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IAT vs. SPCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAT vs. SPCZ

Last updated Jun 4, 2026

IAT (iShares U.S. Regional Banks ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. IAT is passively managed, while SPCZ is actively managed. Over the past 3 years, IAT returned 22.20%/yr vs 6.50%/yr for SPCZ. At a 0.08 correlation, their price movements are largely independent. IAT charges 0.42%/yr vs 0.90%/yr for SPCZ.

Performance

IAT vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Regional Banks ETF (IAT) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IAT achieves a 2.80% return, which is significantly higher than SPCZ's 1.51% return.

IAT

1D
-1.71%
1M
-1.74%
YTD
2.80%
6M
7.09%
1Y
22.99%
3Y*
22.20%
5Y*
1.35%
10Y*
7.95%

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)

IAT vs. SPCZ - Yearly Performance Comparison

2026 (YTD)2025202420232022
IAT
iShares U.S. Regional Banks ETF		2.80%13.05%24.36%-8.53%-2.40%
SPCZ
RiverNorth Enhanced Pre-Merger SPAC ETF		1.51%10.19%5.31%5.93%1.95%

Correlation

The correlation between IAT 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 (3Y)
Calculated over the trailing 3-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2022

0.08

IAT vs. SPCZ - Sectors Allocation Comparison

Sectors
IAT
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

-

-

Financial Services

IAT
100.0%
SPCZ
81.4%

Basic Materials

IAT

-

SPCZ
0.0%

Communication Services

IAT

-

SPCZ

-

Consumer Cyclical

IAT

-

SPCZ

-

Consumer Defensive

IAT

-

SPCZ

-

Energy

IAT

-

SPCZ

-

Healthcare

IAT

-

SPCZ

-

Industrials

IAT

-

SPCZ

-

Real Estate

IAT

-

SPCZ

-

Technology

IAT

-

SPCZ
0.4%

Utilities

IAT

-

SPCZ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Regional Banks ETF

RiverNorth Enhanced Pre-Merger SPAC ETF

Often compared with IAT:
IAT vs. KREIAT vs. KCEIAT vs. MTBIAT vs. PKWIAT vs. XLFIAT vs. JPMIAT vs. SPY
Often compared with SPCZ:
SPCZ vs. BFIXSPCZ vs. GABFSPCZ vs. CEFZSPCZ vs. GSIBSPCZ vs. EUFNSPCZ vs. FBDCSPCZ vs. KBWB

Return for Risk

IAT vs. SPCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAT
IAT Risk / Return Rank: 2727
Overall Rank
IAT Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
IAT Sortino Ratio Rank: 2828
Sortino Ratio Rank
IAT Omega Ratio Rank: 2929
Omega Ratio Rank
IAT Calmar Ratio Rank: 2727
Calmar Ratio Rank
IAT Martin Ratio Rank: 2525
Martin Ratio Rank
SPCZ
SPCZ Risk / Return Rank: 2323
Overall Rank
SPCZ Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
SPCZ Sortino Ratio Rank: 1818
Sortino Ratio Rank
SPCZ Omega Ratio Rank: 2727
Omega Ratio Rank
SPCZ Calmar Ratio Rank: 2727
Calmar Ratio Rank
SPCZ Martin Ratio Rank: 2424
Martin Ratio Rank
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.

IAT vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) 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.

IATSPCZDifference
Sharpe ratioReturn per unit of total volatility
1.06
0.64

+0.42

Sortino ratioReturn per unit of downside risk
1.52
0.92

+0.60

Omega ratioGain probability vs. loss probability

1.20

1.18

+0.02

Calmar ratioReturn relative to maximum drawdown

1.32

1.30

+0.02

Martin ratioReturn relative to average drawdown

3.38

3.12

+0.26

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAT vs. SPCZ - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.06, which is higher than the SPCZ Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of IAT 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.

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Sharpe Ratios by Period

IATSPCZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.06

0.64

+0.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.05

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

1.15

-1.05

Drawdowns

IAT vs. SPCZ - Drawdown Comparison

The maximum IAT drawdown since its inception was -77.22%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for IAT and SPCZ.

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Drawdown Indicators

IATSPCZDifference

Max Drawdown

Largest peak-to-trough decline

-77.22%

-4.47%

-72.75%

Max Drawdown (1Y)

Largest decline over 1 year

-17.49%

-3.82%

-13.67%

Max Drawdown (3Y)

Largest decline over 3 years

-29.29%

-4.47%

-24.82%

Max Drawdown (5Y)

Largest decline over 5 years

-55.55%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-55.55%

—

—

Current Drawdown

Current decline from peak

-9.75%

-1.54%

-8.21%

Average Drawdown

Average peak-to-trough decline

-26.97%

-0.51%

-26.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.81%

1.59%

+5.22%

Volatility

IAT vs. SPCZ - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 6.12% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 0.64%. This indicates that IAT'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

IATSPCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.12%

0.64%

+5.48%

Volatility (6M)

Calculated over the trailing 6-month period

15.74%

6.29%

+9.45%

Volatility (1Y)

Calculated over the trailing 1-year period

21.86%

7.78%

+14.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.03%

5.59%

+23.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.78%

5.59%

+25.19%

IAT vs. SPCZ - Expense Ratio Comparison

IAT has a 0.42% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

IAT vs. SPCZ - Dividend Comparison

IAT's dividend yield for the trailing twelve months is around 2.88%, less than SPCZ's 11.88% yield.

PositionTTM20252024202320222021202020192018201720162015
IAT
iShares U.S. Regional Banks ETF		2.88%2.94%2.95%3.56%3.12%1.88%2.87%2.49%2.48%1.55%1.52%1.78%
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

IAT 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.

IAT has higher volatility (6.12%) compared to SPCZ (0.64%). In terms of maximum drawdown, IAT dropped -77.22% vs SPCZ's -4.47%.

On 3-year performance, IAT leads with 22.20% vs 6.50% for SPCZ. On fees, IAT is cheaper at 0.42% 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.

Over the 3-year period, IAT has performed better with a 22.20% return vs 6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IAT is cheaper with a 0.42% expense ratio, compared with 0.90% for SPCZ.

SPCZ has the higher dividend yield at 11.88%, compared with 2.88% for IAT.

They also come from different issuers: iShares and RiverNorth. Their fees differ too: 0.42% for IAT and 0.90% for SPCZ.

IAT currently has the higher Sharpe Ratio (1.06 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.

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