TMED vs. SPAQ
TMED (T. Rowe Price Health Care ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. At a correlation of -0.00, they often move in opposite directions. TMED charges 0.44%/yr vs 0.85%/yr for SPAQ.
Performance
TMED vs. SPAQ - Performance Comparison
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Returns By Period
In the year-to-date period, TMED achieves a 3.87% return, which is significantly higher than SPAQ's 2.81% return.
TMED
- 1D
- 1.04%
- 1M
- 2.47%
- YTD
- 3.87%
- 6M
- 4.17%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAQ
- 1D
- 0.00%
- 1M
- 1.51%
- YTD
- 2.81%
- 6M
- 1.64%
- 1Y
- 4.98%
- 3Y*
- 5.87%
- 5Y*
- —
- 10Y*
- —
TMED vs. SPAQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TMED T. Rowe Price Health Care ETF | 3.87% | 18.92% |
SPAQ Horizon Kinetics SPAC Active ETF | 2.81% | 1.13% |
Correlation
The correlation between TMED and SPAQ 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 13, 2025 | -0.00 |
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Return for Risk
TMED vs. SPAQ — Risk / Return Rank
TMED
SPAQ
TMED vs. SPAQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Health Care ETF (TMED) and Horizon Kinetics SPAC Active ETF (SPAQ). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| TMED | SPAQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.35 | 0.86 | +0.49 |
Drawdowns
TMED vs. SPAQ - Drawdown Comparison
The maximum TMED drawdown since its inception was -11.11%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for TMED and SPAQ.
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Drawdown Indicators
| TMED | SPAQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.11% | -5.30% | -5.81% |
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 | -2.75% | -0.01% | -2.74% |
Average DrawdownAverage peak-to-trough decline | -2.59% | -0.54% | -2.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.47% | — |
Volatility
TMED vs. SPAQ - Volatility Comparison
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Volatility by Period
| TMED | SPAQ | 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 | 18.04% | 8.80% | +9.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.04% | 7.00% | +11.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 7.00% | +11.04% |
TMED vs. SPAQ - Expense Ratio Comparison
TMED has a 0.44% expense ratio, which is lower than SPAQ's 0.85% expense ratio.
Dividends
TMED vs. SPAQ - Dividend Comparison
TMED's dividend yield for the trailing twelve months is around 0.52%, less than SPAQ's 16.23% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
SPAQ Horizon Kinetics SPAC Active ETF | 16.23% | 16.69% | 3.00% | 2.60% |
TMED T. Rowe Price Health Care ETF | 0.52% | 0.54% | 0.00% | 0.00% |
Frequently Asked Questions
TMED and SPAQ 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, TMED is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TMED is cheaper with a 0.44% expense ratio, compared with 0.85% for SPAQ.
SPAQ has the higher dividend yield at 16.23%, compared with 0.52% for TMED.
They also come from different issuers: T. Rowe Price and Horizon. Their fees differ too: 0.44% for TMED and 0.85% for SPAQ.
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