BELT vs SPAQ
Comparison between BlackRock Long-Term U.S. Equity ETF (BELT, ETF) and HORIZON KINETICS SPAC ACTIVE ETF (SPAQ, ETF).
BELT vs SPAQ - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
BELT
$10M
Winner
SPAQ
$10M
Expense Ratio
Winner
BELT
0.75%
SPAQ
0.85%
Max Drawdown
BELT
23.05%
Winner
SPAQ
17.06%
Sharpe Ratio
Winner
BELT
0.81
SPAQ
0.08
5Y Beta
BELT
1.18
Winner
SPAQ
0.01
P/E Ratio
BELT
42.25
Winner
SPAQ
-16.99
Forward P/E
Winner
BELT
29.60
SPAQ
40.16
PEG Ratio
BELT
0.71
SPAQ
N/A
5Y EPS CAGR
BELT
26.73%
SPAQ
N/A
Debt to Equity
BELT
62.79%
Winner
SPAQ
0.00%
P/S Ratio
BELT
7.16
Winner
SPAQ
3.13
P/B Ratio
BELT
9.83
Winner
SPAQ
2.07
BELT vs SPAQ - Holdings Comparison
BELT and SPAQ have 0 common holdings. Overlap is 0.00%
BELT's top 25 holdings weight is 93.83%. SPAQ's top 25 holdings weight is 93.90%.
| Rank | BELT | SPAQ |
|---|---|---|
| #1 | HOWMET AEROSPACE INC (HWM) - 9.36% | n/a (OACC) - 5.32% |
| #2 | ALPHABET INC CLASS C (GOOG) - 8.02% | n/a (NHIVU) - 4.53% |
| #3 | AMAZON.COM INC (AMZN) - 7.91% | n/a (WENN) - 4.18% |
| #4 | BROADCOM INC (AVGO) - 7.46% | n/a (EVOX) - 4.16% |
| #5 | VERTIV HOLDINGS CO CLASS A (VRT) - 7.16% | n/a (CEPV) - 4.10% |
| #6 | ASML HOLDING NV ADR (ASML) - 5.78% | n/a (SAAQ) - 4.05% |
| #7 | INTEL CORP (INTC) - 5.40% | n/a (WLII) - 4.05% |
| #8 | CADENCE DESIGN SYSTEMS INC (CDNS) - 5.35% | n/a (MTAL) - 4.03% |
| #9 | MICROSOFT CORP (MSFT) - 4.98% | OTG ACQUISITION CORP I CLASS A (OTGA) - 4.03% |
| #10 | TRANE TECHNOLOGIES PLC CLASS A (TT) - 4.57% | n/a (RREVU) - 4.01% |
| #11 | META PLATFORMS INC CLASS A (META) - 4.54% | n/a (ALOV) - 4.01% |
| #12 | MASTERCARD INC CLASS A (MA) - 4.23% | n/a (DSAC) - 4.00% |
| #13 | AIRBUS SE ADR (EADSY) - 4.05% | M EVO GLOBAL ACQUISITION CORP II (n/a) - 4.00% |
| #14 | ADVANCED MICRO DEVICES INC (AMD) - 3.90% | n/a (KCA-U) - 4.00% |
| #15 | PROGRESSIVE CORP (PGR) - 3.40% | SPARTACUS ACQUISITION CORP II CLASS A (TMTS) - 3.97% |
| #16 | S&P GLOBAL INC (SPGI) - 2.81% | n/a (HCIC) - 3.94% |
| #17 | HASBRO INC (HAS) - 2.70% | DYNAMIX CORP CLASS A ORDINARY SHARES (DYNC) - 3.94% |
| #18 | ROBINHOOD MARKETS INC CLASS A (HOOD) - 2.21% | n/a (CRAN) - 3.64% |
| #19 | N/A | n/a (YICCU) - 3.47% |
| #20 | N/A | n/a (ALDF) - 3.19% |
| #21 | N/A | n/a (OYSE) - 3.07% |
| #22 | N/A | n/a (AIIA) - 3.04% |
| #23 | N/A | BTC DEVELOPMENT CORP CLASS A (BDCI) - 2.51% |
| #24 | N/A | JACKSON ACQUISITION CO II CLASS A (JACS) - 2.46% |
| #25 | N/A | n/a (TACH) - 2.20% |
| Total Holdings | 18 | 59 |
BELT vs SPAQ - Historical Returns
Returns include dividend reinvestment.
1M
BELT
-2.16%
Winner
SPAQ
-0.07%
3M
BELT
+0.59%
Winner
SPAQ
+1.84%
6M
Winner
BELT
+10.13%
SPAQ
+2.33%
1Y
Winner
BELT
+16.16%
SPAQ
+4.29%
Max(CAGR)
Winner
BELT
+11.21%
SPAQ
+5.88%
BELT vs SPAQ - Annual Returns (2023 - 2026)
Returns include dividend reinvestment.
| Year | BELT | SPAQ |
|---|---|---|
| 2026 | +12.29% | +3.24% |
| 2025 | +12.19% | +7.39% |
| 2024 | -1.97% | +4.68% |
| 2023 | N/A | +5.52% |
BELT vs SPAQ Drawdown Comparison
The maximum drawdown for BELT was -23.05%, occurring on Apr 8, 2025. Recovery took 133 trading sessions.
The maximum drawdown for SPAQ was -5.30%, occurring on Sep 17, 2025. Recovery took 76 trading sessions.
The current BELT drawdown is -5.38%. The current SPAQ drawdown is -0.45%.
| Rank | BELT | SPAQ |
|---|---|---|
| #1 | -23.05% Dec 11, 2024 - Jun 26, 2025 | -5.30% Jun 20, 2025 - Oct 8, 2025 |
| #2 | -11.47% Oct 29, 2025 - Apr 10, 2026 | -4.05% Dec 13, 2023 - Mar 18, 2024 |
| #3 | -10.87% Jul 5, 2024 - Oct 14, 2024 | -3.95% Oct 15, 2025 - May 26, 2026 |
| #4 | -6.60% May 11, 2026 - Jun 18, 2026 | -3.55% Aug 22, 2024 - Oct 18, 2024 |
| #5 | -5.38% Jun 18, 2026 - Jul 24, 2026 | -1.02% Jul 7, 2026 - Jul 9, 2026 |
| #6 | -3.84% Oct 14, 2024 - Nov 7, 2024 | -0.96% Feb 12, 2025 - Feb 19, 2025 |
| #7 | -3.42% Jul 28, 2025 - Sep 15, 2025 | -0.84% Nov 5, 2024 - Dec 6, 2024 |
| #8 | -2.92% Nov 11, 2024 - Dec 2, 2024 | -0.79% Jul 27, 2023 - Aug 10, 2023 |
| #9 | -2.90% Oct 8, 2025 - Oct 22, 2025 | -0.75% May 27, 2025 - May 29, 2025 |
| #10 | -2.41% Sep 22, 2025 - Oct 6, 2025 | -0.71% Mar 7, 2025 - Mar 18, 2025 |
| #11 | -2.19% Jun 18, 2024 - Jul 5, 2024 | -0.71% Jun 9, 2025 - Jun 16, 2025 |
| #12 | -1.36% Apr 27, 2026 - Apr 30, 2026 | -0.68% Mar 21, 2025 - Apr 25, 2025 |
| #13 | -1.22% Jul 9, 2025 - Jul 23, 2025 | -0.60% Oct 28, 2024 - Nov 5, 2024 |
| #14 | -1.06% Jun 30, 2025 - Jul 3, 2025 | -0.55% Jun 9, 2026 - Jul 7, 2026 |
| #15 | -0.97% Apr 17, 2026 - Apr 24, 2026 | -0.52% Mar 21, 2023 - Apr 12, 2023 |
Correlation
Correlation between BELT and SPAQ is 0.84 which considered as a strong positive correlation - the stocks tend to move together.
0.84
-101
Dividend Comparison (2023 - 2026)
BELT vs SPAQ dividend yield comparison.
| Year | BELT | SPAQ |
|---|---|---|
| 2026 | 0.02% | 0.00% |
| 2025 | 0.00% | 16.69% |
| 2024 | 0.00% | 3.00% |
| 2023 | 0.00% | 2.60% |
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