SPAQ vs. UNHW

Last updated Aug 4, 2026

SPAQ (Horizon Kinetics SPAC Active ETF) and UNHW (Roundhill UNH WeeklyPay ETF) are both exchange-traded funds - SPAQ is a Health & Biotech Equities fund actively managed by Horizon, while UNHW is a Leveraged Equities fund actively managed by Roundhill. Both are actively managed. Their 0.07 correlation means their historical movements had little consistent relationship. SPAQ charges 0.85%/yr vs 0.99%/yr for UNHW.

Performance

SPAQ vs. UNHW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics SPAC Active ETF (SPAQ) and Roundhill UNH WeeklyPay ETF (UNHW). 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 UNHW's 28.89% 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%

UNHW

• 1D: 0.09%
• 1M: -2.71%
• 6M: 54.46%
• YTD: 28.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
SPAQ Horizon Kinetics SPAC Active ETF	$5.63K	$6.41K	$8.75K
UNHW Roundhill UNH WeeklyPay ETF	$423.60K	$609.21K	$366.99K

SPAQ vs. UNHW - Yearly Performance Comparison

	2026 (YTD)	2025
SPAQ Horizon Kinetics SPAC Active ETF	3.57%	-1.15%
UNHW Roundhill UNH WeeklyPay ETF	28.89%	1.54%

Correlation

The correlation between SPAQ and UNHW is 0.07, 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 Dec 3, 2025	0.07

Return for Risk

SPAQ vs. UNHW — 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

UNHW

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

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. UNHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and Roundhill UNH WeeklyPay ETF (UNHW). 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	UNHW	Difference
Sharpe ratio: Return per unit of total volatility	0.56	—	—
Sortino ratio: Return per unit of downside risk	0.83	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	1.16	—	—
Martin ratio: Return relative to average drawdown	3.87	—	—

Drawdowns

SPAQ vs. UNHW - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum UNHW drawdown of -32.28%. Use the drawdown chart below to compare losses from any high point for SPAQ and UNHW.

Drawdown Indicators

	SPAQ	UNHW	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-32.28%	+26.98%
Max Drawdown (1Y) Largest decline over 1 year	-4.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.30%	—	—
Current Drawdown Current decline from peak	-0.11%	-5.84%	+5.73%
Average Drawdown Average peak-to-trough decline	-0.52%	-9.80%	+9.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	—	—

Volatility

Volatility by Period

	SPAQ	UNHW	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%	46.31%	-37.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	46.31%	-39.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	46.31%	-39.41%

SPAQ vs. UNHW - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is lower than UNHW's 0.99% expense ratio.

Dividends

SPAQ vs. UNHW - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.11%, less than UNHW's 22.57% yield.

Position	TTM	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	16.11%	16.69%	3.00%	2.60%
UNHW Roundhill UNH WeeklyPay ETF	22.57%	2.81%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPAQ and UNHW in my portfolio?

SPAQ and UNHW have a correlation of 0.07, 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 UNHW?

On fees, SPAQ is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPAQ or UNHW?

SPAQ is cheaper with a 0.85% expense ratio, compared with 0.99% for UNHW.

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

UNHW has the higher dividend yield at 22.57%, compared with 16.11% for SPAQ.

What is the main difference between SPAQ and UNHW?

SPAQ is categorized as Health & Biotech Equities, while UNHW is Leveraged Equities. They also come from different issuers: Horizon and Roundhill. Their fees differ too: 0.85% for SPAQ and 0.99% for UNHW.