QQQ vs SPAQ
Invesco QQQ Trust, Series 1 vs Horizon Kinetics SPAC Active ETF
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | QQQ | SPAQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.85% | |
| AUM | $496.3B | $10M | |
| Dividend Yield | 0.44% | 16.12% | |
| Holdings | 108 | 51 | |
| YTD Return | +16.64% | +2.88% | |
| 1Y Return | +27.27% | +4.55% | |
| 3Y Return (annualized) | +25.96% | +6.38% | |
| 5Y Return (annualized) | +14.54% | - | |
| Volatility (annualized) | 30.6% | 3.0% | |
| Max Drawdown | -83.0% | -5.3% | |
| Fund Family | Invesco (US) | Horizon Kinetics LLC | |
| Category | Equity | Equity | |
| Inception | Mar 10, 1999 | Jan 27, 2023 |
QQQ vs SPAQ Performance
Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US) and Horizon Kinetics SPAC Active ETF (SPAQ) is a ETF from Horizon Kinetics LLC. Over the past year QQQ returned +27.27% while SPAQ returned +4.55%. Year to date, QQQ is up 16.64% versus a gain of 2.88% for SPAQ.
Over three years, QQQ compounded at +25.96% per year against +6.38% for SPAQ. Across the full 4-year window we track, QQQ has the edge at +13.03% annualized vs +6.52%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% 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 -83.0% for QQQ 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 0.13. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
QQQ charges 0.18% per year while SPAQ charges 0.85%. On a $10,000 position that is $18 vs $85 annually, a gap of $67 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 16.12% for SPAQ.
Holdings Overlap
QQQ and SPAQ share 0 holdings out of 149 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, QQQ or SPAQ?
QQQ has an expense ratio of 0.18% while SPAQ charges 0.85%. QQQ is the cheaper option. On a $10,000 investment, that is $67 per year of difference.
Which performed better, QQQ or SPAQ?
Over the past year QQQ returned +27.27% vs +4.55% for SPAQ, so QQQ leads on 1-year performance. Over the longest common window we track (4 years), QQQ annualized +13.03% vs +6.52% for SPAQ. Past performance does not guarantee future results.
Which is riskier, QQQ or SPAQ?
QQQ has been the more volatile fund at 30.6% annualized versus 3.0% for SPAQ. Worst drawdown: QQQ -83.0% vs SPAQ -5.3%.
Should I hold both QQQ and SPAQ?
QQQ and SPAQ have a monthly-return correlation of 0.13, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QQQ and SPAQ?
QQQ and SPAQ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 149 unique securities.
Which pays a higher dividend, QQQ or SPAQ?
QQQ yields 0.44% while SPAQ yields 16.12%, so SPAQ currently pays the higher dividend yield.
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