CHAT vs. SPRX

Last updated Jun 9, 2026

CHAT (Roundhill Generative AI & Technology ETF) and SPRX (Spear Alpha ETF) are both Technology Equities funds. Both are actively managed. Over the past 3 years, CHAT returned 50.33%/yr vs 44.05%/yr for SPRX. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.75% expense ratio.

Performance

CHAT vs. SPRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Generative AI & Technology ETF (CHAT) and Spear Alpha ETF (SPRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHAT achieves a 58.75% return, which is significantly higher than SPRX's 39.82% return.

CHAT

• 1D: 3.25%
• 1M: 8.61%
• YTD: 58.75%
• 6M: 54.05%
• 1Y: 117.08%
• 3Y*: 50.33%
• 5Y*: —
• 10Y*: —

SPRX

• 1D: 4.65%
• 1M: 17.24%
• YTD: 39.82%
• 6M: 30.97%
• 1Y: 97.11%
• 3Y*: 44.05%
• 5Y*: —
• 10Y*: —

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

CHAT vs. SPRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CHAT Roundhill Generative AI & Technology ETF	58.75%	49.85%	30.98%	19.23%
SPRX Spear Alpha ETF	39.82%	41.91%	20.58%	37.00%

Correlation

The correlation between CHAT and SPRX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 19, 2023	0.83

The correlation between CHAT and SPRX has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

CHAT vs. SPRX - Sectors Allocation Comparison

Sectors	CHAT	SPRX
Technology	76.5%	72.7%
Communication Services	16.6%	3.9%
Consumer Cyclical	5.6%	-
Industrials	0.8%	15.5%
Financial Services	0.0%	8.0%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	1.4%

Return for Risk

CHAT vs. SPRX — Risk / Return Rank

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

CHAT

CHAT Risk / Return Rank: 93
CHAT Sharpe Ratio Rank: 96
CHAT Sortino Ratio Rank: 90
CHAT Omega Ratio Rank: 91
CHAT Calmar Ratio Rank: 95
CHAT Martin Ratio Rank: 92

SPRX

SPRX Risk / Return Rank: 71
SPRX Sharpe Ratio Rank: 75
SPRX Sortino Ratio Rank: 60
SPRX Omega Ratio Rank: 62
SPRX Calmar Ratio Rank: 83
SPRX Martin Ratio Rank: 74

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.

CHAT vs. SPRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Generative AI & Technology ETF (CHAT) and Spear Alpha ETF (SPRX). 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.

	CHAT	SPRX	Difference
Sharpe ratio: Return per unit of total volatility	3.63	2.17	+1.46
Sortino ratio: Return per unit of downside risk	3.82	2.55	+1.27
Omega ratio: Gain probability vs. loss probability	1.54	1.34	+0.20
Calmar ratio: Return relative to maximum drawdown	7.23	4.03	+3.20
Martin ratio: Return relative to average drawdown	21.00	12.67	+8.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHAT vs. SPRX - Sharpe Ratio Comparison

The current CHAT Sharpe Ratio is 3.63, which is higher than the SPRX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of CHAT and SPRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CHAT	SPRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.63	2.17	+1.46
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.54	+1.23

Drawdowns

CHAT vs. SPRX - Drawdown Comparison

The maximum CHAT drawdown since its inception was -31.34%, smaller than the maximum SPRX drawdown of -51.21%. Use the drawdown chart below to compare losses from any high point for CHAT and SPRX.

Drawdown Indicators

	CHAT	SPRX	Difference
Max Drawdown Largest peak-to-trough decline	-31.34%	-51.21%	+19.87%
Max Drawdown (1Y) Largest decline over 1 year	-16.28%	-24.21%	+7.93%
Max Drawdown (3Y) Largest decline over 3 years	-31.34%	-42.12%	+10.78%
Current Drawdown Current decline from peak	-9.52%	-8.41%	-1.11%
Average Drawdown Average peak-to-trough decline	-5.36%	-17.62%	+12.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.60%	7.69%	-2.09%

Volatility

CHAT vs. SPRX - Volatility Comparison

The current volatility for Roundhill Generative AI & Technology ETF (CHAT) is 15.95%, while Spear Alpha ETF (SPRX) has a volatility of 18.67%. This indicates that CHAT experiences smaller price fluctuations and is considered to be less risky than SPRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHAT	SPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.95%	18.67%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	27.06%	37.41%	-10.35%
Volatility (1Y) Calculated over the trailing 1-year period	32.47%	45.02%	-12.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.45%	42.01%	-11.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.45%	42.01%	-11.56%

CHAT vs. SPRX - Expense Ratio Comparison

Both CHAT and SPRX have an expense ratio of 0.75%.

Dividends

CHAT vs. SPRX - Dividend Comparison

CHAT's dividend yield for the trailing twelve months is around 1.80%, while SPRX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
CHAT Roundhill Generative AI & Technology ETF	1.80%	2.85%	0.00%	0.00%	0.00%	0.00%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%

Frequently Asked Questions

Can I hold both CHAT and SPRX in my portfolio?

CHAT and SPRX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHAT or SPRX?

SPRX has higher volatility (18.67%) compared to CHAT (15.95%). In terms of maximum drawdown, CHAT dropped -31.34% vs SPRX's -51.21%.

Which ETF is better, CHAT or SPRX?

On 3-year performance, CHAT leads with 50.33% vs 44.05% for SPRX. Both ETFs have the same 0.75% expense ratio. On volatility, CHAT has been the lower-risk option at 15.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHAT or SPRX?

Over the 3-year period, CHAT has performed better with a 50.33% return vs 44.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHAT or SPRX?

CHAT and SPRX have the same expense ratio: 0.75% per year.

Which ETF pays a higher dividend yield, CHAT or SPRX?

CHAT has the higher dividend yield at 1.80%, compared with 0.00% for SPRX.

What is the main difference between CHAT and SPRX?

They also come from different issuers: Roundhill and Spear.

Which has better risk-adjusted returns?

CHAT currently has the higher Sharpe Ratio (3.63 vs 2.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.