SPAQ vs. SFTY
SPAQ (Horizon Kinetics SPAC Active ETF) and SFTY (Horizon Managed Risk ETF) are both exchange-traded funds - SPAQ is a Health & Biotech Equities fund actively managed by Horizon, while SFTY is a Tactical Allocation fund managed by Horizon. At a 0.00 correlation, their price movements are largely independent. SPAQ charges 0.85%/yr vs 0.77%/yr for SFTY.
Performance
SPAQ vs. SFTY - Performance Comparison
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Returns By Period
In the year-to-date period, SPAQ achieves a 2.81% return, which is significantly lower than SFTY's 9.84% return.
SPAQ
- 1D
- 0.00%
- 1M
- 1.51%
- YTD
- 2.81%
- 6M
- 1.64%
- 1Y
- 4.98%
- 3Y*
- 5.87%
- 5Y*
- —
- 10Y*
- —
SFTY
- 1D
- -0.32%
- 1M
- 4.71%
- YTD
- 9.84%
- 6M
- 9.81%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAQ vs. SFTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPAQ Horizon Kinetics SPAC Active ETF | 2.81% | 1.05% |
SFTY Horizon Managed Risk ETF | 9.84% | 11.73% |
Correlation
The correlation between SPAQ and SFTY is 0.00, 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 Jun 27, 2025 | 0.00 |
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Return for Risk
SPAQ vs. SFTY — Risk / Return Rank
SPAQ
SFTY
SPAQ vs. SFTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Horizon Managed Risk ETF (SFTY). 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 | SFTY | 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 | 0.94 | — | — |
| Martin ratioReturn 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. | |||
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Sharpe Ratios by Period
| SPAQ | SFTY | 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 | 2.11 | -1.25 |
Drawdowns
SPAQ vs. SFTY - Drawdown Comparison
The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum SFTY drawdown of -8.64%. Use the drawdown chart below to compare losses from any high point for SPAQ and SFTY.
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Drawdown Indicators
| SPAQ | SFTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.30% | -8.64% | +3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -5.30% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.30% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | -0.32% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -1.10% | +0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.47% | — | — |
Volatility
SPAQ vs. SFTY - Volatility Comparison
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Volatility by Period
| SPAQ | SFTY | 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% | 11.64% | -2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.00% | 11.64% | -4.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 11.64% | -4.64% |
SPAQ vs. SFTY - Expense Ratio Comparison
SPAQ has a 0.85% expense ratio, which is higher than SFTY's 0.77% expense ratio.
Dividends
SPAQ vs. SFTY - Dividend Comparison
SPAQ's dividend yield for the trailing twelve months is around 16.23%, more than SFTY's 0.17% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
SFTY Horizon Managed Risk ETF | 0.17% | 0.19% | 0.00% | 0.00% |
SPAQ Horizon Kinetics SPAC Active ETF | 16.23% | 16.69% | 3.00% | 2.60% |
Frequently Asked Questions
SPAQ and SFTY have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SFTY is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SFTY is cheaper with a 0.77% expense ratio, compared with 0.85% for SPAQ.
SPAQ has the higher dividend yield at 16.23%, compared with 0.17% for SFTY.
SPAQ is categorized as Health & Biotech Equities, while SFTY is Tactical Allocation. Their fees differ too: 0.85% for SPAQ and 0.77% for SFTY.
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