- Issuer
- Toroso Investments
- Inception Date
- Jun 22, 2021
- Region
- North America (U.S.)
- Category
- Event Driven
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Assets Under Management
- $8M
Share Price Chart
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Performance
SPAX Performance Chart
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Returns By Period
Robinson Alternative Yield Pre-merger SPAC ETF
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
SPAX Monthly Returns History
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | -0.25% | 0.32% | 0.30% | -0.34% | 0.02% | ||||||||
| 2024 | -0.02% | -0.14% | 1.50% | -0.76% | 1.07% | 0.24% | 0.87% | 0.37% | 0.52% | -0.54% | 0.47% | 1.47% | 5.11% |
| 2023 | 1.52% | 0.77% | 0.17% | 0.47% | 0.78% | 0.40% | 0.65% | -0.12% | 0.91% | 0.11% | 0.51% | 0.27% | 6.63% |
| 2022 | -0.55% | 0.37% | 0.24% | 0.34% | -0.93% | 0.81% | 0.11% | -0.38% | 0.51% | 0.80% | 0.79% | -0.86% | 1.25% |
| 2021 | -0.02% | -0.57% | -0.36% | 0.48% | 1.85% | 0.43% | 0.38% | 2.19% |
Benchmark Metrics
Robinson Alternative Yield Pre-merger SPAC ETF has an annualized alpha of 4.26%, beta of 0.02, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since June 24, 2021.
- This ETF captured 8.73% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -4.78%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.02 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.26%
- Beta
- 0.02
- R²
- 0.00
- Upside Capture
- 8.73%
- Downside Capture
- -4.78%
Expense Ratio
SPAX has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and compare them to S&P 500 Index.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
Dividends
Dividend History
Robinson Alternative Yield Pre-merger SPAC ETF provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Dividend | $0.00 | $1.11 | $1.54 | $0.20 |
Dividend yield | 0.00% | 5.50% | 7.54% | 0.97% |
Monthly Dividends
The table displays the monthly dividend distributions for Robinson Alternative Yield Pre-merger SPAC ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||
| 2024 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.30 | $1.11 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $1.27 | $1.54 |
| 2022 | $0.20 | $0.20 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Robinson Alternative Yield Pre-merger SPAC ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Robinson Alternative Yield Pre-merger SPAC ETF was 8.88%, occurring on May 18, 2022. Recovery took 464 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -8.88%May 2022 | 3mo 21d | 1y 10mo | 2y 1moJan 2022 - Mar 2024 |
2024 pullback2024 | -2.10%May 2024 | 5d | 7d | 12dApr 2024 - May 2024 |
2024 pullback2024 | -1.75%Oct 2024 | 7d | 26d | 1mo 3dOct 2024 - Nov 2024 |
2024 pullback2024 | -1.68%Apr 2024 | 1d | 23d | 24dApr 2024 - Apr 2024 |
2025 pullback2025 | -1.67%Jan 2025 | 20d | 22d | 1mo 12dJan 2025 - Feb 2025 |
Drawdown Indicators
| SPAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -56.78% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | — | 0.00% | — |
Average DrawdownAverage peak-to-trough decline | — | -10.72% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.97% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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