SPAQ vs VXUS
Horizon Kinetics SPAC Active ETF vs Vanguard Total International Stock ETF
Quick Verdict
VXUS has a lower expense ratio. VXUS delivered stronger 1-year returns. VXUS offers more diversification with 7861 holdings.
Side-by-Side Comparison
| Metric | SPAQ | VXUS | Winner |
|---|---|---|---|
| Expense Ratio | 0.85% | 0.05% | |
| AUM | $10M | $156.5B | |
| Dividend Yield | 16.12% | 2.60% | |
| Holdings | 51 | 8,747 | |
| YTD Return | +3.69% | +14.57% | |
| 1Y Return | +5.08% | +27.82% | |
| 3Y Return (annualized) | +7.15% | +19.27% | |
| 5Y Return (annualized) | - | +9.28% | |
| Volatility (annualized) | 2.9% | 15.1% | |
| Max Drawdown | -5.3% | -39.9% | |
| Fund Family | Horizon Kinetics LLC | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 27, 2023 | Jan 26, 2011 |
SPAQ vs VXUS Performance
Horizon Kinetics SPAC Active ETF (SPAQ) is a ETF from Horizon Kinetics LLC and Vanguard Total International Stock ETF (VXUS) is a ETF from Vanguard (US). Over the past year SPAQ returned +5.08% while VXUS returned +27.82%. Year to date, SPAQ is up 3.69% versus a gain of 14.57% for VXUS.
Over three years, SPAQ compounded at +7.15% per year against +19.27% for VXUS. Across the full 4-year window we track, SPAQ has the edge at +6.83% annualized vs +4.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VXUS has been the more volatile fund, with annualized monthly volatility of 15.1% 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 -39.9% for VXUS. 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 -0.06. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPAQ charges 0.85% per year while VXUS charges 0.05%. On a $10,000 position that is $85 vs $5 annually, a gap of $80 per year that compounds over a long holding period. On income, SPAQ currently yields 16.12% against 2.60% for VXUS.
Holdings Overlap
SPAQ and VXUS share 0 holdings out of 7904 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 VXUS?
SPAQ has an expense ratio of 0.85% while VXUS charges 0.05%. VXUS is the cheaper option. On a $10,000 investment, that is $80 per year of difference.
Which performed better, SPAQ or VXUS?
Over the past year SPAQ returned +5.08% vs +27.82% for VXUS, so VXUS leads on 1-year performance. Over the longest common window we track (4 years), SPAQ annualized +6.83% vs +4.86% for VXUS. Past performance does not guarantee future results.
Which is riskier, SPAQ or VXUS?
VXUS has been the more volatile fund at 15.1% annualized versus 2.9% for SPAQ. Worst drawdown: SPAQ -5.3% vs VXUS -39.9%.
Should I hold both SPAQ and VXUS?
SPAQ and VXUS have a monthly-return correlation of -0.06, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPAQ and VXUS?
SPAQ and VXUS share 0 common holdings with a 0.0% weight overlap. Combined, they hold 7904 unique securities.
Which pays a higher dividend, SPAQ or VXUS?
SPAQ yields 16.12% while VXUS yields 2.60%, so SPAQ currently pays the higher dividend yield.
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