TOT vs SPAQ

Comparison between LIONSHARES U.S. EQUITY TOTAL RETURN ETF (TOT, ETF) and HORIZON KINETICS SPAC ACTIVE ETF (SPAQ, ETF).

TOT vs SPAQ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	TOT(ETF)	SPAQ(ETF)
Net Assets	$10M	$10M
Expense Ratio	0.07%	0.85%
Max Drawdown	4.26%	17.06%
Sharpe Ratio	-0.76	0.08
5Y Beta	0.92	0.01
P/E Ratio	N/A	-16.99
Forward P/E	N/A	40.16
Debt to Equity	N/A	0.00%
P/S Ratio	N/A	3.13
P/B Ratio	N/A	2.07

Net Assets

TOT

$10M

Winner

SPAQ

$10M

Expense Ratio

Winner

TOT

0.07%

SPAQ

0.85%

Max Drawdown

Winner

TOT

4.26%

SPAQ

17.06%

Sharpe Ratio

TOT

-0.76

Winner

SPAQ

0.08

5Y Beta

TOT

0.92

Winner

SPAQ

0.01

P/E Ratio

TOT

N/A

SPAQ

-16.99

Forward P/E

TOT

N/A

SPAQ

40.16

Debt to Equity

TOT

N/A

SPAQ

0.00%

P/S Ratio

TOT

N/A

SPAQ

3.13

P/B Ratio

TOT

N/A

SPAQ

2.07

TOT vs SPAQ - Holdings Comparison

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

TOT's top 25 holdings weight is 100.00%. SPAQ's top 25 holdings weight is 93.90%.

Rank	TOT	SPAQ
#1	ISHARES CORE S&P TOTAL US STOCK MKT ETF (ITOT) - 99.93%	n/a (OACC) - 5.32%
#2	FIRST AMERICAN TREASURY OBLIGS X (FXFXX) - 0.07%	n/a (NHIVU) - 4.53%
#3	N/A	n/a (WENN) - 4.18%
#4	N/A	n/a (EVOX) - 4.16%
#5	N/A	n/a (CEPV) - 4.10%
#6	N/A	n/a (SAAQ) - 4.05%
#7	N/A	n/a (WLII) - 4.05%
#8	N/A	n/a (MTAL) - 4.03%
#9	N/A	OTG ACQUISITION CORP I CLASS A (OTGA) - 4.03%
#10	N/A	n/a (RREVU) - 4.01%
#11	N/A	n/a (ALOV) - 4.01%
#12	N/A	n/a (DSAC) - 4.00%
#13	N/A	M EVO GLOBAL ACQUISITION CORP II (n/a) - 4.00%
#14	N/A	n/a (KCA-U) - 4.00%
#15	N/A	SPARTACUS ACQUISITION CORP II CLASS A (TMTS) - 3.97%
#16	N/A	n/a (HCIC) - 3.94%
#17	N/A	DYNAMIX CORP CLASS A ORDINARY SHARES (DYNC) - 3.94%
#18	N/A	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	2	59

TOT vs SPAQ - Historical Returns

Returns include dividend reinvestment.

Period	TOT	SPAQ
1 month	+0.24%	-0.33%
3 months	N/A	+1.77%
6 months	N/A	+2.13%
1 year	N/A	+4.11%
Max(CAGR)	-7.05%	+5.82%

Winner

TOT

+0.24%

SPAQ

-0.33%

TOT

N/A

SPAQ

+1.77%

TOT

N/A

SPAQ

+2.13%

TOT

N/A

SPAQ

+4.11%

Max(CAGR)

TOT

-7.05%

Winner

SPAQ

+5.82%

TOT vs SPAQ - Annual Returns (2023 - 2026)

Returns include dividend reinvestment.

Year	TOT	SPAQ
2026	-1.15%	+3.03%
2025	N/A	+7.39%
2024	N/A	+4.68%
2023	N/A	+5.52%

TOT vs SPAQ Drawdown Comparison

The maximum drawdown for TOT was -4.26%, occurring on Jun 10, 2026. This drawdown has not yet recovered.

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

The current TOT drawdown is -2.46%. The current SPAQ drawdown is -0.64%.

Rank	TOT	SPAQ
#1	-4.26% Jun 2, 2026 - Jun 10, 2026	-5.30% Jun 20, 2025 - Oct 8, 2025
#2	-0.04% May 26, 2026 - May 28, 2026	-4.05% Dec 13, 2023 - Mar 18, 2024
#3	N/A	-3.95% Oct 15, 2025 - May 26, 2026
#4	N/A	-3.55% Aug 22, 2024 - Oct 18, 2024
#5	N/A	-1.02% Jul 7, 2026 - Jul 9, 2026
#6	N/A	-0.96% Feb 12, 2025 - Feb 19, 2025
#7	N/A	-0.84% Nov 5, 2024 - Dec 6, 2024
#8	N/A	-0.79% Jul 27, 2023 - Aug 10, 2023
#9	N/A	-0.75% May 27, 2025 - May 29, 2025
#10	N/A	-0.71% Mar 7, 2025 - Mar 18, 2025
#11	N/A	-0.71% Jun 9, 2025 - Jun 16, 2025
#12	N/A	-0.68% Mar 21, 2025 - Apr 25, 2025
#13	N/A	-0.60% Oct 28, 2024 - Nov 5, 2024
#14	N/A	-0.55% Jun 9, 2026 - Jul 7, 2026
#15	N/A	-0.52% Mar 21, 2023 - Apr 12, 2023

Correlation

Correlation between TOT and SPAQ is -0.31 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.31

-101