SPAQ vs VOO
Horizon Kinetics SPAC Active ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 509 holdings.
Side-by-Side Comparison
| Metric | SPAQ | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.85% | 0.03% | |
| AUM | $10M | $997.4B | |
| Dividend Yield | 16.12% | 1.08% | |
| Holdings | 51 | 509 | |
| YTD Return | +3.35% | +12.25% | |
| 1Y Return | +5.66% | +20.92% | |
| 3Y Return (annualized) | +6.61% | +21.79% | |
| 5Y Return (annualized) | - | +13.05% | |
| Volatility (annualized) | 3.0% | 14.1% | |
| Max Drawdown | -5.3% | -34.3% | |
| Fund Family | Horizon Kinetics LLC | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 27, 2023 | Sep 7, 2010 |
SPAQ vs VOO Performance
Horizon Kinetics SPAC Active ETF (SPAQ) is a ETF from Horizon Kinetics LLC and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year SPAQ returned +5.66% while VOO returned +20.92%. Year to date, SPAQ is up 3.35% versus a gain of 12.25% for VOO.
Over three years, SPAQ compounded at +6.61% per year against +21.79% for VOO. Across the full 4-year window we track, VOO has the edge at +13.45% annualized vs +6.67%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% 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 -5.3% for SPAQ and -34.3% for VOO. 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 -0.01. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPAQ charges 0.85% per year while VOO charges 0.03%. On a $10,000 position that is $85 vs $3 annually, a gap of $82 per year that compounds over a long holding period. On income, SPAQ currently yields 16.12% against 1.08% for VOO.
Holdings Overlap
SPAQ and VOO 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, SPAQ or VOO?
SPAQ has an expense ratio of 0.85% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $82 per year of difference.
Which performed better, SPAQ or VOO?
Over the past year SPAQ returned +5.66% vs +20.92% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (4 years), SPAQ annualized +6.67% vs +13.45% for VOO. Past performance does not guarantee future results.
Which is riskier, SPAQ or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 3.0% for SPAQ. Worst drawdown: SPAQ -5.3% vs VOO -34.3%.
Should I hold both SPAQ and VOO?
SPAQ and VOO have a monthly-return correlation of -0.01, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPAQ and VOO?
SPAQ and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 552 unique securities.
Which pays a higher dividend, SPAQ or VOO?
SPAQ yields 16.12% while VOO yields 1.08%, so SPAQ currently pays the higher dividend yield.
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