Equities. They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for SPAQ and 0.49% for EWM.

EWM currently has the higher Sharpe Ratio (1.58 vs 0.55), 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.

Portfolio Optimizer

Find the right allocation for SPAQ and EWM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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