DAT vs. SPRX

Last updated Jun 23, 2026

DAT (ProShares Big Data Refiners ETF) and SPRX (Spear Alpha ETF) are both Technology Equities funds. DAT is passively managed, while SPRX is actively managed. Over the past 3 years, DAT returned 12.94%/yr vs 48.13%/yr for SPRX. A 0.77 correlation means they provide meaningful diversification when combined. DAT charges 0.58%/yr vs 0.75%/yr for SPRX.

Performance

DAT vs. SPRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Big Data Refiners ETF (DAT) 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, DAT achieves a -12.67% return, which is significantly lower than SPRX's 52.05% return.

DAT

• 1D: -2.02%
• 1M: -3.57%
• YTD: -12.67%
• 6M: -15.01%
• 1Y: -11.07%
• 3Y*: 12.94%
• 5Y*: —
• 10Y*: —

SPRX

• 1D: 1.05%
• 1M: 10.66%
• YTD: 52.05%
• 6M: 45.08%
• 1Y: 111.49%
• 3Y*: 48.13%
• 5Y*: —
• 10Y*: —

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

DAT vs. SPRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DAT ProShares Big Data Refiners ETF	-12.67%	3.49%	33.22%	51.76%	-44.33%	-4.44%
SPRX Spear Alpha ETF	52.05%	41.91%	20.58%	88.02%	-44.99%	7.80%

Correlation

The correlation between DAT and SPRX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.77

Over the past year, the correlation between DAT and SPRX has dropped to 0.44 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

DAT vs. SPRX - Sectors Allocation Comparison

Sectors	DAT	SPRX
Technology	96.9%	68.0%
Communication Services	2.3%	3.9%
Utilities	1.2%	1.4%
Healthcare	0.7%	2.0%
Basic Materials	-	9.2%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	8.0%
Industrials	-	16.2%
Real Estate	-	-

Return for Risk

DAT vs. SPRX — Risk / Return Rank

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

DAT

DAT Risk / Return Rank: 6
DAT Sharpe Ratio Rank: 6
DAT Sortino Ratio Rank: 6
DAT Omega Ratio Rank: 6
DAT Calmar Ratio Rank: 6
DAT Martin Ratio Rank: 6

SPRX

SPRX Risk / Return Rank: 73
SPRX Sharpe Ratio Rank: 79
SPRX Sortino Ratio Rank: 60
SPRX Omega Ratio Rank: 62
SPRX Calmar Ratio Rank: 86
SPRX Martin Ratio Rank: 77

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.

DAT vs. SPRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Big Data Refiners ETF (DAT) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DAT	SPRX	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	2.42	-2.79
Sortino ratio: Return per unit of downside risk	-0.33	2.75	-3.08
Omega ratio: Gain probability vs. loss probability	0.96	1.36	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.32	4.63	-4.95
Martin ratio: Return relative to average drawdown	-0.72	14.32	-15.04

DAT vs. SPRX - Sharpe Ratio Comparison

The current DAT Sharpe Ratio is -0.37, which is lower than the SPRX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of DAT 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.

Drawdowns

DAT vs. SPRX - Drawdown Comparison

The maximum DAT drawdown since its inception was -56.22%, which is greater than SPRX's maximum drawdown of -51.21%. Use the drawdown chart below to compare losses from any high point for DAT and SPRX.

Drawdown Indicators

	DAT	SPRX	Difference
Max Drawdown Largest peak-to-trough decline	-56.22%	-51.21%	-5.01%
Max Drawdown (1Y) Largest decline over 1 year	-34.70%	-24.21%	-10.49%
Max Drawdown (3Y) Largest decline over 3 years	-34.73%	-42.12%	+7.39%
Current Drawdown Current decline from peak	-18.95%	-0.39%	-18.56%
Average Drawdown Average peak-to-trough decline	-26.09%	-17.52%	-8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.42%	7.81%	+7.61%

Volatility

DAT vs. SPRX - Volatility Comparison

The current volatility for ProShares Big Data Refiners ETF (DAT) is 13.74%, while Spear Alpha ETF (SPRX) has a volatility of 19.76%. This indicates that DAT 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

	DAT	SPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.74%	19.76%	-6.02%
Volatility (6M) Calculated over the trailing 6-month period	25.43%	37.81%	-12.38%
Volatility (1Y) Calculated over the trailing 1-year period	30.36%	46.45%	-16.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.96%	42.22%	-8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.96%	42.22%	-8.26%

DAT vs. SPRX - Expense Ratio Comparison

DAT has a 0.58% expense ratio, which is lower than SPRX's 0.75% expense ratio.

Dividends

DAT vs. SPRX - Dividend Comparison

Neither DAT nor SPRX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DAT ProShares Big Data Refiners ETF	0.00%	0.00%	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 DAT and SPRX in my portfolio?

DAT and SPRX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAT or SPRX?

SPRX has higher volatility (19.76%) compared to DAT (13.74%). In terms of maximum drawdown, DAT dropped -56.22% vs SPRX's -51.21%.

Which ETF is better, DAT or SPRX?

On 3-year performance, SPRX leads with 48.13% vs 12.94% for DAT. On fees, DAT is cheaper at 0.58% per year. On volatility, DAT has been the lower-risk option at 13.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAT or SPRX?

Over the 3-year period, SPRX has performed better with a 48.13% return vs 12.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAT or SPRX?

DAT is cheaper with a 0.58% expense ratio, compared with 0.75% for SPRX.

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

DAT and SPRX have nearly identical dividend yields, around 0.00%.

What is the main difference between DAT and SPRX?

They also come from different issuers: ProShares and Spear. Their fees differ too: 0.58% for DAT and 0.75% for SPRX.

Which has better risk-adjusted returns?

SPRX currently has the higher Sharpe Ratio (2.42 vs -0.37), 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.