IBIC vs. SPCZ
IBIC (iShares iBonds Oct 2026 Term TIPS ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both exchange-traded funds - IBIC is a Inflation-Protected Bonds fund tracking the ICE 2026 Maturity US Inflation-Linked Treasury Index, while SPCZ is a Financials Equities fund actively managed by RiverNorth. IBIC is passively managed, while SPCZ is actively managed. Over the past year, IBIC returned 4.54% vs 4.96% for SPCZ. At a correlation of -0.03, they often move in opposite directions. IBIC charges 0.10%/yr vs 0.90%/yr for SPCZ.
Performance
IBIC vs. SPCZ - Performance Comparison
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Returns By Period
In the year-to-date period, IBIC achieves a 2.37% return, which is significantly higher than SPCZ's 1.51% return.
IBIC
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 2.37%
- 6M
- 2.51%
- 1Y
- 4.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPCZ
- 1D
- 0.37%
- 1M
- 0.92%
- YTD
- 1.51%
- 6M
- 1.61%
- 1Y
- 4.96%
- 3Y*
- 6.50%
- 5Y*
- —
- 10Y*
- —
IBIC vs. SPCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBIC iShares iBonds Oct 2026 Term TIPS ETF | 2.37% | 4.96% | 5.25% | 2.17% |
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF | 1.51% | 10.19% | 5.31% | 0.61% |
Correlation
The correlation between IBIC and SPCZ is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023 | -0.03 |
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Return for Risk
IBIC vs. SPCZ — Risk / Return Rank
IBIC
SPCZ
IBIC vs. SPCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2026 Term TIPS ETF (IBIC) 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.
| IBIC | SPCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.41 | ||
| Sortino ratioReturn per unit of downside risk | +8.20 | ||
| Omega ratioGain probability vs. loss probability | 2.24 | 1.18 | +1.06 |
| Calmar ratioReturn relative to maximum drawdown | 17.27 | 1.30 | +15.97 |
| Martin ratioReturn relative to average drawdown | 67.45 | 3.12 | +64.33 |
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
| IBIC | SPCZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.05 | 0.64 | +4.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.49 | 1.15 | +2.34 |
Drawdowns
IBIC vs. SPCZ - Drawdown Comparison
The maximum IBIC drawdown since its inception was -0.90%, smaller than the maximum SPCZ drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for IBIC and SPCZ.
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Drawdown Indicators
| IBIC | SPCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.90% | -4.47% | +3.57% |
Max Drawdown (1Y)Largest decline over 1 year | -0.26% | -3.82% | +3.56% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.47% | — |
Current DrawdownCurrent decline from peak | -0.13% | -1.54% | +1.41% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.51% | +0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 1.59% | -1.52% |
Volatility
IBIC vs. SPCZ - Volatility Comparison
The current volatility for iShares iBonds Oct 2026 Term TIPS ETF (IBIC) is 0.33%, while RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) has a volatility of 0.64%. This indicates that IBIC experiences smaller price fluctuations and is considered to be less risky 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
| IBIC | SPCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 0.64% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 0.67% | 6.29% | -5.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.90% | 7.78% | -6.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.58% | 5.59% | -4.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 5.59% | -4.01% |
IBIC vs. SPCZ - Expense Ratio Comparison
IBIC has a 0.10% expense ratio, which is lower than SPCZ's 0.90% expense ratio.
Dividends
IBIC vs. SPCZ - Dividend Comparison
IBIC's dividend yield for the trailing twelve months is around 3.59%, less than SPCZ's 11.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IBIC iShares iBonds Oct 2026 Term TIPS ETF | 3.59% | 4.43% | 4.65% | 0.83% | 0.00% |
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF | 11.88% | 12.06% | 4.24% | 5.01% | 0.22% |
Frequently Asked Questions
IBIC and SPCZ have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPCZ has higher volatility (0.64%) compared to IBIC (0.33%). In terms of maximum drawdown, IBIC dropped -0.90% vs SPCZ's -4.47%.
On 1-year performance, SPCZ leads with 4.96% vs 4.54% for IBIC. On fees, IBIC is cheaper at 0.10% per year. On volatility, IBIC has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPCZ has performed better with a 4.96% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIC is cheaper with a 0.10% expense ratio, compared with 0.90% for SPCZ.
SPCZ has the higher dividend yield at 11.88%, compared with 3.59% for IBIC.
IBIC is categorized as Inflation-Protected Bonds, while SPCZ is Financials Equities. They also come from different issuers: iShares and RiverNorth. Their fees differ too: 0.10% for IBIC and 0.90% for SPCZ.
IBIC currently has the higher Sharpe Ratio (5.05 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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