DVXF vs. SPCZ

Last updated Jun 4, 2026

DVXF (WEBs Financial XLF Defined Volatility ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. DVXF is passively managed, while SPCZ is actively managed. At a 0.08 correlation, their price movements are largely independent. DVXF charges 0.89%/yr vs 0.90%/yr for SPCZ.

Performance

DVXF vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs Financial XLF Defined Volatility ETF (DVXF) 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, DVXF achieves a -14.23% return, which is significantly lower than SPCZ's 1.51% return.

DVXF

• 1D: -2.29%
• 1M: -3.22%
• YTD: -14.23%
• 6M: -10.21%
• 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)

DVXF vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025
DVXF WEBs Financial XLF Defined Volatility ETF	-14.23%	3.87%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	2.09%

Correlation

The correlation between DVXF and SPCZ is 0.08, 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 Jul 24, 2025	0.08

Return for Risk

DVXF 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.

DVXF vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Financial XLF Defined Volatility ETF (DVXF) 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

	DVXF	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	-0.46	1.15	-1.60

Drawdowns

DVXF vs. SPCZ - Drawdown Comparison

The maximum DVXF drawdown since its inception was -26.68%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for DVXF and SPCZ.

Drawdown Indicators

	DVXF	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-26.68%	-4.47%	-22.21%
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	-18.95%	-1.54%	-17.41%
Average Drawdown Average peak-to-trough decline	-9.32%	-0.51%	-8.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.59%	—

Volatility

Volatility by Period

	DVXF	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	27.54%	7.78%	+19.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.54%	5.59%	+21.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.54%	5.59%	+21.95%

DVXF vs. SPCZ - Expense Ratio Comparison

DVXF has a 0.89% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

DVXF vs. SPCZ - Dividend Comparison

DVXF 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
DVXF WEBs Financial XLF Defined Volatility 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 DVXF and SPCZ in my portfolio?

DVXF and SPCZ have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DVXF or SPCZ?

On fees, DVXF is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DVXF or SPCZ?

DVXF is cheaper with a 0.89% expense ratio, compared with 0.90% for SPCZ.

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

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

What is the main difference between DVXF and SPCZ?

They also come from different issuers: WEBs and RiverNorth. Their fees differ too: 0.89% for DVXF and 0.90% for SPCZ.