SPAQ vs SPY
Horizon Kinetics SPAC Active ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPAQ or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPAQ | SPY |
|---|---|---|
| Expense Ratio | 0.85% | 0.09%Best |
| AUM | $10M | $804.7B |
| Dividend Yield | 16.14% | 0.98% |
| Holdings | 62 | 505 |
| YTD Return | +3.42% | +11.52%Best |
| 1Y Return | +5.00% | +17.48%Best |
| 3Y Return (annualized) | +6.38% | +20.62%Best |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 2.9%Best | 12.5% |
| Max Drawdown | -5.3%Best | -18.8% |
| $10,000 over 3.6 years | $12,574 | $19,744Best |
| Fund Family | Horizon Kinetics LLC | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 27, 2023 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3.6 years row, are measured over the window both funds cover: Jan 30, 2023 to Sep 10, 2026 (3.6 years).
SPAQ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.6 years both funds cover.
SPAQ vs SPY Performance
Horizon Kinetics SPAC Active ETF (SPAQ) is an ETF from Horizon Kinetics LLC and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SPAQ returned +5.00% while SPY returned +17.48%. Year to date, SPAQ is up 3.42% versus a gain of 11.52% for SPY.
Over three years, SPAQ compounded at +6.38% per year against +20.62% for SPY. Across the full 4-year window we track, SPY has the edge at +20.80% annualized vs +6.57%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.5% compared with 2.9% 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 -5.3% for SPAQ and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.00. They move largely independently of each other.
Fees and Cost Over Time
SPAQ charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, SPAQ currently yields 16.14% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 47 holdings in SPAQ and 504 in SPY, totalling 94.3% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 47 positions we hold weights for in SPAQ and 504 in SPY, against full books of 62 and 505.
You are not choosing between two funds in isolation.
Whichever of SPAQ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPAQ or SPY?
SPAQ has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option, by $76 a year on a $10,000 investment.
Which performed better, SPAQ or SPY?
Over the past year SPAQ returned +5.00% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SPAQ annualized +6.57% vs +20.80% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPAQ or SPY?
SPY has been the more volatile fund at 12.5% annualized versus 2.9% for SPAQ. Worst drawdown: SPAQ -5.3% vs SPY -18.8%.
Should I hold both SPAQ and SPY?
SPAQ and SPY have a monthly-return correlation of 0.00, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPAQ or SPY?
SPAQ yields 16.14% while SPY yields 0.98%, so SPAQ currently pays the higher dividend yield.
Is SPY better than SPAQ?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.