IAI vs. SPCZ
Compare and contrast key facts about iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ).
IAI and SPCZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IAI is a passively managed fund by iShares that tracks the performance of the DJ US Select / Investment Services. It was launched on May 1, 2006. SPCZ is an actively managed fund by RiverNorth. It was launched on Jul 11, 2022.
Performance
IAI vs. SPCZ - Performance Comparison
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IAI vs. SPCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | -8.08% | 25.80% | 34.37% | 15.27% | 16.02% |
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF | -0.15% | 10.19% | 5.31% | 5.93% | 1.95% |
Returns By Period
In the year-to-date period, IAI achieves a -8.08% return, which is significantly lower than SPCZ's -0.15% return.
IAI
- 1D
- 2.83%
- 1M
- -3.40%
- YTD
- -8.08%
- 6M
- -6.55%
- 1Y
- 18.54%
- 3Y*
- 23.20%
- 5Y*
- 13.70%
- 10Y*
- 17.67%
SPCZ
- 1D
- -0.04%
- 1M
- -0.78%
- YTD
- -0.15%
- 6M
- 0.39%
- 1Y
- 8.26%
- 3Y*
- 6.38%
- 5Y*
- —
- 10Y*
- —
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IAI vs. SPCZ - Expense Ratio Comparison
IAI has a 0.41% expense ratio, which is lower than SPCZ's 0.90% expense ratio.
Return for Risk
IAI vs. SPCZ — Risk / Return Rank
IAI
SPCZ
IAI vs. SPCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) 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.
| IAI | SPCZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.77 | 1.33 | -0.56 |
Sortino ratioReturn per unit of downside risk | 1.17 | 1.98 | -0.81 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.33 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.16 | 2.37 | -1.21 |
Martin ratioReturn relative to average drawdown | 3.55 | 6.30 | -2.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAI | SPCZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.77 | 1.33 | -0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 1.22 | -0.95 |
Correlation
The correlation between IAI and SPCZ is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
IAI vs. SPCZ - Dividend Comparison
IAI's dividend yield for the trailing twelve months is around 1.18%, less than SPCZ's 12.08% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 1.18% | 0.95% | 1.05% | 1.80% | 2.14% | 1.31% | 1.55% | 1.52% | 1.58% | 1.37% | 1.49% | 1.31% |
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF | 12.08% | 12.06% | 4.24% | 5.01% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
IAI vs. SPCZ - Drawdown Comparison
The maximum IAI drawdown since its inception was -75.46%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for IAI and SPCZ.
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Drawdown Indicators
| IAI | SPCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.46% | -4.47% | -70.99% |
Max Drawdown (1Y)Largest decline over 1 year | -16.52% | -3.50% | -13.02% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.38% | — | — |
Current DrawdownCurrent decline from peak | -13.40% | -2.77% | -10.63% |
Average DrawdownAverage peak-to-trough decline | -22.80% | -0.43% | -22.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.39% | 1.32% | +4.07% |
Volatility
IAI vs. SPCZ - Volatility Comparison
iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) has a higher volatility of 6.11% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 1.31%. This indicates that IAI'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.
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Volatility by Period
| IAI | SPCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.11% | 1.31% | +4.80% |
Volatility (6M)Calculated over the trailing 6-month period | 15.26% | 4.19% | +11.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.14% | 6.25% | +17.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.39% | 5.12% | +16.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.91% | 5.12% | +17.79% |