SPAQ vs. IBRN

Last updated Jun 25, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and IBRN (iShares Neuroscience and Healthcare ETF) are both Health & Biotech Equities funds. SPAQ is actively managed, while IBRN is passively managed. Over the past 3 years, SPAQ returned 5.95%/yr vs 15.16%/yr for IBRN. At a 0.03 correlation, their price movements are largely independent. SPAQ charges 0.85%/yr vs 0.47%/yr for IBRN.

Performance

SPAQ vs. IBRN - Performance Comparison

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

Returns By Period

In the year-to-date period, SPAQ achieves a 3.29% return, which is significantly lower than IBRN's 15.46% return.

SPAQ

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

IBRN

• 1D: 1.16%
• 1M: 7.72%
• YTD: 15.46%
• 6M: 14.40%
• 1Y: 69.09%
• 3Y*: 15.16%
• 5Y*: —
• 10Y*: —

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

SPAQ vs. IBRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	3.29%	7.35%	4.33%	5.32%
IBRN iShares Neuroscience and Healthcare ETF	15.46%	28.49%	-2.78%	-3.34%

Correlation

The correlation between SPAQ and IBRN is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 30, 2023	0.03

SPAQ vs. IBRN - Sectors Allocation Comparison

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

Return for Risk

SPAQ vs. IBRN — 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

IBRN

IBRN Risk / Return Rank: 90
IBRN Sharpe Ratio Rank: 91
IBRN Sortino Ratio Rank: 89
IBRN Omega Ratio Rank: 81
IBRN Calmar Ratio Rank: 96
IBRN Martin Ratio Rank: 94

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. IBRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and iShares Neuroscience and Healthcare ETF (IBRN). 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	IBRN	Difference
Sharpe ratio: Return per unit of total volatility	0.42	2.73	-2.31
Sortino ratio: Return per unit of downside risk	0.64	3.63	-2.99
Omega ratio: Gain probability vs. loss probability	1.10	1.42	-0.33
Calmar ratio: Return relative to maximum drawdown	0.79	7.89	-7.10
Martin ratio: Return relative to average drawdown	2.79	22.29	-19.50

SPAQ vs. IBRN - Sharpe Ratio Comparison

The current SPAQ Sharpe Ratio is 0.42, which is lower than the IBRN Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of SPAQ and IBRN, 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. IBRN - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum IBRN drawdown of -35.38%. Use the drawdown chart below to compare losses from any high point for SPAQ and IBRN.

Drawdown Indicators

	SPAQ	IBRN	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-35.38%	+30.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.60%	-8.80%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	-35.38%	+30.08%
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.53%	-9.74%	+9.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	3.11%	-1.72%

Volatility

SPAQ vs. IBRN - Volatility Comparison

The current volatility for Horizon Kinetics SPAC Active ETF (SPAQ) is 1.02%, while iShares Neuroscience and Healthcare ETF (IBRN) has a volatility of 8.19%. This indicates that SPAQ experiences smaller price fluctuations and is considered to be less risky than IBRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAQ	IBRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	8.19%	-7.17%
Volatility (6M) Calculated over the trailing 6-month period	5.05%	19.05%	-14.00%
Volatility (1Y) Calculated over the trailing 1-year period	8.62%	25.49%	-16.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.95%	25.35%	-18.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	25.35%	-18.40%

SPAQ vs. IBRN - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than IBRN's 0.47% expense ratio.

Dividends

SPAQ vs. IBRN - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.16%, more than IBRN's 0.86% yield.

Position	TTM	2025	2024	2023
IBRN iShares Neuroscience and Healthcare ETF	0.86%	0.99%	0.40%	0.06%
SPAQ Horizon Kinetics SPAC Active ETF	16.16%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both SPAQ and IBRN in my portfolio?

SPAQ and IBRN have a correlation of 0.02, 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 IBRN?

IBRN has higher volatility (8.19%) compared to SPAQ (1.02%). In terms of maximum drawdown, SPAQ dropped -5.30% vs IBRN's -35.38%.

Which ETF is better, SPAQ or IBRN?

On 3-year performance, IBRN leads with 15.16% vs 5.95% for SPAQ. On fees, IBRN is cheaper at 0.47% per year. On volatility, SPAQ has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAQ or IBRN?

Over the 3-year period, IBRN has performed better with a 15.16% return vs 5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAQ or IBRN?

IBRN is cheaper with a 0.47% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.16%, compared with 0.86% for IBRN.

What is the main difference between SPAQ and IBRN?

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for SPAQ and 0.47% for IBRN.

Which has better risk-adjusted returns?

IBRN currently has the higher Sharpe Ratio (2.73 vs 0.42), 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.