DRGN vs. SPAM

Last updated Aug 5, 2026

DRGN (Themes China Generative Artificial Intelligence ETF) and SPAM (Themes Cybersecurity ETF) are both exchange-traded funds - DRGN is a Artificial Intelligence fund tracking the BITA China Generative AI Select Index, while SPAM is a Technology Equities fund tracking the Solactive Cyber Security Index - Benchmark TR Net. Both are passively managed. Over the past year, DRGN returned 37.74% vs 38.34% for SPAM. Their 0.28 correlation means their historical movements had little consistent relationship. DRGN charges 0.39%/yr vs 0.35%/yr for SPAM.

Performance

DRGN vs. SPAM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes China Generative Artificial Intelligence ETF (DRGN) and Themes Cybersecurity ETF (SPAM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRGN achieves a 13.71% return, which is significantly lower than SPAM's 43.34% return.

DRGN

• 1D: 4.60%
• 1M: 4.46%
• 6M: 5.58%
• YTD: 13.71%
• 1Y: 37.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 41.66%

SPAM

• 1D: 4.06%
• 1M: 4.25%
• 6M: 49.61%
• YTD: 43.34%
• 1Y: 38.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRGN Themes China Generative Artificial Intelligence ETF	$473.92K	$435.90K	$560.91K
SPAM Themes Cybersecurity ETF	$63.13K	$62.48K	$120.00K

DRGN vs. SPAM - Yearly Performance Comparison

	2026 (YTD)	2025
DRGN Themes China Generative Artificial Intelligence ETF	13.71%	26.96%
SPAM Themes Cybersecurity ETF	43.34%	-4.11%

Correlation

The correlation between DRGN and SPAM is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.28

Return for Risk

DRGN vs. SPAM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DRGN

DRGN Risk / Return Rank: 38
DRGN Sharpe Ratio Rank: 37
DRGN Sortino Ratio Rank: 38
DRGN Omega Ratio Rank: 36
DRGN Calmar Ratio Rank: 45
DRGN Martin Ratio Rank: 34

SPAM

SPAM Risk / Return Rank: 42
SPAM Sharpe Ratio Rank: 48
SPAM Sortino Ratio Rank: 46
SPAM Omega Ratio Rank: 43
SPAM Calmar Ratio Rank: 40
SPAM Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DRGN vs. SPAM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes China Generative Artificial Intelligence ETF (DRGN) and Themes Cybersecurity ETF (SPAM). 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.

	DRGN	SPAM	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.34	-0.30
Sortino ratio: Return per unit of downside risk	1.61	1.90	-0.29
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.82	1.60	+0.21
Martin ratio: Return relative to average drawdown	3.61	3.50	+0.11

DRGN vs. SPAM - Sharpe Ratio Comparison

The current DRGN Sharpe Ratio is 1.03, which is comparable to the SPAM Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of DRGN and SPAM, 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

DRGN vs. SPAM - Drawdown Comparison

The maximum DRGN drawdown since its inception was -20.86%, smaller than the maximum SPAM drawdown of -24.02%. Use the drawdown chart below to compare losses from any high point for DRGN and SPAM.

Drawdown Indicators

	DRGN	SPAM	Difference
Max Drawdown Largest peak-to-trough decline	-20.86%	-24.02%	+3.16%
Max Drawdown (1Y) Largest decline over 1 year	-20.86%	-24.02%	+3.16%
Current Drawdown Current decline from peak	-9.32%	-0.35%	-8.97%
Average Drawdown Average peak-to-trough decline	-8.41%	-6.50%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.47%	10.97%	-0.50%

Volatility

DRGN vs. SPAM - Volatility Comparison

Themes China Generative Artificial Intelligence ETF (DRGN) has a higher volatility of 12.67% compared to Themes Cybersecurity ETF (SPAM) at 9.47%. This indicates that DRGN's price experiences larger fluctuations and is considered to be riskier than SPAM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRGN	SPAM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.67%	9.47%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	26.15%	24.47%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	36.79%	28.87%	+7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.16%	25.18%	+10.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.16%	25.18%	+10.98%

DRGN vs. SPAM - Expense Ratio Comparison

DRGN has a 0.39% expense ratio, which is higher than SPAM's 0.35% expense ratio.

Dividends

DRGN vs. SPAM - Dividend Comparison

DRGN's dividend yield for the trailing twelve months is around 1.07%, more than SPAM's 0.34% yield.

Position	TTM	2025	2024
DRGN Themes China Generative Artificial Intelligence ETF	1.07%	1.22%	0.00%
SPAM Themes Cybersecurity ETF	0.34%	0.49%	0.13%

Frequently Asked Questions

Can I hold both DRGN and SPAM in my portfolio?

DRGN and SPAM have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRGN or SPAM?

DRGN has higher volatility (12.67%) compared to SPAM (9.47%). In terms of maximum drawdown, DRGN dropped -20.86% vs SPAM's -24.02%.

Which ETF is better, DRGN or SPAM?

On 1-year performance, SPAM leads with 38.34% vs 37.74% for DRGN. On fees, SPAM is cheaper at 0.35% per year. On volatility, SPAM has been the lower-risk option at 9.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRGN or SPAM?

Over the 1-year period, SPAM has performed better with a 38.34% return vs 37.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRGN or SPAM?

SPAM is cheaper with a 0.35% expense ratio, compared with 0.39% for DRGN.

Which ETF pays a higher dividend yield, DRGN or SPAM?

DRGN has the higher dividend yield at 1.07%, compared with 0.34% for SPAM.

What is the main difference between DRGN and SPAM?

DRGN is categorized as Artificial Intelligence, while SPAM is Technology Equities. DRGN tracks BITA China Generative AI Select Index, while SPAM tracks Solactive Cyber Security Index - Benchmark TR Net. Their fees differ too: 0.39% for DRGN and 0.35% for SPAM.

Which has better risk-adjusted returns?

SPAM currently has the higher Sharpe Ratio (1.34 vs 1.03), 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.