HSBH vs. SPCZ

Last updated Jun 6, 2026

HSBH (HSBC Holdings plc ADRhedged ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. HSBH is passively managed, while SPCZ is actively managed. Over the past year, HSBH returned 60.04% vs 5.04% for SPCZ. At a correlation of -0.05, they often move in opposite directions. HSBH charges 0.19%/yr vs 0.90%/yr for SPCZ.

Performance

HSBH vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Holdings plc ADRhedged ETF (HSBH) 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, HSBH achieves a 19.58% return, which is significantly higher than SPCZ's 1.72% return.

HSBH

• 1D: -1.17%
• 1M: 1.73%
• YTD: 19.58%
• 6M: 30.69%
• 1Y: 60.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPCZ

• 1D: 0.35%
• 1M: 0.87%
• YTD: 1.72%
• 6M: 1.81%
• 1Y: 5.04%
• 3Y*: 6.50%
• 5Y*: —
• 10Y*: —

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

HSBH vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025
HSBH HSBC Holdings plc ADRhedged ETF	19.58%	40.02%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.72%	7.55%

Correlation

The correlation between HSBH and SPCZ is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since Apr 24, 2025	-0.05

HSBH vs. SPCZ - Sectors Allocation Comparison

Sectors	HSBH	SPCZ
Financial Services	100.0%	81.4%
Basic Materials	-	0.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.4%
Utilities	-	-

Return for Risk

HSBH vs. SPCZ — Risk / Return Rank

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

HSBH

HSBH Risk / Return Rank: 84
HSBH Sharpe Ratio Rank: 88
HSBH Sortino Ratio Rank: 84
HSBH Omega Ratio Rank: 84
HSBH Calmar Ratio Rank: 83
HSBH Martin Ratio Rank: 82

SPCZ

SPCZ Risk / Return Rank: 25
SPCZ Sharpe Ratio Rank: 21
SPCZ Sortino Ratio Rank: 19
SPCZ Omega Ratio Rank: 29
SPCZ Calmar Ratio Rank: 29
SPCZ Martin Ratio Rank: 25

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.

HSBH vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Holdings plc ADRhedged ETF (HSBH) 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.

	HSBH	SPCZ	Difference
Sharpe ratio: Return per unit of total volatility	2.64	0.65	+1.99
Sortino ratio: Return per unit of downside risk	3.42	0.94	+2.49
Omega ratio: Gain probability vs. loss probability	1.46	1.18	+0.28
Calmar ratio: Return relative to maximum drawdown	4.07	1.32	+2.75
Martin ratio: Return relative to average drawdown	14.96	3.16	+11.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSBH vs. SPCZ - Sharpe Ratio Comparison

The current HSBH Sharpe Ratio is 2.64, which is higher than the SPCZ Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of HSBH 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.

Sharpe Ratios by Period

	HSBH	SPCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	0.65	+1.99
Sharpe Ratio (All Time) Calculated using the full available price history	2.62	1.15	+1.47

Drawdowns

HSBH vs. SPCZ - Drawdown Comparison

The maximum HSBH drawdown since its inception was -14.81%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for HSBH and SPCZ.

Drawdown Indicators

	HSBH	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-4.47%	-10.34%
Max Drawdown (1Y) Largest decline over 1 year	-14.81%	-3.82%	-10.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.47%	—
Current Drawdown Current decline from peak	-3.52%	-1.34%	-2.18%
Average Drawdown Average peak-to-trough decline	-2.34%	-0.51%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	1.60%	+2.42%

Volatility

HSBH vs. SPCZ - Volatility Comparison

HSBC Holdings plc ADRhedged ETF (HSBH) has a higher volatility of 6.52% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 0.72%. This indicates that HSBH'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

	HSBH	SPCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	0.72%	+5.80%
Volatility (6M) Calculated over the trailing 6-month period	18.58%	6.30%	+12.28%
Volatility (1Y) Calculated over the trailing 1-year period	22.83%	7.78%	+15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	5.59%	+16.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.43%	5.59%	+16.84%

HSBH vs. SPCZ - Expense Ratio Comparison

HSBH has a 0.19% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

HSBH vs. SPCZ - Dividend Comparison

HSBH's dividend yield for the trailing twelve months is around 0.34%, less than SPCZ's 11.85% yield.

Position	TTM	2025	2024	2023	2022
HSBH HSBC Holdings plc ADRhedged ETF	0.34%	0.00%	0.00%	0.00%	0.00%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.85%	12.06%	4.24%	5.01%	0.22%

Frequently Asked Questions

Can I hold both HSBH and SPCZ in my portfolio?

HSBH and SPCZ have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSBH or SPCZ?

HSBH has higher volatility (6.52%) compared to SPCZ (0.72%). In terms of maximum drawdown, HSBH dropped -14.81% vs SPCZ's -4.47%.

Which ETF is better, HSBH or SPCZ?

On 1-year performance, HSBH leads with 60.04% vs 5.04% for SPCZ. On fees, HSBH is cheaper at 0.19% per year. On volatility, SPCZ has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HSBH or SPCZ?

Over the 1-year period, HSBH has performed better with a 60.04% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HSBH or SPCZ?

HSBH is cheaper with a 0.19% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.85%, compared with 0.34% for HSBH.

What is the main difference between HSBH and SPCZ?

They also come from different issuers: ADRhedged and RiverNorth. Their fees differ too: 0.19% for HSBH and 0.90% for SPCZ.

Which has better risk-adjusted returns?

HSBH currently has the higher Sharpe Ratio (2.64 vs 0.65), 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.