SPAQ vs. GERM
SPAQ (Horizon Kinetics SPAC Active ETF) and GERM (Amplify Treatments, Testing and Advancements ETF) are both Health & Biotech Equities funds. SPAQ is actively managed, while GERM is passively managed. Over the past year, SPAQ returned 4.98% vs 0.00% for GERM. SPAQ charges 0.85%/yr vs 0.68%/yr for GERM.
Performance
SPAQ vs. GERM - Performance Comparison
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Returns By Period
SPAQ
- 1D
- 0.00%
- 1M
- 1.51%
- YTD
- 2.81%
- 6M
- 1.64%
- 1Y
- 4.98%
- 3Y*
- 5.87%
- 5Y*
- —
- 10Y*
- —
GERM
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 0.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAQ vs. GERM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPAQ Horizon Kinetics SPAC Active ETF | 2.81% | 7.35% | 2.27% |
GERM Amplify Treatments, Testing and Advancements ETF | 0.00% | 0.00% | 0.00% |
SPAQ vs. GERM - Sectors Allocation Comparison
Sectors
SPAQ
GERM
Financial Services
Industrials
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Financial Services
SPAQ
GERM
Industrials
SPAQ
GERM
-
Basic Materials
SPAQ
-
GERM
-
Communication Services
SPAQ
-
GERM
-
Consumer Cyclical
SPAQ
-
GERM
-
Consumer Defensive
SPAQ
-
GERM
-
Energy
SPAQ
-
GERM
-
Healthcare
SPAQ
-
GERM
Real Estate
SPAQ
-
GERM
-
Technology
SPAQ
-
GERM
-
Utilities
SPAQ
-
GERM
-
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Return for Risk
SPAQ vs. GERM — Risk / Return Rank
SPAQ
GERM
SPAQ vs. GERM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Amplify Treatments, Testing and Advancements ETF (GERM). 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 | GERM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.13 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | — | — |
| Martin ratioReturn relative to average drawdown | 3.39 | — | — |
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 | GERM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | — | — |
Drawdowns
SPAQ vs. GERM - Drawdown Comparison
The maximum SPAQ drawdown since its inception was -5.30%, which is greater than GERM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SPAQ and GERM.
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Drawdown Indicators
| SPAQ | GERM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.30% | 0.00% | -5.30% |
Max Drawdown (1Y)Largest decline over 1 year | -5.30% | 0.00% | -5.30% |
Max Drawdown (3Y)Largest decline over 3 years | -5.30% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.54% | 0.00% | -0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.47% | 0.00% | +1.47% |
Volatility
SPAQ vs. GERM - Volatility Comparison
Horizon Kinetics SPAC Active ETF (SPAQ) has a higher volatility of 1.95% compared to Amplify Treatments, Testing and Advancements ETF (GERM) at 0.00%. This indicates that SPAQ's price experiences larger fluctuations and is considered to be riskier than GERM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAQ | GERM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.95% | 0.00% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 5.01% | 0.00% | +5.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.80% | 0.00% | +8.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.00% | 0.00% | +7.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 0.00% | +7.00% |
SPAQ vs. GERM - Expense Ratio Comparison
SPAQ has a 0.85% expense ratio, which is higher than GERM's 0.68% expense ratio.
Dividends
SPAQ vs. GERM - Dividend Comparison
SPAQ's dividend yield for the trailing twelve months is around 16.23%, while GERM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GERM Amplify Treatments, Testing and Advancements ETF | 0.00% | 0.00% | 0.00% | 0.00% |
SPAQ Horizon Kinetics SPAC Active ETF | 16.23% | 16.69% | 3.00% | 2.60% |
Frequently Asked Questions
SPAQ has higher volatility (1.95%) compared to GERM (0.00%). In terms of maximum drawdown, SPAQ dropped -5.30% vs GERM's 0.00%.
On 1-year performance, SPAQ leads with 4.98% vs 0.00% for GERM. On fees, GERM is cheaper at 0.68% per year. On volatility, GERM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPAQ has performed better with a 4.98% return vs 0.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GERM is cheaper with a 0.68% expense ratio, compared with 0.85% for SPAQ.
SPAQ has the higher dividend yield at 16.23%, compared with 0.00% for GERM.
They also come from different issuers: Horizon and Amplify. Their fees differ too: 0.85% for SPAQ and 0.68% for GERM.
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