GPZ vs. SPCZ

Last updated Jun 24, 2026

GPZ (VanEck Alternative Asset Manager ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. GPZ is passively managed, while SPCZ is actively managed. Over the past year, GPZ returned -11.53% vs 5.48% for SPCZ. At a 0.10 correlation, their price movements are largely independent. GPZ charges 0.40%/yr vs 0.90%/yr for SPCZ.

Performance

GPZ vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Alternative Asset Manager ETF (GPZ) 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, GPZ achieves a -19.30% return, which is significantly lower than SPCZ's 1.88% return.

GPZ

• 1D: -2.58%
• 1M: -5.07%
• YTD: -19.30%
• 6M: -20.44%
• 1Y: -11.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPCZ

• 1D: -0.06%
• 1M: 0.29%
• YTD: 1.88%
• 6M: 1.78%
• 1Y: 5.48%
• 3Y*: 6.61%
• 5Y*: —
• 10Y*: —

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

GPZ vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025
GPZ VanEck Alternative Asset Manager ETF	-19.30%	9.24%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.88%	3.36%

Correlation

The correlation between GPZ and SPCZ 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 (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.10

GPZ vs. SPCZ - Sectors Allocation Comparison

Sectors	GPZ	SPCZ
Financial Services	100.0%	73.5%
Real Estate	2.3%	-
Basic Materials	-	0.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	0.3%
Utilities	-	-

Return for Risk

GPZ vs. SPCZ — Risk / Return Rank

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

GPZ

GPZ Risk / Return Rank: 6
GPZ Sharpe Ratio Rank: 5
GPZ Sortino Ratio Rank: 6
GPZ Omega Ratio Rank: 5
GPZ Calmar Ratio Rank: 6
GPZ Martin Ratio Rank: 6

SPCZ

SPCZ Risk / Return Rank: 24
SPCZ Sharpe Ratio Rank: 18
SPCZ Sortino Ratio Rank: 18
SPCZ Omega Ratio Rank: 28
SPCZ Calmar Ratio Rank: 31
SPCZ Martin Ratio Rank: 26

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.

GPZ vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Alternative Asset Manager ETF (GPZ) 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.

	GPZ	SPCZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	0.59	-1.00
Sortino ratio: Return per unit of downside risk	-0.41	0.92	-1.33
Omega ratio: Gain probability vs. loss probability	0.95	1.19	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.36	1.44	-1.81
Martin ratio: Return relative to average drawdown	-0.73	3.32	-4.05

GPZ vs. SPCZ - Sharpe Ratio Comparison

The current GPZ Sharpe Ratio is -0.42, which is lower than the SPCZ Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of GPZ and SPCZ, 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

GPZ vs. SPCZ - Drawdown Comparison

The maximum GPZ drawdown since its inception was -31.72%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for GPZ and SPCZ.

Drawdown Indicators

	GPZ	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-4.47%	-27.25%
Max Drawdown (1Y) Largest decline over 1 year	-31.72%	-3.82%	-27.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.47%	—
Current Drawdown Current decline from peak	-25.87%	-3.43%	-22.44%
Average Drawdown Average peak-to-trough decline	-12.27%	-0.53%	-11.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.80%	1.66%	+14.14%

Volatility

GPZ vs. SPCZ - Volatility Comparison

VanEck Alternative Asset Manager ETF (GPZ) has a higher volatility of 9.25% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 5.66%. This indicates that GPZ's price experiences larger fluctuations and is considered to be riskier than SPCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPZ	SPCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.25%	5.66%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	22.33%	8.35%	+13.98%
Volatility (1Y) Calculated over the trailing 1-year period	27.85%	9.43%	+18.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.60%	6.22%	+21.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	6.22%	+21.38%

GPZ vs. SPCZ - Expense Ratio Comparison

GPZ has a 0.40% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

GPZ vs. SPCZ - Dividend Comparison

GPZ's dividend yield for the trailing twelve months is around 1.03%, less than SPCZ's 11.83% yield.

Position	TTM	2025	2024	2023	2022
GPZ VanEck Alternative Asset Manager ETF	1.03%	0.83%	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

Can I hold both GPZ and SPCZ in my portfolio?

GPZ and SPCZ 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 is riskier, GPZ or SPCZ?

GPZ has higher volatility (9.25%) compared to SPCZ (5.66%). In terms of maximum drawdown, GPZ dropped -31.72% vs SPCZ's -4.47%.

Which ETF is better, GPZ or SPCZ?

On 1-year performance, SPCZ leads with 5.48% vs -11.53% for GPZ. On fees, GPZ is cheaper at 0.40% per year. On volatility, SPCZ has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPZ or SPCZ?

Over the 1-year period, SPCZ has performed better with a 5.48% return vs -11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPZ or SPCZ?

GPZ is cheaper with a 0.40% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.83%, compared with 1.03% for GPZ.

What is the main difference between GPZ and SPCZ?

They also come from different issuers: VanEck and RiverNorth. Their fees differ too: 0.40% for GPZ and 0.90% for SPCZ.

Which has better risk-adjusted returns?

SPCZ currently has the higher Sharpe Ratio (0.59 vs -0.42), 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.