SPAQ vs. SFTX

Last updated Jun 4, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and SFTX (Horizon International Managed Risk ETF) are both exchange-traded funds - SPAQ is a Health & Biotech Equities fund actively managed by Horizon, while SFTX is a Tactical Allocation fund actively managed by Horizon. Both are actively managed. At a correlation of -0.14, they often move in opposite directions. SPAQ charges 0.85%/yr vs 0.82%/yr for SFTX.

Performance

SPAQ vs. SFTX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPAQ achieves a 2.81% return, which is significantly lower than SFTX's 22.26% return.

SPAQ

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

SFTX

• 1D: -0.29%
• 1M: 7.93%
• YTD: 22.26%
• 6M: 24.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAQ vs. SFTX - Yearly Performance Comparison

	2026 (YTD)	2025
SPAQ Horizon Kinetics SPAC Active ETF	2.81%	-1.13%
SFTX Horizon International Managed Risk ETF	22.26%	1.61%

Correlation

The correlation between SPAQ and SFTX is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	-0.14

SPAQ vs. SFTX - Sectors Allocation Comparison

Sectors	SPAQ	SFTX
Financial Services	91.6%	16.2%
Industrials	0.1%	12.1%
Basic Materials	-	8.6%
Communication Services	-	4.5%
Consumer Cyclical	-	5.9%
Consumer Defensive	-	3.7%
Energy	-	8.0%
Healthcare	-	10.1%
Real Estate	-	0.9%
Technology	-	28.2%
Utilities	-	1.9%

Return for Risk

SPAQ vs. SFTX — Risk / Return Rank

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

SPAQ

SPAQ Risk / Return Rank: 20
SPAQ Sharpe Ratio Rank: 18
SPAQ Sortino Ratio Rank: 17
SPAQ Omega Ratio Rank: 20
SPAQ Calmar Ratio Rank: 21
SPAQ Martin Ratio Rank: 25

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. SFTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Horizon International Managed Risk ETF (SFTX). 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	SFTX	Difference
Sharpe ratio: Return per unit of total volatility	0.57	—	—
Sortino ratio: Return per unit of downside risk	0.84	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.94	—	—
Martin ratio: Return relative to average drawdown	3.39	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPAQ	SFTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	2.57	-1.71

Drawdowns

SPAQ vs. SFTX - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum SFTX drawdown of -12.75%. Use the drawdown chart below to compare losses from any high point for SPAQ and SFTX.

Drawdown Indicators

	SPAQ	SFTX	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-12.75%	+7.45%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	—	—
Current Drawdown Current decline from peak	-0.01%	-0.29%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.54%	-2.78%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	—	—

Volatility

Volatility by Period

	SPAQ	SFTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.80%	21.65%	-12.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	21.65%	-14.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.00%	21.65%	-14.65%

SPAQ vs. SFTX - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than SFTX's 0.82% expense ratio.

Dividends

SPAQ vs. SFTX - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.23%, more than SFTX's 0.20% yield.

Position	TTM	2025	2024	2023
SFTX Horizon International Managed Risk ETF	0.20%	0.25%	0.00%	0.00%
SPAQ Horizon Kinetics SPAC Active ETF	16.23%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both SPAQ and SFTX in my portfolio?

SPAQ and SFTX have a correlation of -0.14, 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 SFTX?

On fees, SFTX is cheaper at 0.82% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPAQ or SFTX?

SFTX is cheaper with a 0.82% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.23%, compared with 0.20% for SFTX.

What is the main difference between SPAQ and SFTX?

SPAQ is categorized as Health & Biotech Equities, while SFTX is Tactical Allocation. Their fees differ too: 0.85% for SPAQ and 0.82% for SFTX.