BOAT vs. SPAX

Last updated Jun 4, 2026

BOAT (SonicShares Global Shipping ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both exchange-traded funds - BOAT is a Transportation Equities fund tracking the Solactive Global Shipping Index - Benchmark TR Net, while SPAX is a Event Driven fund actively managed by Toroso Investments. BOAT is passively managed, while SPAX is actively managed. At a 0.10 correlation, their price movements are largely independent. BOAT charges 0.69%/yr vs 0.85%/yr for SPAX.

Performance

BOAT vs. SPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SonicShares Global Shipping ETF (BOAT) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BOAT

• 1D: -0.83%
• 1M: -2.43%
• YTD: 29.73%
• 6M: 28.77%
• 1Y: 49.09%
• 3Y*: 27.56%
• 5Y*: —
• 10Y*: —

SPAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOAT vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	29.73%	22.77%	5.97%	24.53%	6.26%	23.18%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	2.66%

Correlation

The correlation between BOAT and SPAX is 0.10, 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 (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.10

BOAT vs. SPAX - Sectors Allocation Comparison

Sectors	BOAT	SPAX
Industrials	25.4%	-
Energy	16.1%	-
Financial Services	4.7%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BOAT vs. SPAX — Risk / Return Rank

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

BOAT

BOAT Risk / Return Rank: 73
BOAT Sharpe Ratio Rank: 75
BOAT Sortino Ratio Rank: 71
BOAT Omega Ratio Rank: 67
BOAT Calmar Ratio Rank: 80
BOAT Martin Ratio Rank: 70

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.

BOAT vs. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SonicShares Global Shipping ETF (BOAT) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). 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.

	BOAT	SPAX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	—	—
Sortino ratio: Return per unit of downside risk	3.30	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	4.25	—	—
Martin ratio: Return relative to average drawdown	13.13	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BOAT	SPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	—	—

Drawdowns

Drawdown Indicators

	BOAT	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-33.94%	—	—
Current Drawdown Current decline from peak	-6.70%	—	—
Average Drawdown Average peak-to-trough decline	-9.70%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	—	—

Volatility

Volatility by Period

	BOAT	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.12%	—	—

BOAT vs. SPAX - Expense Ratio Comparison

BOAT has a 0.69% expense ratio, which is lower than SPAX's 0.85% expense ratio.

Dividends

BOAT vs. SPAX - Dividend Comparison

BOAT's dividend yield for the trailing twelve months is around 6.32%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	6.32%	8.08%	13.89%	13.65%	13.57%	1.36%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%

Frequently Asked Questions

Can I hold both BOAT and SPAX in my portfolio?

BOAT and SPAX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BOAT or SPAX?

On fees, BOAT is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BOAT or SPAX?

BOAT is cheaper with a 0.69% expense ratio, compared with 0.85% for SPAX.

Which ETF pays a higher dividend yield, BOAT or SPAX?

BOAT has the higher dividend yield at 6.32%, compared with 0.00% for SPAX.

What is the main difference between BOAT and SPAX?

BOAT is categorized as Transportation Equities, while SPAX is Event Driven. Their fees differ too: 0.69% for BOAT and 0.85% for SPAX.