SPAQ vs DEFI
Comparison between HORIZON KINETICS SPAC ACTIVE ETF (SPAQ, ETF) and Hashdex Bitcoin ETF (DEFI, ETF).
SPAQ vs DEFI - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
SPAQ vs DEFI - Holdings Comparison
SPAQ and DEFI have 0 common holdings. Overlap is 0.00%
SPAQ's top 25 holdings weight is 95.34%. DEFI's top 25 holdings weight is 0.49%.
| Rank | SPAQ | DEFI |
|---|---|---|
| #1 | n/a (OACC) - 5.27% | FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX) - 0.49% |
| #2 | n/a (MTAL) - 4.78% | N/A |
| #3 | n/a (NHIVU) - 4.53% | N/A |
| #4 | US BANK MMDA USBGFS 7 (n/a) - 4.22% | N/A |
| #5 | n/a (IPFX) - 4.21% | N/A |
| #6 | n/a (SAAQ) - 4.19% | N/A |
| #7 | n/a (WENN) - 4.17% | N/A |
| #8 | n/a (EVOX) - 4.14% | N/A |
| #9 | n/a (CEPV) - 4.07% | N/A |
| #10 | OTG ACQUISITION CORP I CLASS A (OTGA) - 4.03% | N/A |
| #11 | M EVO GLOBAL ACQUISITION CORP II (n/a) - 4.01% | N/A |
| #12 | n/a (WLII) - 4.01% | N/A |
| #13 | n/a (KCA-U) - 3.98% | N/A |
| #14 | n/a (ALOV) - 3.97% | N/A |
| #15 | n/a (RREVU) - 3.96% | N/A |
| #16 | n/a (DSAC) - 3.95% | N/A |
| #17 | SPARTACUS ACQUISITION CORP II CLASS A (TMTS) - 3.95% | N/A |
| #18 | n/a (HCIC) - 3.92% | N/A |
| #19 | n/a (CRAN) - 3.61% | N/A |
| #20 | n/a (ALDF) - 3.16% | N/A |
| #21 | n/a (OYSE) - 3.05% | N/A |
| #22 | n/a (AIIA) - 3.01% | N/A |
| #23 | BTC DEVELOPMENT CORP CLASS A (BDCI) - 2.50% | N/A |
| #24 | JACKSON ACQUISITION CO II CLASS A (JACS) - 2.45% | N/A |
| #25 | n/a (TACH) - 2.20% | N/A |
| Total Holdings | 60 | 1 |
SPAQ vs DEFI - Historical Returns
Returns include dividend reinvestment.
SPAQ vs DEFI - Annual Returns (2023 - 2026)
Returns include dividend reinvestment.
| Year | SPAQ | DEFI |
|---|---|---|
| 2026 | +3.69% | -28.80% |
| 2025 | +7.39% | -10.57% |
| 2024 | +4.68% | +36.09% |
| 2023 | +5.52% | N/A |
SPAQ vs DEFI Drawdown Comparison
The maximum drawdown for SPAQ was -5.30%, occurring on Sep 17, 2025. Recovery took 76 trading sessions.
The maximum drawdown for DEFI was -51.95%, occurring on Jun 5, 2026. This drawdown has not yet recovered.
The current SPAQ drawdown is -0.01%. The current DEFI drawdown is -48.90%.
| Rank | SPAQ | DEFI |
|---|---|---|
| #1 | -5.30% Jun 20, 2025 - Oct 8, 2025 | -51.95% Oct 6, 2025 - Jun 5, 2026 |
| #2 | -4.05% Dec 13, 2023 - Mar 18, 2024 | -28.47% Dec 17, 2024 - May 21, 2025 |
| #3 | -3.95% Oct 15, 2025 - May 26, 2026 | -26.06% Apr 8, 2024 - Oct 29, 2024 |
| #4 | -3.55% Aug 22, 2024 - Oct 18, 2024 | -12.02% Aug 13, 2025 - Oct 6, 2025 |
| #5 | -0.96% Feb 12, 2025 - Feb 19, 2025 | -8.24% Nov 22, 2024 - Dec 6, 2024 |
| #6 | -0.84% Nov 5, 2024 - Dec 6, 2024 | -7.49% May 22, 2025 - Jul 9, 2025 |
| #7 | -0.79% Jul 27, 2023 - Aug 10, 2023 | -7.49% Oct 29, 2024 - Nov 6, 2024 |
| #8 | -0.75% May 27, 2025 - May 29, 2025 | -7.21% Mar 28, 2024 - Apr 8, 2024 |
| #9 | -0.71% Mar 7, 2025 - Mar 18, 2025 | -5.81% Jul 14, 2025 - Aug 13, 2025 |
| #10 | -0.71% Jun 9, 2025 - Jun 16, 2025 | -4.87% Dec 6, 2024 - Dec 13, 2024 |
| #11 | -0.68% Mar 21, 2025 - Apr 25, 2025 | -2.35% Nov 13, 2024 - Nov 15, 2024 |
| #12 | -0.60% Oct 28, 2024 - Nov 5, 2024 | N/A |
| #13 | -0.52% Mar 21, 2023 - Apr 12, 2023 | N/A |
| #14 | -0.50% Nov 29, 2023 - Dec 6, 2023 | N/A |
| #15 | -0.50% May 29, 2025 - Jun 6, 2025 | N/A |
Correlation
Correlation between SPAQ and DEFI is 0.34 which considered as a weak positive correlation - the stocks show a slight tendency to move together.
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