FBDC vs. SPCZ
FBDC (FT Confluence BDC & Specialty Finance Income ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. Both are actively managed. At a 0.00 correlation, their price movements are largely independent. FBDC charges 1.35%/yr vs 0.90%/yr for SPCZ.
Performance
FBDC vs. SPCZ - Performance Comparison
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Returns By Period
In the year-to-date period, FBDC achieves a -10.66% return, which is significantly lower than SPCZ's 1.94% return.
FBDC
- 1D
- -1.16%
- 1M
- -1.54%
- YTD
- -10.66%
- 6M
- -9.44%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPCZ
- 1D
- 0.04%
- 1M
- 0.35%
- YTD
- 1.94%
- 6M
- 2.10%
- 1Y
- 4.71%
- 3Y*
- 6.63%
- 5Y*
- —
- 10Y*
- —
FBDC vs. SPCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | -10.66% | -2.66% |
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF | 1.94% | 3.67% |
Correlation
The correlation between FBDC and SPCZ is 0.00, 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 Jun 30, 2025 | 0.00 |
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Return for Risk
FBDC vs. SPCZ — Risk / Return Rank
FBDC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPCZ
FBDC vs. SPCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Confluence BDC & Specialty Finance Income ETF (FBDC) 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.
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.
| FBDC | SPCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.16 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.24 | — |
| Martin ratioReturn relative to average drawdown | — | 2.88 | — |
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Drawdowns
FBDC vs. SPCZ - Drawdown Comparison
The maximum FBDC drawdown since its inception was -20.60%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for FBDC and SPCZ.
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Drawdown Indicators
| FBDC | SPCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.60% | -4.47% | -16.13% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.82% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.47% | — |
Current DrawdownCurrent decline from peak | -18.29% | -3.37% | -14.92% |
Average DrawdownAverage peak-to-trough decline | -10.41% | -0.53% | -9.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.66% | — |
Volatility
FBDC vs. SPCZ - Volatility Comparison
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Volatility by Period
| FBDC | SPCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 5.66% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.35% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.03% | 9.44% | +8.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.03% | 6.22% | +11.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 6.22% | +11.81% |
FBDC vs. SPCZ - Expense Ratio Comparison
FBDC has a 1.35% expense ratio, which is higher than SPCZ's 0.90% expense ratio.
Dividends
FBDC vs. SPCZ - Dividend Comparison
FBDC's dividend yield for the trailing twelve months is around 11.67%, less than SPCZ's 11.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.67% | 5.41% | 0.00% | 0.00% | 0.00% |
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF | 11.83% | 12.06% | 4.24% | 5.01% | 0.22% |
Frequently Asked Questions
FBDC and SPCZ have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPCZ is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPCZ is cheaper with a 0.90% expense ratio, compared with 1.35% for FBDC.
SPCZ has the higher dividend yield at 11.83%, compared with 11.67% for FBDC.
They also come from different issuers: First Trust and RiverNorth. Their fees differ too: 1.35% for FBDC and 0.90% for SPCZ.
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