IBMR vs. SPCK
IBMR (iShares iBonds Dec 2029 Term Muni Bond ETF) and SPCK (SPAC and New Issue ETF) are both exchange-traded funds - IBMR is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index, while SPCK is a Event Driven fund actively managed by Tuttle Capital Management. IBMR is passively managed, while SPCK is actively managed. Over the past 3 years, IBMR returned 3.25%/yr vs 3.09%/yr for SPCK. At a correlation of -0.01, they often move in opposite directions. IBMR charges 0.18%/yr vs 0.95%/yr for SPCK.
Performance
IBMR vs. SPCK - Performance Comparison
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Returns By Period
In the year-to-date period, IBMR achieves a 0.79% return, which is significantly lower than SPCK's 0.87% return.
IBMR
- 1D
- -0.02%
- 1M
- 0.66%
- YTD
- 0.79%
- 6M
- 0.93%
- 1Y
- 3.45%
- 3Y*
- 3.25%
- 5Y*
- —
- 10Y*
- —
SPCK
- 1D
- -1.08%
- 1M
- -1.90%
- YTD
- 0.87%
- 6M
- 0.77%
- 1Y
- -0.12%
- 3Y*
- 3.09%
- 5Y*
- -1.74%
- 10Y*
- —
IBMR vs. SPCK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 0.79% | 4.45% | 0.06% | 3.46% |
SPCK SPAC and New Issue ETF | 0.87% | 7.81% | 2.84% | -0.95% |
Correlation
The correlation between IBMR and SPCK is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | -0.01 |
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Return for Risk
IBMR vs. SPCK — Risk / Return Rank
IBMR
SPCK
IBMR vs. SPCK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) and SPAC and New Issue ETF (SPCK). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IBMR | SPCK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.00 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | -0.02 | +2.25 |
| Martin ratioReturn relative to average drawdown | 5.73 | -0.05 | +5.78 |
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Drawdowns
IBMR vs. SPCK - Drawdown Comparison
The maximum IBMR drawdown since its inception was -4.83%, smaller than the maximum SPCK drawdown of -28.28%. Use the drawdown chart below to compare losses from any high point for IBMR and SPCK.
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Drawdown Indicators
| IBMR | SPCK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -28.28% | +23.45% |
Max Drawdown (1Y)Largest decline over 1 year | -1.55% | -5.24% | +3.69% |
Max Drawdown (3Y)Largest decline over 3 years | -4.72% | -7.72% | +3.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.59% | — |
Current DrawdownCurrent decline from peak | -0.60% | -17.48% | +16.88% |
Average DrawdownAverage peak-to-trough decline | -1.01% | -18.83% | +17.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 2.40% | -1.80% |
Volatility
IBMR vs. SPCK - Volatility Comparison
The current volatility for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) is 0.39%, while SPAC and New Issue ETF (SPCK) has a volatility of 2.51%. This indicates that IBMR experiences smaller price fluctuations and is considered to be less risky than SPCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBMR | SPCK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 2.51% | -2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.15% | 4.32% | -3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.76% | 8.72% | -6.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.04% | 8.27% | -5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.04% | 9.23% | -6.19% |
IBMR vs. SPCK - Expense Ratio Comparison
IBMR has a 0.18% expense ratio, which is lower than SPCK's 0.95% expense ratio.
Dividends
IBMR vs. SPCK - Dividend Comparison
IBMR's dividend yield for the trailing twelve months is around 2.55%, less than SPCK's 16.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 2.55% | 2.55% | 2.53% | 1.27% | 0.00% | 0.00% |
SPCK SPAC and New Issue ETF | 16.34% | 16.48% | 0.69% | 2.27% | 0.00% | 1.28% |
Frequently Asked Questions
IBMR and SPCK have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPCK has higher volatility (2.51%) compared to IBMR (0.39%). In terms of maximum drawdown, IBMR dropped -4.83% vs SPCK's -28.28%.
On 3-year performance, IBMR leads with 3.25% vs 3.09% for SPCK. On fees, IBMR is cheaper at 0.18% per year. On volatility, IBMR has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBMR has performed better with a 3.25% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMR is cheaper with a 0.18% expense ratio, compared with 0.95% for SPCK.
SPCK has the higher dividend yield at 16.34%, compared with 2.55% for IBMR.
IBMR is categorized as Municipal Bonds, while SPCK is Event Driven. They also come from different issuers: iShares and Tuttle Capital Management. Their fees differ too: 0.18% for IBMR and 0.95% for SPCK.
IBMR currently has the higher Sharpe Ratio (1.98 vs -0.02), 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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