IAI vs. SPCZ

Last updated Jun 4, 2026

IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. IAI is passively managed, while SPCZ is actively managed. Over the past 3 years, IAI returned 27.84%/yr vs 6.50%/yr for SPCZ. At a 0.06 correlation, their price movements are largely independent. IAI charges 0.41%/yr vs 0.90%/yr for SPCZ.

Performance

IAI vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) 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, IAI achieves a 0.24% return, which is significantly lower than SPCZ's 1.51% return.

IAI

• 1D: -1.71%
• 1M: 1.75%
• YTD: 0.24%
• 6M: 1.73%
• 1Y: 16.52%
• 3Y*: 27.84%
• 5Y*: 13.43%
• 10Y*: 18.46%

SPCZ

• 1D: 0.37%
• 1M: 0.92%
• YTD: 1.51%
• 6M: 1.61%
• 1Y: 4.96%
• 3Y*: 6.50%
• 5Y*: —
• 10Y*: —

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

IAI vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	0.24%	25.80%	34.37%	15.27%	16.02%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	10.19%	5.31%	5.93%	1.95%

Correlation

The correlation between IAI and SPCZ is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022	0.06

IAI vs. SPCZ - Sectors Allocation Comparison

Sectors	IAI	SPCZ
Financial Services	99.9%	81.4%
Technology	0.1%	0.4%
Basic Materials	-	0.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IAI vs. SPCZ — Risk / Return Rank

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

IAI

IAI Risk / Return Rank: 23
IAI Sharpe Ratio Rank: 24
IAI Sortino Ratio Rank: 23
IAI Omega Ratio Rank: 23
IAI Calmar Ratio Rank: 22
IAI Martin Ratio Rank: 23

SPCZ

SPCZ Risk / Return Rank: 23
SPCZ Sharpe Ratio Rank: 20
SPCZ Sortino Ratio Rank: 18
SPCZ Omega Ratio Rank: 27
SPCZ Calmar Ratio Rank: 27
SPCZ Martin Ratio Rank: 24

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.

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 ratio Return per unit of total volatility	0.87	0.64	+0.23
Sortino ratio Return per unit of downside risk	1.27	0.92	+0.35
Omega ratio Gain probability vs. loss probability	1.16	1.18	-0.03
Calmar ratio Return relative to maximum drawdown	1.00	1.30	-0.30
Martin ratio Return relative to average drawdown	2.88	3.12	-0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAI vs. SPCZ - Sharpe Ratio Comparison

The current IAI Sharpe Ratio is 0.87, which is higher than the SPCZ Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of IAI 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

	IAI	SPCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.64	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.15	-0.87

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.

Drawdown Indicators

	IAI	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-75.46%	-4.47%	-70.99%
Max Drawdown (1Y) Largest decline over 1 year	-16.52%	-3.82%	-12.70%
Max Drawdown (3Y) Largest decline over 3 years	-23.14%	-4.47%	-18.67%
Max Drawdown (5Y) Largest decline over 5 years	-28.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.38%	—	—
Current Drawdown Current decline from peak	-5.57%	-1.54%	-4.03%
Average Drawdown Average peak-to-trough decline	-22.66%	-0.51%	-22.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.75%	1.59%	+4.16%

Volatility

IAI vs. SPCZ - Volatility Comparison

iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) has a higher volatility of 4.48% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 0.64%. 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.

Volatility by Period

	IAI	SPCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	0.64%	+3.84%
Volatility (6M) Calculated over the trailing 6-month period	14.92%	6.29%	+8.63%
Volatility (1Y) Calculated over the trailing 1-year period	19.05%	7.78%	+11.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	5.59%	+15.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	5.59%	+17.25%

IAI vs. SPCZ - Expense Ratio Comparison

IAI has a 0.41% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

IAI vs. SPCZ - Dividend Comparison

IAI's dividend yield for the trailing twelve months is around 1.08%, less than SPCZ's 11.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	1.08%	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	11.88%	12.06%	4.24%	5.01%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAI and SPCZ in my portfolio?

IAI and SPCZ have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAI or SPCZ?

IAI has higher volatility (4.48%) compared to SPCZ (0.64%). In terms of maximum drawdown, IAI dropped -75.46% vs SPCZ's -4.47%.

Which ETF is better, IAI or SPCZ?

On 3-year performance, IAI leads with 27.84% vs 6.50% for SPCZ. On fees, IAI is cheaper at 0.41% per year. On volatility, SPCZ has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAI or SPCZ?

Over the 3-year period, IAI has performed better with a 27.84% return vs 6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAI or SPCZ?

IAI is cheaper with a 0.41% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.88%, compared with 1.08% for IAI.

What is the main difference between IAI and SPCZ?

They also come from different issuers: iShares and RiverNorth. Their fees differ too: 0.41% for IAI and 0.90% for SPCZ.

Which has better risk-adjusted returns?

IAI currently has the higher Sharpe Ratio (0.87 vs 0.64), 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.