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SPAQ vs SPY

Comparison between HORIZON KINETICS SPAC ACTIVE ETF (SPAQ, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

SPAQ vs SPY - Performance Comparison

Key Characteristics

Financial metrics and valuation ratios

Net Assets
SPAQ
$10M
Winner
SPY
$781B
Expense Ratio
SPAQ
0.85%
Winner
SPY
0.09%
Max Drawdown
Winner
SPAQ
17.06%
SPY
56.47%
Sharpe Ratio
SPAQ
0.15
Winner
SPY
1.25
5Y Beta
Winner
SPAQ
0.01
SPY
1.00
P/E Ratio
Winner
SPAQ
-17.09
SPY
28.78
Forward P/E
SPAQ
40.16
Winner
SPY
21.23
5Y Dividends CAGR
SPAQ
N/A
SPY
6.00%
5Y EPS CAGR
SPAQ
N/A
SPY
25.62%
Debt to Equity
Winner
SPAQ
0.00%
SPY
31.92%
P/S Ratio
Winner
SPAQ
3.13
SPY
3.76
P/B Ratio
Winner
SPAQ
2.07
SPY
5.64

SPAQ vs SPY - Holdings Comparison

SPAQ and SPY have 1 common holdings. Overlap is -0.07%

SPAQ's top 25 holdings weight is 93.90%. SPY's top 25 holdings weight is 51.74%.

RankSPAQSPY
#1
n/a (OACC) - 5.32%
NVIDIA CORP (NVDA) - 7.89%
#2
n/a (NHIVU) - 4.53%
APPLE INC (AAPL) - 7.37%
#3
n/a (WENN) - 4.18%
MICROSOFT CORP (MSFT) - 4.50%
#4
n/a (EVOX) - 4.16%
AMAZON.COM INC (AMZN) - 3.82%
#5
n/a (CEPV) - 4.10%
ALPHABET INC CLASS A (GOOGL) - 3.33%
#6
n/a (SAAQ) - 4.05%
BROADCOM INC (AVGO) - 2.86%
#7
n/a (WLII) - 4.05%
ALPHABET INC CLASS C (GOOG) - 2.68%
#8
n/a (MTAL) - 4.03%
META PLATFORMS INC CLASS A (META) - 2.29%
#9
OTG ACQUISITION CORP I CLASS A (OTGA) - 4.03%
TESLA INC (TSLA) - 1.70%
#10
n/a (RREVU) - 4.01%
MICRON TECHNOLOGY INC (MU) - 1.56%
#11
n/a (ALOV) - 4.01%
JPMORGAN CHASE & CO (JPM) - 1.42%
#12
n/a (DSAC) - 4.00%
ELI LILLY AND CO (LLY) - 1.40%
#13
M EVO GLOBAL ACQUISITION CORP II (n/a) - 4.00%
BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37%
#14
n/a (KCA-U) - 4.00%
ADVANCED MICRO DEVICES INC (AMD) - 1.32%
#15
SPARTACUS ACQUISITION CORP II CLASS A (TMTS) - 3.97%
EXXONMOBIL HOLDINGS CORP (XOM) - 0.92%
#16
n/a (HCIC) - 3.94%
JOHNSON & JOHNSON (JNJ) - 0.91%
#17
DYNAMIX CORP CLASS A ORDINARY SHARES (DYNC) - 3.94%
VISA INC CLASS A (V) - 0.90%
#18
n/a (CRAN) - 3.64%
WALMART INC (WMT) - 0.76%
#19
n/a (YICCU) - 3.47%
INTEL CORP (INTC) - 0.75%
#20
n/a (ALDF) - 3.19%
APPLIED MATERIALS INC (AMAT) - 0.70%
#21
n/a (OYSE) - 3.07%
CISCO SYSTEMS INC (CSCO) - 0.68%
#22
n/a (AIIA) - 3.04%
MASTERCARD INC CLASS A (MA) - 0.66%
#23
BTC DEVELOPMENT CORP CLASS A (BDCI) - 2.51%
ABBVIE INC (ABBV) - 0.66%
#24
JACKSON ACQUISITION CO II CLASS A (JACS) - 2.46%
CATERPILLAR INC (CAT) - 0.65%
#25
n/a (TACH) - 2.20%
LAM RESEARCH CORP (LRCX) - 0.64%
Total Holdings59505

SPAQ vs SPY - Historical Returns

Returns include dividend reinvestment.

1M
SPAQ
+0.02%
Winner
SPY
+0.52%
3M
SPAQ
+2.24%
Winner
SPY
+6.55%
6M
SPAQ
+2.93%
Winner
SPY
+9.76%
1Y
SPAQ
+4.83%
Winner
SPY
+20.32%
5Y(CAGR)
SPAQ
N/A
SPY
+13.01%
10Y(CAGR)
SPAQ
N/A
SPY
+15.06%
Max(CAGR)
SPAQ
+6.00%
Winner
SPY
+8.50%

SPAQ vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

YearSPAQSPY
2026+3.60%+10.11%
2025+7.39%+18.00%
2024+4.68%+25.59%
2023+5.52%+26.72%
2022N/A-18.64%
2021N/A+30.52%
2020N/A+17.28%
2019N/A+31.09%
2018N/A-5.24%
2017N/A+20.78%
2016N/A+13.59%
2015N/A+1.31%
2014N/A+14.56%
2013N/A+29.00%
2012N/A+14.17%
2011N/A+0.85%
2010N/A+13.14%
2009N/A+22.67%
2008N/A-36.25%
2007N/A+5.32%
2006N/A+13.85%
2005N/A+5.32%
2004N/A+10.75%
2003N/A+24.18%
2002N/A-22.42%
2001N/A-10.13%
2000N/A-8.84%
1999N/A+8.61%

SPAQ vs SPY Drawdown Comparison

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

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current SPAQ drawdown is -0.10%. The current SPY drawdown is -1.24%.

RankSPAQSPY
#1-5.30%
Jun 20, 2025 - Oct 8, 2025		-55.20%
Oct 9, 2007 - Aug 16, 2012
#2-4.05%
Dec 13, 2023 - Mar 18, 2024		-47.50%
Mar 24, 2000 - Oct 26, 2006
#3-3.95%
Oct 15, 2025 - May 26, 2026		-33.70%
Feb 19, 2020 - Aug 10, 2020
#4-3.55%
Aug 22, 2024 - Oct 18, 2024		-24.50%
Jan 3, 2022 - Dec 13, 2023
#5-1.02%
Jul 7, 2026 - Jul 9, 2026		-19.34%
Sep 20, 2018 - Apr 12, 2019
#6-0.96%
Feb 12, 2025 - Feb 19, 2025		-18.76%
Feb 19, 2025 - Jun 26, 2025
#7-0.84%
Nov 5, 2024 - Dec 6, 2024		-13.02%
Jul 20, 2015 - Apr 18, 2016
#8-0.79%
Jul 27, 2023 - Aug 10, 2023		-10.10%
Jan 26, 2018 - Aug 6, 2018
#9-0.75%
May 27, 2025 - May 29, 2025		-9.44%
Sep 2, 2020 - Nov 11, 2020
#10-0.71%
Mar 7, 2025 - Mar 18, 2025		-9.30%
Jan 19, 2000 - Mar 17, 2000
#11-0.71%
Jun 9, 2025 - Jun 16, 2025		-9.05%
Jul 19, 2007 - Oct 5, 2007
#12-0.68%
Mar 21, 2025 - Apr 25, 2025		-8.88%
Jan 27, 2026 - Apr 14, 2026
#13-0.60%
Oct 28, 2024 - Nov 5, 2024		-8.41%
Jul 16, 2024 - Sep 19, 2024
#14-0.55%
Jun 9, 2026 - Jul 7, 2026		-7.35%
Sep 14, 2012 - Jan 2, 2013
#15-0.52%
Mar 21, 2023 - Apr 12, 2023		-7.27%
Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between SPAQ and SPY is 0.96 which considered as a very strong positive correlation - the stocks move almost identically together.

0.96
-101

Dividend Comparison (1999 - 2026)

SPAQ vs SPY dividend yield comparison.

YearSPAQSPY
20260.00%0.49%
202516.69%1.07%
20243.00%1.21%
20232.60%1.40%
20220.00%1.65%
20210.00%1.20%
20200.00%1.52%
20190.00%1.75%
20180.00%2.04%
20170.00%1.80%
20160.00%2.03%
20150.00%2.06%
20140.00%1.87%
20130.00%1.81%
20120.00%2.18%
20110.00%2.05%
20100.00%1.80%
20090.00%1.95%
20080.00%3.02%
20070.00%1.85%
20060.00%1.73%
20050.00%1.73%
20040.00%1.82%
20030.00%1.47%
20020.00%1.70%
20010.00%1.25%
20000.00%1.15%
19990.00%0.24%

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