EUFN vs. SPAX

Last updated Jun 5, 2026

EUFN (iShares MSCI Europe Financials ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both exchange-traded funds - EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index, while SPAX is a Event Driven fund actively managed by Toroso Investments. EUFN is passively managed, while SPAX is actively managed. At a 0.07 correlation, their price movements are largely independent. EUFN charges 0.48%/yr vs 0.85%/yr for SPAX.

Performance

EUFN vs. SPAX - Performance Comparison

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

Returns By Period

EUFN

• 1D: 1.01%
• 1M: 2.51%
• YTD: 2.56%
• 6M: 9.62%
• 1Y: 24.30%
• 3Y*: 31.76%
• 5Y*: 17.71%
• 10Y*: 12.11%

SPAX

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

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

EUFN vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EUFN iShares MSCI Europe Financials ETF	2.56%	65.73%	17.20%	26.15%	-8.78%	3.52%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	2.19%

Correlation

The correlation between EUFN and SPAX is 0.07, 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	0.06
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021	0.07

EUFN vs. SPAX - Sectors Allocation Comparison

Sectors	EUFN	SPAX
Financial Services	97.3%	100.0%
Technology	1.1%	-
Industrials	0.4%	-
Consumer Cyclical	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

EUFN vs. SPAX — Risk / Return Rank

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

EUFN

EUFN Risk / Return Rank: 35
EUFN Sharpe Ratio Rank: 35
EUFN Sortino Ratio Rank: 35
EUFN Omega Ratio Rank: 34
EUFN Calmar Ratio Rank: 34
EUFN Martin Ratio Rank: 38

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.

EUFN vs. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Financials ETF (EUFN) 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.

	EUFN	SPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	—	—
Sortino ratio: Return per unit of downside risk	1.82	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.65	—	—
Martin ratio: Return relative to average drawdown	5.79	—	—
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

	EUFN	SPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	—	—

Drawdowns

Drawdown Indicators

	EUFN	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.25%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.25%	—	—
Current Drawdown Current decline from peak	-2.19%	—	—
Average Drawdown Average peak-to-trough decline	-14.55%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	—	—

Volatility

Volatility by Period

	EUFN	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.74%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.81%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.55%	—	—

EUFN vs. SPAX - Expense Ratio Comparison

EUFN has a 0.48% expense ratio, which is lower than SPAX's 0.85% expense ratio.

Dividends

EUFN vs. SPAX - Dividend Comparison

EUFN's dividend yield for the trailing twelve months is around 3.48%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUFN iShares MSCI Europe Financials ETF	3.48%	3.57%	5.36%	5.00%	4.24%	4.15%	1.38%	4.55%	6.48%	3.04%	4.03%	3.65%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EUFN and SPAX in my portfolio?

EUFN and SPAX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EUFN or SPAX?

On fees, EUFN is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EUFN or SPAX?

EUFN is cheaper with a 0.48% expense ratio, compared with 0.85% for SPAX.

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

EUFN has the higher dividend yield at 3.48%, compared with 0.00% for SPAX.

What is the main difference between EUFN and SPAX?

EUFN is categorized as Financials Equities, while SPAX is Event Driven. They also come from different issuers: iShares and Toroso Investments. Their fees differ too: 0.48% for EUFN and 0.85% for SPAX.