SPAQ vs. PBPH
SPAQ (Horizon Kinetics SPAC Active ETF) and PBPH (Portfolio Building Block World Pharma and Biotech Index ETF) are both Health & Biotech Equities funds. SPAQ is actively managed, while PBPH is passively managed. Their -0.01 correlation means they have often moved in opposite directions in the past. SPAQ charges 0.85%/yr vs 0.13%/yr for PBPH.
Performance
SPAQ vs. PBPH - Performance Comparison
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Returns By Period
In the year-to-date period, SPAQ achieves a 3.57% return, which is significantly lower than PBPH's 6.41% return.
SPAQ
- 1D
- 0.03%
- 1M
- 0.44%
- 6M
- 1.92%
- YTD
- 3.57%
- 1Y
- 4.85%
- 3Y*
- 5.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.88%
PBPH
- 1D
- -1.21%
- 1M
- -3.76%
- 6M
- 1.59%
- YTD
- 6.41%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.66M | $2.41M | $3.76M | |
| $5.63K | $6.41K | $8.75K |
SPAQ vs. PBPH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPAQ Horizon Kinetics SPAC Active ETF | 3.57% | -1.19% |
PBPH Portfolio Building Block World Pharma and Biotech Index ETF | 6.41% | 0.74% |
Correlation
The correlation between SPAQ and PBPH is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025 | -0.01 |
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Return for Risk
SPAQ vs. PBPH — Risk / Return Rank
SPAQ
PBPH
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPAQ vs. PBPH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Portfolio Building Block World Pharma and Biotech Index ETF (PBPH). 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 | PBPH | 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 | 1.16 | — | — |
| Martin ratioReturn relative to average drawdown | 3.87 | — | — |
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Drawdowns
SPAQ vs. PBPH - Drawdown Comparison
The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum PBPH drawdown of -11.10%. Use the drawdown chart below to compare losses from any high point for SPAQ and PBPH.
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Drawdown Indicators
| SPAQ | PBPH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.30% | -11.10% | +5.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.20% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.30% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -4.20% | +4.09% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -4.04% | +3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | — | — |
Volatility
SPAQ vs. PBPH - Volatility Comparison
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Volatility by Period
| SPAQ | PBPH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.88% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 8.66% | 17.86% | -9.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.90% | 17.86% | -10.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.90% | 17.86% | -10.96% |
SPAQ vs. PBPH - Expense Ratio Comparison
SPAQ has a 0.85% expense ratio, which is higher than PBPH's 0.13% expense ratio.
Dividends
SPAQ vs. PBPH - Dividend Comparison
SPAQ's dividend yield for the trailing twelve months is around 16.11%, more than PBPH's 0.09% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
PBPH Portfolio Building Block World Pharma and Biotech Index ETF | 0.09% | 0.09% | 0.00% | 0.00% |
SPAQ Horizon Kinetics SPAC Active ETF | 16.11% | 16.69% | 3.00% | 2.60% |
Frequently Asked Questions
SPAQ and PBPH 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.
On fees, PBPH is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBPH is cheaper with a 0.13% expense ratio, compared with 0.85% for SPAQ.
SPAQ has the higher dividend yield at 16.11%, compared with 0.09% for PBPH.
They also come from different issuers: Horizon and Portfolio Building Block. Their fees differ too: 0.85% for SPAQ and 0.13% for PBPH.
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