BCFN vs. SPCZ

Last updated Jun 4, 2026

BCFN (Baron Financials ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. BCFN is passively managed, while SPCZ is actively managed. At a correlation of -0.05, they often move in opposite directions. BCFN charges 0.80%/yr vs 0.90%/yr for SPCZ.

Performance

BCFN vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Financials ETF (BCFN) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCFN achieves a -17.02% return, which is significantly lower than SPCZ's 1.51% return.

BCFN

• 1D: -2.00%
• 1M: -4.60%
• YTD: -17.02%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPCZ

• 1D: 0.37%
• 1M: 0.92%
• YTD: 1.51%
• 6M: 1.61%
• 1Y: 4.96%
• 3Y*: 6.50%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BCFN vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025
BCFN Baron Financials ETF	-17.02%	0.35%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	-0.05%

Correlation

The correlation between BCFN and SPCZ is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	-0.05

Return for Risk

BCFN vs. SPCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPCZ

SPCZ Risk / Return Rank: 23
SPCZ Sharpe Ratio Rank: 20
SPCZ Sortino Ratio Rank: 18
SPCZ Omega Ratio Rank: 27
SPCZ Calmar Ratio Rank: 27
SPCZ Martin Ratio Rank: 24

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BCFN vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Financials ETF (BCFN) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BCFN	SPCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.70	1.15	-2.84

Drawdowns

BCFN vs. SPCZ - Drawdown Comparison

The maximum BCFN drawdown since its inception was -20.95%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for BCFN and SPCZ.

Drawdown Indicators

	BCFN	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-20.95%	-4.47%	-16.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.82%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.47%	—
Current Drawdown Current decline from peak	-19.09%	-1.54%	-17.55%
Average Drawdown Average peak-to-trough decline	-12.17%	-0.51%	-11.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.59%	—

Volatility

Volatility by Period

	BCFN	SPCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	7.78%	+11.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.41%	5.59%	+13.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.41%	5.59%	+13.82%

BCFN vs. SPCZ - Expense Ratio Comparison

BCFN has a 0.80% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

BCFN vs. SPCZ - Dividend Comparison

BCFN has not paid dividends to shareholders, while SPCZ's dividend yield for the trailing twelve months is around 11.88%.

Position	TTM	2025	2024	2023	2022
BCFN Baron Financials ETF	0.00%	0.00%	0.00%	0.00%	0.00%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.88%	12.06%	4.24%	5.01%	0.22%

Frequently Asked Questions

Can I hold both BCFN and SPCZ in my portfolio?

BCFN and SPCZ have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCFN or SPCZ?

On fees, BCFN is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCFN or SPCZ?

BCFN is cheaper with a 0.80% expense ratio, compared with 0.90% for SPCZ.

Which ETF pays a higher dividend yield, BCFN or SPCZ?

SPCZ has the higher dividend yield at 11.88%, compared with 0.00% for BCFN.

What is the main difference between BCFN and SPCZ?

They also come from different issuers: Baron Capital and RiverNorth. Their fees differ too: 0.80% for BCFN and 0.90% for SPCZ.