IVV vs SPAQ
iShares Core S&P 500 ETF vs Horizon Kinetics SPAC Active ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | SPAQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.85% | |
| AUM | $907.0B | $10M | |
| Dividend Yield | 1.10% | 16.12% | |
| Holdings | 508 | 51 | |
| YTD Return | +12.71% | +2.88% | |
| 1Y Return | +21.89% | +4.55% | |
| 3Y Return (annualized) | +22.08% | +6.38% | |
| 5Y Return (annualized) | +12.96% | - | |
| Volatility (annualized) | 15.1% | 3.0% | |
| Max Drawdown | -56.5% | -5.3% | |
| Fund Family | iShares by BlackRock (US) | Horizon Kinetics LLC | |
| Category | Equity | Equity | |
| Inception | May 15, 2000 | Jan 27, 2023 |
IVV vs SPAQ Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Horizon Kinetics SPAC Active ETF (SPAQ) is a ETF from Horizon Kinetics LLC. Over the past year IVV returned +21.89% while SPAQ returned +4.55%. Year to date, IVV is up 12.71% versus a gain of 2.88% for SPAQ.
Over three years, IVV compounded at +22.08% per year against +6.38% for SPAQ. Across the full 4-year window we track, IVV has the edge at +7.00% annualized vs +6.52%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 3.0% for SPAQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -5.3% for SPAQ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.02. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while SPAQ charges 0.85%. On a $10,000 position that is $3 vs $85 annually, a gap of $82 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 16.12% for SPAQ.
Holdings Overlap
IVV and SPAQ share 0 holdings out of 552 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or SPAQ?
IVV has an expense ratio of 0.03% while SPAQ charges 0.85%. IVV is the cheaper option. On a $10,000 investment, that is $82 per year of difference.
Which performed better, IVV or SPAQ?
Over the past year IVV returned +21.89% vs +4.55% for SPAQ, so IVV leads on 1-year performance. Over the longest common window we track (4 years), IVV annualized +7.00% vs +6.52% for SPAQ. Past performance does not guarantee future results.
Which is riskier, IVV or SPAQ?
IVV has been the more volatile fund at 15.1% annualized versus 3.0% for SPAQ. Worst drawdown: IVV -56.5% vs SPAQ -5.3%.
Should I hold both IVV and SPAQ?
IVV and SPAQ have a monthly-return correlation of -0.02, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and SPAQ?
IVV and SPAQ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 552 unique securities.
Which pays a higher dividend, IVV or SPAQ?
IVV yields 1.10% while SPAQ yields 16.12%, so SPAQ currently pays the higher dividend yield.
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