TRUH vs. SPAQ

Last updated Jun 30, 2026

TRUH (VanEck Healthcare TruSector ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both Health & Biotech Equities funds. At a correlation of -0.21, they often move in opposite directions.

Performance

TRUH vs. SPAQ - Performance Comparison

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

Returns By Period

TRUH

• 1D: 0.09%
• 1M: 7.85%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: 0.13%
• 1M: 0.91%
• YTD: 3.52%
• 6M: 2.99%
• 1Y: 4.61%
• 3Y*: 5.96%
• 5Y*: —
• 10Y*: —

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

TRUH vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)
TRUH VanEck Healthcare TruSector ETF	9.58%
SPAQ Horizon Kinetics SPAC Active ETF	3.37%

Correlation

The correlation between TRUH and SPAQ is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 2, 2026	-0.21

Return for Risk

TRUH vs. SPAQ — Risk / Return Rank

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

TRUH

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

SPAQ

SPAQ Risk / Return Rank: 20
SPAQ Sharpe Ratio Rank: 17
SPAQ Sortino Ratio Rank: 15
SPAQ Omega Ratio Rank: 19
SPAQ Calmar Ratio Rank: 23
SPAQ Martin Ratio Rank: 28

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.

TRUH vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Healthcare TruSector ETF (TRUH) 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.

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.

	TRUH	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.54	—
Sortino ratio: Return per unit of downside risk	—	0.80	—
Omega ratio: Gain probability vs. loss probability	—	1.12	—
Calmar ratio: Return relative to maximum drawdown	—	1.01	—
Martin ratio: Return relative to average drawdown	—	3.55	—

Drawdowns

TRUH vs. SPAQ - Drawdown Comparison

The maximum TRUH drawdown since its inception was -4.51%, smaller than the maximum SPAQ drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for TRUH and SPAQ.

Drawdown Indicators

	TRUH	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-4.51%	-5.30%	+0.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.60%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.61%	-0.53%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.30%	—

Volatility

Volatility by Period

	TRUH	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.97%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	8.57%	+8.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	6.94%	+9.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	6.94%	+9.93%

Dividends

TRUH vs. SPAQ - Dividend Comparison

TRUH has not paid dividends to shareholders, while SPAQ's dividend yield for the trailing twelve months is around 16.12%.

Position	TTM	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	16.12%	16.69%	3.00%	2.60%
TRUH VanEck Healthcare TruSector ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRUH and SPAQ in my portfolio?

TRUH and SPAQ have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

SPAQ has the higher dividend yield at 16.12%, compared with 0.00% for TRUH.

What is the main difference between TRUH and SPAQ?

They also come from different issuers: VanEck and Horizon.