SPAQ vs. MHIP

Last updated Jul 15, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. Both are actively managed. At a 0.03 correlation, their price movements are largely independent. SPAQ charges 0.85%/yr vs 0.55%/yr for MHIP.

Performance

SPAQ vs. MHIP - Performance Comparison

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

Returns By Period

SPAQ

• 1D: 0.49%
• 1M: -0.30%
• 6M: 2.91%
• YTD: 3.23%
• 1Y: 4.40%
• 3Y*: 5.79%
• 5Y*: —
• 10Y*: —

MHIP

• 1D: -0.52%
• 1M: 1.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAQ vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
SPAQ Horizon Kinetics SPAC Active ETF	2.09%
MHIP Milliman Healthcare Inflation Plus ETF	-0.39%

Correlation

The correlation between SPAQ and MHIP is 0.03, 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 (All Time) Calculated using the full available price history since Apr 21, 2026	0.03

Return for Risk

SPAQ vs. MHIP — Risk / Return Rank

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

SPAQ

SPAQ Risk / Return Rank: 22
SPAQ Sharpe Ratio Rank: 19
SPAQ Sortino Ratio Rank: 17
SPAQ Omega Ratio Rank: 20
SPAQ Calmar Ratio Rank: 26
SPAQ Martin Ratio Rank: 30

MHIP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MHIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Milliman Healthcare Inflation Plus ETF (MHIP). 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	MHIP	Difference
Sharpe ratio: Return per unit of total volatility	0.51	—	—
Sortino ratio: Return per unit of downside risk	0.76	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	1.02	—	—
Martin ratio: Return relative to average drawdown	3.48	—	—

Drawdowns

SPAQ vs. MHIP - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for SPAQ and MHIP.

Drawdown Indicators

	SPAQ	MHIP	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-3.09%	-2.21%
Max Drawdown (1Y) Largest decline over 1 year	-4.32%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	—	—
Current Drawdown Current decline from peak	-0.44%	-1.99%	+1.55%
Average Drawdown Average peak-to-trough decline	-0.53%	-1.27%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	—	—

Volatility

Volatility by Period

	SPAQ	MHIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.63%	11.68%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	11.68%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	11.68%	-4.74%

SPAQ vs. MHIP - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than MHIP's 0.55% expense ratio.

Dividends

SPAQ vs. MHIP - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.17%, while MHIP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MHIP Milliman Healthcare Inflation Plus ETF	0.00%	0.00%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.17%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both SPAQ and MHIP in my portfolio?

SPAQ and MHIP have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPAQ or MHIP?

On fees, MHIP is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPAQ or MHIP?

MHIP is cheaper with a 0.55% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.17%, compared with 0.00% for MHIP.

What is the main difference between SPAQ and MHIP?

They also come from different issuers: Horizon and Milliman. Their fees differ too: 0.85% for SPAQ and 0.55% for MHIP.