Horizon Kinetics SPAC Active ETF (SPAQ) Performance
SPAQ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.9% since Dec 31, 2025
- 1 year
- +3.9% total return
- 3 years
- +4.8% a year
- Since first price
- +5.1% a year since 2023
SPAQ trailing returns vs SPY, QQQ, AGG
| Period | SPAQ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.9% | −0.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.1% | −1.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.6% | +0.6% | +7.8% | +8.4% | −1.5% |
| YTD | +1.9% | +1.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +3.9% | −10.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +15.0%+4.8%/yr | −6.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJan 30, 2023 | +20.4%+5.1%/yr | −2.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SPAQ vs SPY
From Jan 30, 2023: SPAQ grew to $12,040, SPY to $19,890.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SPAQ returns by calendar year
2 of 2 full years positive. Best 2025 (+7.3%), worst 2024 (+4.3%). 2026 is year to date.
SPAQ annual returns table
| Year | SPAQ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +1.9% | −2.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +7.3% | −5.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.3% | −3.9% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SPAQ risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +5.2% | +5.3% |
| Volatility (annualized) | 2.6% | 2.4% |
| Sharpe ratio | 0.27 | 0.33 |
| Sortino ratio | 0.46 | 0.56 |
| Best month | +2.1% | +2.1% |
| Worst month | −1.2% | −1.2% |
| Best 12 months | +9.5% | +9.5% |
| Worst 12 months | +3.0% | +3.0% |
| Positive months | 69% | 75% |
| Beta vs S&P 500 | 0.03 | — |
| Correlation with S&P 500 | 0.16 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SPAQ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 34 | +1.3% | +4.9% | +9.5% | 100% |
| 3-year (a year) | 10 | +4.8% | +5.6% | +6.0% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
SPAQ performance overview
Horizon Kinetics SPAC Active ETF (SPAQ) returned +3.9% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +5.1% a year, turning $10,000 into about $12,040. Over the same year S&P 500 (SPY) returned +14.4%.
Related: SPAQ chart, SPAQ dividends. See the SPAQ overview for the latest quote and fund facts.
SPAQ performance FAQ
What is the SPAQ return over the past year?
SPAQ returned +3.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 10.8%.
How much would $10,000 invested in SPAQ be worth?
$10,000 invested in SPAQ at its first recorded close on January 30, 2023 would be worth about $12,040 on October 23, 2026 with distributions reinvested.
What was the worst year for SPAQ?
The worst calendar year was 2024, with a total return of +4.3%. The best was 2025 at +7.3%.
How volatile is SPAQ?
Over the past 3 years SPAQ had an annualized volatility of 2.6% and a Sharpe ratio of 0.27 (excess return over 1–3 month T-bills per unit of risk).