SPAQ vs PANG

Comparison between HORIZON KINETICS SPAC ACTIVE ETF (SPAQ, ETF) and LEVERAGE SHARES 2X LONG PANW DAILY ETF (PANG, ETF).

SPAQ vs PANG - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SPAQ(ETF)	PANG(ETF)
Net Assets	$10M	$10M
Expense Ratio	0.85%	N/A
Max Drawdown	17.06%	100.00%
Sharpe Ratio	0.14	0.92
5Y Beta	0.00	2.25
P/E Ratio	-16.72	N/A
Forward P/E	40.16	N/A
Debt to Equity	0.00%	N/A
P/S Ratio	3.13	N/A
P/B Ratio	2.08	N/A

Net Assets

SPAQ

$10M

PANG

$10M

Expense Ratio

SPAQ

0.85%

PANG

N/A

Max Drawdown

Winner

SPAQ

17.06%

PANG

100.00%

Sharpe Ratio

SPAQ

0.14

Winner

PANG

0.92

5Y Beta

Winner

SPAQ

0.00

PANG

2.25

P/E Ratio

SPAQ

-16.72

PANG

N/A

Forward P/E

SPAQ

40.16

PANG

N/A

Debt to Equity

SPAQ

0.00%

PANG

N/A

P/S Ratio

SPAQ

3.13

PANG

N/A

P/B Ratio

SPAQ

2.08

PANG

N/A

SPAQ vs PANG - Holdings Comparison

SPAQ and PANG have 0 common holdings. Overlap is 0.00%

SPAQ's top 25 holdings weight is 95.34%. PANG's top 25 holdings weight is 11.25%.

Rank	SPAQ	PANG
#1	n/a (OACC) - 5.27%	FIRST AMERICAN TREASURY OBLIGS X (FXFXX) - 11.25%
#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 PANG - Historical Returns

Returns include dividend reinvestment.

Period	SPAQ	PANG
1 month	+1.97%	+61.36%
3 months	+3.75%	+150.89%
6 months	+2.32%	+80.58%
1 year	+4.72%	+51.61%
5 years(CAGR)	N/A	+391.91%
10 years(CAGR)	N/A	+63.34%
Max(CAGR)	+6.19%	+18.59%

SPAQ

+1.97%

Winner

PANG

+61.36%

SPAQ

+3.75%

Winner

PANG

+150.89%

SPAQ

+2.32%

Winner

PANG

+80.58%

SPAQ

+4.72%

Winner

PANG

+51.61%

5Y(CAGR)

SPAQ

N/A

PANG

+391.91%

10Y(CAGR)

SPAQ

N/A

PANG

+63.34%

Max(CAGR)

SPAQ

+6.19%

Winner

PANG

+18.59%

SPAQ vs PANG - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	SPAQ	PANG
2026	+3.56%	+108.66%
2025	+7.39%	-16.11%
2024	+4.68%	N/A
2023	+5.52%	N/A
2018	N/A	+0.00%
2017	N/A	-99.91%
2016	N/A	-69.26%
2015	N/A	+0.00%
2014	N/A	-36.36%
2013	N/A	+22.45%
2012	N/A	+8.89%
2011	N/A	-76.19%
2010	N/A	+2000.00%
2009	N/A	-90.20%
2008	N/A	+750.00%
2007	N/A	-16.67%
2006	N/A	+0.00%
2005	N/A	+50.00%
2004	N/A	-50.00%
2003	N/A	+220.00%
2002	N/A	-71.43%
2001	N/A	-50.00%
2000	N/A	-36.36%
1999	N/A	-15.38%

SPAQ vs PANG Drawdown Comparison

The maximum drawdown for SPAQ was -5.30%, occurring on Sep 17, 2025. Recovery took 76 trading sessions.

The maximum drawdown for PANG was -100.00%, occurring on Dec 21, 2017. Recovery took 2483 trading sessions.

The current SPAQ drawdown is -0.14%. The current PANG drawdown is -14.49%.

Rank	SPAQ	PANG
#1	-5.30% Jun 20, 2025 - Oct 8, 2025	-100.00% Feb 11, 2008 - Mar 21, 2025
#2	-4.05% Dec 13, 2023 - Mar 18, 2024	-95.83% Mar 2, 2000 - Feb 5, 2008
#3	-3.95% Oct 15, 2025 - May 26, 2026	-62.38% Oct 28, 2025 - May 15, 2026
#4	-3.55% Aug 22, 2024 - Oct 18, 2024	-61.54% Nov 1, 1999 - Feb 23, 2000
#5	-0.96% Feb 12, 2025 - Feb 19, 2025	-36.87% Mar 25, 2025 - Jun 6, 2025
#6	-0.84% Nov 5, 2024 - Dec 6, 2024	-35.97% Jul 9, 2025 - Oct 6, 2025
#7	-0.79% Jul 27, 2023 - Aug 10, 2023	-33.33% Feb 23, 2000 - Mar 2, 2000
#8	-0.75% May 27, 2025 - May 29, 2025	-25.32% Jun 1, 2026 - Jun 9, 2026
#9	-0.71% Mar 7, 2025 - Mar 18, 2025	-11.55% Oct 8, 2025 - Oct 27, 2025
#10	-0.71% Jun 9, 2025 - Jun 16, 2025	-9.39% May 22, 2026 - May 29, 2026
#11	-0.68% Mar 21, 2025 - Apr 25, 2025	-7.31% Jun 30, 2025 - Jul 9, 2025
#12	-0.60% Oct 28, 2024 - Nov 5, 2024	-5.86% May 18, 2026 - May 21, 2026
#13	-0.52% Mar 21, 2023 - Apr 12, 2023	-4.91% Jun 6, 2025 - Jun 17, 2025
#14	-0.50% Nov 29, 2023 - Dec 6, 2023	-2.83% Jun 25, 2025 - Jun 30, 2025
#15	-0.50% May 29, 2025 - Jun 6, 2025	-2.76% Jun 17, 2025 - Jun 23, 2025