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SPAQ vs. IHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPAQ vs. IHE

Last updated Jun 4, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and IHE (iShares U.S. Pharmaceuticals ETF) are both Health & Biotech Equities funds. SPAQ is actively managed, while IHE is passively managed. Over the past 3 years, SPAQ returned 5.87%/yr vs 17.47%/yr for IHE. At a 0.04 correlation, their price movements are largely independent. SPAQ charges 0.85%/yr vs 0.42%/yr for IHE.

Performance

SPAQ vs. IHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics SPAC Active ETF (SPAQ) and iShares U.S. Pharmaceuticals ETF (IHE). 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 2.81% return, which is significantly lower than IHE's 6.47% return.

SPAQ

1D
0.00%
1M
1.51%
YTD
2.81%
6M
1.64%
1Y
4.98%
3Y*
5.87%
5Y*
—
10Y*
—

IHE

1D
1.16%
1M
1.80%
YTD
6.47%
6M
8.51%
1Y
40.15%
3Y*
17.47%
5Y*
9.98%
10Y*
7.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPAQ vs. IHE - Yearly Performance Comparison

2026 (YTD)202520242023
SPAQ
Horizon Kinetics SPAC Active ETF		2.81%7.35%4.33%5.52%
IHE
iShares U.S. Pharmaceuticals ETF		6.47%31.69%8.13%2.59%

Correlation

The correlation between SPAQ and IHE is 0.01, 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

0.01

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Jan 31, 2023

0.04

SPAQ vs. IHE - Sectors Allocation Comparison

Sectors
SPAQ
IHE

Financial Services

91.6%

-

Industrials

0.1%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

100.0%

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

SPAQ
91.6%
IHE

-

Industrials

SPAQ
0.1%
IHE

-

Basic Materials

SPAQ

-

IHE

-

Communication Services

SPAQ

-

IHE

-

Consumer Cyclical

SPAQ

-

IHE

-

Consumer Defensive

SPAQ

-

IHE

-

Energy

SPAQ

-

IHE

-

Healthcare

SPAQ

-

IHE
100.0%

Real Estate

SPAQ

-

IHE

-

Technology

SPAQ

-

IHE

-

Utilities

SPAQ

-

IHE

-

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 U.S. Pharmaceuticals ETF

Often compared with SPAQ:
SPAQ vs. MEDXSPAQ vs. MEDISPAQ vs. NVIRSPAQ vs. XBISPAQ vs. SPYSPAQ vs. STIPSPAQ vs. XLV
Often compared with IHE:
IHE vs. PPHIHE vs. XPHIHE vs. XLVIHE vs. VYMIHE vs. PJPIHE vs. IAKIHE vs. BBP

Return for Risk

SPAQ vs. IHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPAQ
SPAQ Risk / Return Rank: 2020
Overall Rank
SPAQ Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
SPAQ Sortino Ratio Rank: 1717
Sortino Ratio Rank
SPAQ Omega Ratio Rank: 2020
Omega Ratio Rank
SPAQ Calmar Ratio Rank: 2121
Calmar Ratio Rank
SPAQ Martin Ratio Rank: 2525
Martin Ratio Rank
IHE
IHE Risk / Return Rank: 7474
Overall Rank
IHE Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
IHE Sortino Ratio Rank: 7575
Sortino Ratio Rank
IHE Omega Ratio Rank: 6565
Omega Ratio Rank
IHE Calmar Ratio Rank: 8585
Calmar Ratio Rank
IHE Martin Ratio Rank: 7575
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. IHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and iShares U.S. Pharmaceuticals ETF (IHE). 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.

SPAQIHEDifference
Sharpe ratioReturn per unit of total volatility
0.57
2.36

-1.79

Sortino ratioReturn per unit of downside risk
0.84
3.43

-2.59

Omega ratioGain probability vs. loss probability

1.13

1.40

-0.27

Calmar ratioReturn relative to maximum drawdown

0.94

4.76

-3.82

Martin ratioReturn relative to average drawdown

3.39

14.35

-10.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPAQ vs. IHE - Sharpe Ratio Comparison

The current SPAQ Sharpe Ratio is 0.57, which is lower than the IHE Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of SPAQ and IHE, 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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Sharpe Ratios by Period

SPAQIHEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.57

2.36

-1.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.62

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.43

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

0.51

+0.36

Drawdowns

SPAQ vs. IHE - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum IHE drawdown of -38.20%. Use the drawdown chart below to compare losses from any high point for SPAQ and IHE.

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Drawdown Indicators

SPAQIHEDifference

Max Drawdown

Largest peak-to-trough decline

-5.30%

-38.20%

+32.90%

Max Drawdown (1Y)

Largest decline over 1 year

-5.30%

-8.47%

+3.17%

Max Drawdown (3Y)

Largest decline over 3 years

-5.30%

-15.92%

+10.62%

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.03%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-29.59%

—

Current Drawdown

Current decline from peak

-0.01%

-2.80%

+2.79%

Average Drawdown

Average peak-to-trough decline

-0.54%

-7.92%

+7.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.47%

2.81%

-1.34%

Volatility

SPAQ vs. IHE - Volatility Comparison

The current volatility for Horizon Kinetics SPAC Active ETF (SPAQ) is 1.95%, while iShares U.S. Pharmaceuticals ETF (IHE) has a volatility of 5.53%. This indicates that SPAQ experiences smaller price fluctuations and is considered to be less risky than IHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPAQIHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.95%

5.53%

-3.58%

Volatility (6M)

Calculated over the trailing 6-month period

5.01%

12.48%

-7.47%

Volatility (1Y)

Calculated over the trailing 1-year period

8.80%

17.07%

-8.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.00%

16.24%

-9.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.00%

18.05%

-11.05%

SPAQ vs. IHE - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than IHE's 0.42% expense ratio.

Dividends

SPAQ vs. IHE - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.23%, more than IHE's 1.65% yield.

PositionTTM20252024202320222021202020192018201720162015
IHE
iShares U.S. Pharmaceuticals ETF		1.65%1.76%1.73%1.39%2.01%1.49%1.19%1.40%1.25%1.36%0.92%1.93%
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%0.00%0.00%

Frequently Asked Questions

SPAQ and IHE have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IHE has higher volatility (5.53%) compared to SPAQ (1.95%). In terms of maximum drawdown, SPAQ dropped -5.30% vs IHE's -38.20%.

On 3-year performance, IHE leads with 17.47% vs 5.87% for SPAQ. On fees, IHE is cheaper at 0.42% 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, IHE has performed better with a 17.47% return vs 5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IHE is cheaper with a 0.42% expense ratio, compared with 0.85% for SPAQ.

SPAQ has the higher dividend yield at 16.23%, compared with 1.65% for IHE.

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for SPAQ and 0.42% for IHE.

IHE currently has the higher Sharpe Ratio (2.36 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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