YNOT vs. SPAQ

Last updated Jul 15, 2026

YNOT (Horizon Digital Frontier ETF) and SPAQ (Horizon Kinetics SPAC Active ETF) are both exchange-traded funds - YNOT is a Technology Equities fund actively managed by Horizon, while SPAQ is a Health & Biotech Equities fund actively managed by Horizon. Both are actively managed. Over the past year, YNOT returned 26.87% vs 4.40% for SPAQ. At a 0.03 correlation, their price movements are largely independent. YNOT charges 0.75%/yr vs 0.85%/yr for SPAQ.

Performance

YNOT vs. SPAQ - Performance Comparison

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

Returns By Period

In the year-to-date period, YNOT achieves a 13.83% return, which is significantly higher than SPAQ's 3.23% return.

YNOT

• 1D: 1.56%
• 1M: -0.72%
• 6M: 7.83%
• YTD: 13.83%
• 1Y: 26.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAQ

• 1D: 0.49%
• 1M: -0.30%
• 6M: 2.91%
• YTD: 3.23%
• 1Y: 4.40%
• 3Y*: 5.79%
• 5Y*: —
• 10Y*: —

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

YNOT vs. SPAQ - Yearly Performance Comparison

	2026 (YTD)	2025
YNOT Horizon Digital Frontier ETF	13.83%	12.46%
SPAQ Horizon Kinetics SPAC Active ETF	3.23%	1.10%

Correlation

The correlation between YNOT and SPAQ is 0.03, 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 (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.03

YNOT vs. SPAQ - Sectors Allocation Comparison

Sectors	YNOT	SPAQ
Technology	48.5%	-
Industrials	15.8%	0.1%
Communication Services	14.8%	-
Consumer Cyclical	8.3%	-
Basic Materials	8.3%	-
Financial Services	1.8%	100.0%
Utilities	1.2%	-
Healthcare	0.7%	-
Energy	0.6%	-
Consumer Defensive	-	-
Real Estate	-	-

Return for Risk

YNOT vs. SPAQ — Risk / Return Rank

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

YNOT

YNOT Risk / Return Rank: 37
YNOT Sharpe Ratio Rank: 37
YNOT Sortino Ratio Rank: 35
YNOT Omega Ratio Rank: 34
YNOT Calmar Ratio Rank: 39
YNOT Martin Ratio Rank: 39

SPAQ

SPAQ Risk / Return Rank: 22
SPAQ Sharpe Ratio Rank: 19
SPAQ Sortino Ratio Rank: 17
SPAQ Omega Ratio Rank: 20
SPAQ Calmar Ratio Rank: 26
SPAQ Martin Ratio Rank: 30

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.

YNOT vs. SPAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Digital Frontier ETF (YNOT) 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.

	YNOT	SPAQ	Difference
Sharpe ratio: Return per unit of total volatility	1.10	0.51	+0.58
Sortino ratio: Return per unit of downside risk	1.54	0.76	+0.78
Omega ratio: Gain probability vs. loss probability	1.19	1.12	+0.07
Calmar ratio: Return relative to maximum drawdown	1.61	1.02	+0.59
Martin ratio: Return relative to average drawdown	4.86	3.48	+1.38

YNOT vs. SPAQ - Sharpe Ratio Comparison

The current YNOT Sharpe Ratio is 1.10, which is higher than the SPAQ Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of YNOT and SPAQ, 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

YNOT vs. SPAQ - Drawdown Comparison

The maximum YNOT drawdown since its inception was -16.73%, which is greater than SPAQ's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for YNOT and SPAQ.

Drawdown Indicators

	YNOT	SPAQ	Difference
Max Drawdown Largest peak-to-trough decline	-16.73%	-5.30%	-11.43%
Max Drawdown (1Y) Largest decline over 1 year	-16.73%	-4.32%	-12.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	-8.18%	-0.44%	-7.74%
Average Drawdown Average peak-to-trough decline	-4.12%	-0.53%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.54%	1.27%	+4.27%

Volatility

YNOT vs. SPAQ - Volatility Comparison

Horizon Digital Frontier ETF (YNOT) has a higher volatility of 8.54% compared to Horizon Kinetics SPAC Active ETF (SPAQ) at 1.48%. This indicates that YNOT's price experiences larger fluctuations and is considered to be riskier than SPAQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YNOT	SPAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	1.48%	+7.06%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	4.33%	+15.78%
Volatility (1Y) Calculated over the trailing 1-year period	24.63%	8.63%	+16.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.53%	6.94%	+17.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.53%	6.94%	+17.59%

YNOT vs. SPAQ - Expense Ratio Comparison

YNOT has a 0.75% expense ratio, which is lower than SPAQ's 0.85% expense ratio.

Dividends

YNOT vs. SPAQ - Dividend Comparison

YNOT has not paid dividends to shareholders, while SPAQ's dividend yield for the trailing twelve months is around 16.17%.

Position	TTM	2025	2024	2023
SPAQ Horizon Kinetics SPAC Active ETF	16.17%	16.69%	3.00%	2.60%
YNOT Horizon Digital Frontier ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YNOT and SPAQ in my portfolio?

YNOT and SPAQ 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, YNOT or SPAQ?

YNOT has higher volatility (8.54%) compared to SPAQ (1.48%). In terms of maximum drawdown, YNOT dropped -16.73% vs SPAQ's -5.30%.

Which ETF is better, YNOT or SPAQ?

On 1-year performance, YNOT leads with 26.87% vs 4.40% for SPAQ. On fees, YNOT is cheaper at 0.75% per year. On volatility, SPAQ has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YNOT or SPAQ?

Over the 1-year period, YNOT has performed better with a 26.87% return vs 4.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YNOT or SPAQ?

YNOT is cheaper with a 0.75% expense ratio, compared with 0.85% for SPAQ.

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

SPAQ has the higher dividend yield at 16.17%, compared with 0.00% for YNOT.

What is the main difference between YNOT and SPAQ?

YNOT is categorized as Technology Equities, while SPAQ is Health & Biotech Equities. Their fees differ too: 0.75% for YNOT and 0.85% for SPAQ.

Which has better risk-adjusted returns?

YNOT currently has the higher Sharpe Ratio (1.10 vs 0.51), 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.