SPAQ vs. JDOC

Last updated Apr 1, 2026

Compare and contrast key facts about Horizon Kinetics SPAC Active ETF (SPAQ) and Jpmorgan Healthcare Leaders ETF (JDOC).

SPAQ and JDOC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPAQ is an actively managed fund by Horizon. It was launched on Jun 29, 2007. JDOC is an actively managed fund by JPMorgan. It was launched on Nov 1, 2023.

Performance

SPAQ vs. JDOC - Performance Comparison

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

SPAQ vs. JDOC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	0.06%	7.35%	4.33%	0.67%
JDOC Jpmorgan Healthcare Leaders ETF	-3.96%	15.36%	-1.04%	10.71%

Returns By Period

In the year-to-date period, SPAQ achieves a 0.06% return, which is significantly higher than JDOC's -3.96% return.

SPAQ

• 1D: 0.62%
• 1M: -0.24%
• YTD: 0.06%
• 6M: 1.51%
• 1Y: 4.82%
• 3Y*: 5.22%
• 5Y*: —
• 10Y*: —

JDOC

• 1D: 2.32%
• 1M: -6.11%
• YTD: -3.96%
• 6M: 6.94%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAQ vs. JDOC - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than JDOC's 0.65% expense ratio.

SPAQ

Horizon Kinetics SPAC Active ETF

JDOC

Jpmorgan Healthcare Leaders ETF

Return for Risk

SPAQ vs. JDOC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPAQ

SPAQ Risk / Return Rank: 34
SPAQ Sharpe Ratio Rank: 30
SPAQ Sortino Ratio Rank: 29
SPAQ Omega Ratio Rank: 31
SPAQ Calmar Ratio Rank: 38
SPAQ Martin Ratio Rank: 39

JDOC

JDOC Risk / Return Rank: 21
JDOC Sharpe Ratio Rank: 20
JDOC Sortino Ratio Rank: 20
JDOC Omega Ratio Rank: 19
JDOC Calmar Ratio Rank: 24
JDOC Martin Ratio Rank: 20

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. JDOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Jpmorgan Healthcare Leaders ETF (JDOC). 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	JDOC	Difference
Sharpe ratio Return per unit of total volatility	0.56	0.30	+0.26
Sortino ratio Return per unit of downside risk	0.84	0.54	+0.30
Omega ratio Gain probability vs. loss probability	1.13	1.07	+0.06
Calmar ratio Return relative to maximum drawdown	0.98	0.54	+0.44
Martin ratio Return relative to average drawdown	3.66	1.24	+2.42
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. JDOC - Sharpe Ratio Comparison

The current SPAQ Sharpe Ratio is 0.56, which is higher than the JDOC Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of SPAQ and JDOC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPAQ	JDOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.30	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.59	+0.19

Correlation

The correlation between SPAQ and JDOC is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPAQ vs. JDOC - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.68%, more than JDOC's 0.92% yield.

	TTM	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	16.68%	16.69%	3.00%	2.60%
JDOC Jpmorgan Healthcare Leaders ETF	0.92%	0.89%	5.57%	0.15%

Drawdowns

SPAQ vs. JDOC - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum JDOC drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for SPAQ and JDOC.

Drawdown Indicators

	SPAQ	JDOC	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-20.87%	+15.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	-9.68%	+4.38%
Current Drawdown Current decline from peak	-1.97%	-6.96%	+4.99%
Average Drawdown Average peak-to-trough decline	-0.53%	-7.01%	+6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	4.61%	-3.20%

Volatility

SPAQ vs. JDOC - Volatility Comparison

The current volatility for Horizon Kinetics SPAC Active ETF (SPAQ) is 1.75%, while Jpmorgan Healthcare Leaders ETF (JDOC) has a volatility of 5.67%. This indicates that SPAQ experiences smaller price fluctuations and is considered to be less risky than JDOC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAQ	JDOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	5.67%	-3.92%
Volatility (6M) Calculated over the trailing 6-month period	6.25%	10.15%	-3.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	17.04%	-8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.04%	14.33%	-7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	14.33%	-7.29%