SPAQ vs. XBI

Last updated Apr 2, 2026

Compare and contrast key facts about Horizon Kinetics SPAC Active ETF (SPAQ) and SPDR S&P Biotech ETF (XBI).

SPAQ and XBI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPAQ is an actively managed fund by Horizon. It was launched on Jun 29, 2007. XBI is a passively managed fund by State Street that tracks the performance of the S&P Biotechnology Select Industry Index. It was launched on Feb 6, 2006.

Performance

SPAQ vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics SPAC Active ETF (SPAQ) and SPDR S&P Biotech ETF (XBI). The values are adjusted to include any dividend payments, if applicable.

SPAQ vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	0.14%	7.35%	4.33%	5.52%
XBI SPDR S&P Biotech ETF	5.43%	35.89%	1.01%	2.53%

Returns By Period

In the year-to-date period, SPAQ achieves a 0.14% return, which is significantly lower than XBI's 5.43% return.

SPAQ

• 1D: 0.09%
• 1M: -0.41%
• YTD: 0.14%
• 6M: 1.74%
• 1Y: 4.91%
• 3Y*: 5.25%
• 5Y*: —
• 10Y*: —

XBI

• 1D: 0.64%
• 1M: 1.58%
• YTD: 5.43%
• 6M: 27.21%
• 1Y: 65.07%
• 3Y*: 19.25%
• 5Y*: -1.16%
• 10Y*: 9.39%

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

SPAQ vs. XBI - Expense Ratio Comparison

SPAQ has a 0.85% expense ratio, which is higher than XBI's 0.35% expense ratio.

SPAQ

Horizon Kinetics SPAC Active ETF

XBI

SPDR S&P Biotech ETF

Return for Risk

SPAQ vs. XBI — Risk / Return Rank

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

SPAQ

SPAQ Risk / Return Rank: 30
SPAQ Sharpe Ratio Rank: 28
SPAQ Sortino Ratio Rank: 27
SPAQ Omega Ratio Rank: 29
SPAQ Calmar Ratio Rank: 33
SPAQ Martin Ratio Rank: 34

XBI

XBI Risk / Return Rank: 93
XBI Sharpe Ratio Rank: 93
XBI Sortino Ratio Rank: 94
XBI Omega Ratio Rank: 89
XBI Calmar Ratio Rank: 96
XBI Martin Ratio Rank: 95

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. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics SPAC Active ETF (SPAQ) and SPDR S&P Biotech ETF (XBI). 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	XBI	Difference
Sharpe ratio Return per unit of total volatility	0.57	2.28	-1.71
Sortino ratio Return per unit of downside risk	0.85	2.99	-2.13
Omega ratio Gain probability vs. loss probability	1.13	1.38	-0.25
Calmar ratio Return relative to maximum drawdown	0.93	4.41	-3.49
Martin ratio Return relative to average drawdown	3.46	16.21	-12.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPAQ vs. XBI - Sharpe Ratio Comparison

The current SPAQ Sharpe Ratio is 0.57, which is lower than the XBI Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SPAQ and XBI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPAQ	XBI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	2.28	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.36	+0.42

Correlation

The correlation between SPAQ and XBI is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPAQ vs. XBI - Dividend Comparison

SPAQ's dividend yield for the trailing twelve months is around 16.66%, more than XBI's 0.34% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPAQ Horizon Kinetics SPAC Active ETF	16.66%	16.69%	3.00%	2.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XBI SPDR S&P Biotech ETF	0.34%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Drawdowns

SPAQ vs. XBI - Drawdown Comparison

The maximum SPAQ drawdown since its inception was -5.30%, smaller than the maximum XBI drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for SPAQ and XBI.

Drawdown Indicators

	SPAQ	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-5.30%	-63.89%	+58.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	-13.39%	+8.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-55.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.89%	—
Current Drawdown Current decline from peak	-1.89%	-25.70%	+23.81%
Average Drawdown Average peak-to-trough decline	-0.53%	-20.91%	+20.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	3.65%	-2.23%

Volatility

SPAQ vs. XBI - Volatility Comparison

The current volatility for Horizon Kinetics SPAC Active ETF (SPAQ) is 1.75%, while SPDR S&P Biotech ETF (XBI) has a volatility of 11.31%. This indicates that SPAQ experiences smaller price fluctuations and is considered to be less risky than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAQ	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	11.31%	-9.56%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	19.25%	-13.04%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	28.95%	-20.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.04%	32.23%	-25.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	32.15%	-25.11%