SPAQ vs. SFTY

Last updated Aug 4, 2026

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 actively managed by Horizon. Both are actively managed. Over the past year, SPAQ returned 4.85% vs 22.27% for SFTY. Their 0.05 correlation means their historical movements had little consistent relationship. SPAQ charges 0.85%/yr vs 0.77%/yr for SFTY.

Performance

SPAQ vs. SFTY - Performance Comparison

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

Returns By Period

In the year-to-date period, SPAQ achieves a 3.57% return, which is significantly lower than SFTY's 11.30% 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%

SFTY

• 1D: 1.23%
• 1M: 1.95%
• 6M: 8.94%
• YTD: 11.30%
• 1Y: 22.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SFTY Horizon Managed Risk ETF	$26.03M	$13.60M	$7.14M
SPAQ Horizon Kinetics SPAC Active ETF	$5.63K	$6.41K	$8.75K

SPAQ vs. SFTY - Yearly Performance Comparison

	2026 (YTD)	2025
SPAQ Horizon Kinetics SPAC Active ETF	3.57%	1.29%
SFTY Horizon Managed Risk ETF	11.30%	12.10%

Correlation

The correlation between SPAQ and SFTY is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.05

Return for Risk

SPAQ vs. SFTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPAQ

SPAQ Risk / Return Rank: 29
SPAQ Sharpe Ratio Rank: 24
SPAQ Sortino Ratio Rank: 22
SPAQ Omega Ratio Rank: 27
SPAQ Calmar Ratio Rank: 33
SPAQ Martin Ratio Rank: 37

SFTY

SFTY Risk / Return Rank: 72
SFTY Sharpe Ratio Rank: 72
SFTY Sortino Ratio Rank: 71
SFTY Omega Ratio Rank: 71
SFTY Calmar Ratio Rank: 67
SFTY Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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	SFTY	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.83	-1.26
Sortino ratio: Return per unit of downside risk	0.83	2.54	-1.72
Omega ratio: Gain probability vs. loss probability	1.13	1.33	-0.20
Calmar ratio: Return relative to maximum drawdown	1.16	2.59	-1.43
Martin ratio: Return relative to average drawdown	3.87	11.43	-7.56

SPAQ vs. SFTY - Sharpe Ratio Comparison

The current SPAQ Sharpe Ratio is 0.56, which is lower than the SFTY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of SPAQ and SFTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	SPAQ	SFTY	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-8.64%	+3.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.20%	-8.64%	+4.44%
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	—	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.52%	-1.13%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	1.95%	-0.69%

Volatility

SPAQ vs. SFTY - Volatility Comparison

The current volatility for Horizon Kinetics SPAC Active ETF (SPAQ) is 1.52%, while Horizon Managed Risk ETF (SFTY) has a volatility of 3.44%. This indicates that SPAQ experiences smaller price fluctuations and is considered to be less risky than SFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAQ	SFTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	3.44%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	3.88%	9.59%	-5.71%
Volatility (1Y) Calculated over the trailing 1-year period	8.66%	12.28%	-3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	11.95%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	11.95%	-5.05%

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 16.11%, 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	16.11%	16.69%	3.00%	2.60%

Frequently Asked Questions

Can I hold both SPAQ and SFTY in my portfolio?

SPAQ and SFTY 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 is riskier, SPAQ or SFTY?

SFTY has higher volatility (3.44%) compared to SPAQ (1.52%). In terms of maximum drawdown, SPAQ dropped -5.30% vs SFTY's -8.64%.

Which ETF is better, SPAQ or SFTY?

On 1-year performance, SFTY leads with 22.27% vs 4.85% for SPAQ. On fees, SFTY is cheaper at 0.77% per year. On volatility, SPAQ has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAQ or SFTY?

Over the 1-year period, SFTY has performed better with a 22.27% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAQ or SFTY?

SFTY is cheaper with a 0.77% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.11%, compared with 0.17% for SFTY.

What is the main difference between SPAQ and 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.

Which has better risk-adjusted returns?

SFTY currently has the higher Sharpe Ratio (1.83 vs 0.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.