IYF vs. SPCZ

Last updated Jun 4, 2026

IYF (iShares U.S. Financials ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. IYF is passively managed, while SPCZ is actively managed. Over the past 3 years, IYF returned 20.58%/yr vs 6.50%/yr for SPCZ. At a 0.07 correlation, their price movements are largely independent. IYF charges 0.42%/yr vs 0.90%/yr for SPCZ.

Performance

IYF vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Financials ETF (IYF) 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, IYF achieves a -5.20% return, which is significantly lower than SPCZ's 1.51% return.

IYF

• 1D: -1.13%
• 1M: -1.00%
• YTD: -5.20%
• 6M: -3.00%
• 1Y: 5.96%
• 3Y*: 20.58%
• 5Y*: 9.52%
• 10Y*: 12.56%

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)

IYF vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IYF iShares U.S. Financials ETF	-5.20%	18.25%	31.30%	15.32%	8.45%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	10.19%	5.31%	5.93%	1.95%

Correlation

The correlation between IYF and SPCZ is 0.09, 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	0.09
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	0.07

IYF vs. SPCZ - Sectors Allocation Comparison

Sectors	IYF	SPCZ
Financial Services	99.0%	81.4%
Real Estate	0.7%	-
Technology	0.3%	0.4%
Basic Materials	-	0.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

IYF vs. SPCZ — Risk / Return Rank

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

IYF

IYF Risk / Return Rank: 14
IYF Sharpe Ratio Rank: 15
IYF Sortino Ratio Rank: 14
IYF Omega Ratio Rank: 14
IYF Calmar Ratio Rank: 14
IYF Martin Ratio Rank: 14

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.

IYF vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Financials ETF (IYF) 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.

	IYF	SPCZ	Difference
Sharpe ratio Return per unit of total volatility	0.42	0.64	-0.22
Sortino ratio Return per unit of downside risk	0.65	0.92	-0.27
Omega ratio Gain probability vs. loss probability	1.08	1.18	-0.10
Calmar ratio Return relative to maximum drawdown	0.43	1.30	-0.87
Martin ratio Return relative to average drawdown	1.18	3.12	-1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYF vs. SPCZ - Sharpe Ratio Comparison

The current IYF Sharpe Ratio is 0.42, which is lower than the SPCZ Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of IYF 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

	IYF	SPCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	0.64	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.15	-0.92

Drawdowns

IYF vs. SPCZ - Drawdown Comparison

The maximum IYF drawdown since its inception was -79.09%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for IYF and SPCZ.

Drawdown Indicators

	IYF	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-79.09%	-4.47%	-74.62%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-3.82%	-10.06%
Max Drawdown (3Y) Largest decline over 3 years	-16.60%	-4.47%	-12.13%
Max Drawdown (5Y) Largest decline over 5 years	-25.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.57%	—	—
Current Drawdown Current decline from peak	-8.10%	-1.54%	-6.56%
Average Drawdown Average peak-to-trough decline	-17.61%	-0.51%	-17.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	1.59%	+3.47%

Volatility

IYF vs. SPCZ - Volatility Comparison

iShares U.S. Financials ETF (IYF) has a higher volatility of 3.41% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 0.64%. This indicates that IYF'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

	IYF	SPCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	0.64%	+2.77%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	6.29%	+4.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	7.78%	+6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	5.59%	+13.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.89%	5.59%	+15.30%

IYF vs. SPCZ - Expense Ratio Comparison

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

Dividends

IYF vs. SPCZ - Dividend Comparison

IYF's dividend yield for the trailing twelve months is around 1.57%, less than SPCZ's 11.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYF iShares U.S. Financials ETF	1.57%	1.32%	1.29%	1.67%	1.86%	1.27%	1.72%	1.64%	1.90%	1.46%	1.67%	1.66%
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 IYF and SPCZ in my portfolio?

IYF and SPCZ have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYF or SPCZ?

IYF has higher volatility (3.41%) compared to SPCZ (0.64%). In terms of maximum drawdown, IYF dropped -79.09% vs SPCZ's -4.47%.

Which ETF is better, IYF or SPCZ?

On 3-year performance, IYF leads with 20.58% vs 6.50% for SPCZ. On fees, IYF 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.

Which ETF has performed better, IYF or SPCZ?

Over the 3-year period, IYF has performed better with a 20.58% return vs 6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYF or SPCZ?

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

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

SPCZ has the higher dividend yield at 11.88%, compared with 1.57% for IYF.

What is the main difference between IYF and SPCZ?

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

Which has better risk-adjusted returns?

SPCZ currently has the higher Sharpe Ratio (0.64 vs 0.42), 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.