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IYG vs. SPCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYG vs. SPCZ

Last updated Jun 5, 2026

IYG (iShares U.S. Financial Services ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. IYG is passively managed, while SPCZ is actively managed. Over the past 3 years, IYG returned 21.76%/yr vs 6.47%/yr for SPCZ. At a 0.07 correlation, their price movements are largely independent. IYG charges 0.42%/yr vs 0.90%/yr for SPCZ.

Performance

IYG vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Financial Services ETF (IYG) 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, IYG achieves a -3.88% return, which is significantly lower than SPCZ's 1.36% return.

IYG

1D
2.82%
1M
1.39%
YTD
-3.88%
6M
-1.63%
1Y
9.20%
3Y*
21.76%
5Y*
8.46%
10Y*
13.56%

SPCZ

1D
-0.15%
1M
0.59%
YTD
1.36%
6M
1.44%
1Y
4.77%
3Y*
6.47%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IYG vs. SPCZ - Yearly Performance Comparison

2026 (YTD)2025202420232022
IYG
iShares U.S. Financial Services ETF		-3.88%19.85%31.94%16.07%6.22%
SPCZ
RiverNorth Enhanced Pre-Merger SPAC ETF		1.36%10.19%5.31%5.93%1.95%

Correlation

The correlation between IYG 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

IYG vs. SPCZ - Sectors Allocation Comparison

Sectors
IYG
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

IYG
100.0%
SPCZ
81.4%

Basic Materials

IYG

-

SPCZ
0.0%

Communication Services

IYG

-

SPCZ

-

Consumer Cyclical

IYG

-

SPCZ

-

Consumer Defensive

IYG

-

SPCZ

-

Energy

IYG

-

SPCZ

-

Healthcare

IYG

-

SPCZ

-

Industrials

IYG

-

SPCZ

-

Real Estate

IYG

-

SPCZ

-

Technology

IYG

-

SPCZ
0.4%

Utilities

IYG

-

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. Financial Services ETF

RiverNorth Enhanced Pre-Merger SPAC ETF

Often compared with IYG:
IYG vs. IYFIYG vs. XLFIYG vs. IXGIYG vs. VFHIYG vs. FTXOIYG vs. GABFIYG vs. IYK
Often compared with SPCZ:
SPCZ vs. BFIXSPCZ vs. GABFSPCZ vs. CEFZSPCZ vs. GSIBSPCZ vs. EUFNSPCZ vs. FBDCSPCZ vs. KBWB

Return for Risk

IYG vs. SPCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYG
IYG Risk / Return Rank: 1818
Overall Rank
IYG Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
IYG Sortino Ratio Rank: 1919
Sortino Ratio Rank
IYG Omega Ratio Rank: 1919
Omega Ratio Rank
IYG Calmar Ratio Rank: 1717
Calmar Ratio Rank
IYG Martin Ratio Rank: 1616
Martin Ratio Rank
SPCZ
SPCZ Risk / Return Rank: 2323
Overall Rank
SPCZ Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
SPCZ Sortino Ratio Rank: 1818
Sortino Ratio Rank
SPCZ Omega Ratio Rank: 2626
Omega Ratio Rank
SPCZ Calmar Ratio Rank: 2727
Calmar Ratio Rank
SPCZ Martin Ratio Rank: 2323
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.

IYG vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Financial Services ETF (IYG) 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.

IYGSPCZDifference
Sharpe ratioReturn per unit of total volatility
0.59
0.62

-0.03

Sortino ratioReturn per unit of downside risk
0.89
0.89

0.00

Omega ratioGain probability vs. loss probability

1.11

1.17

-0.06

Calmar ratioReturn relative to maximum drawdown

0.58

1.25

-0.67

Martin ratioReturn relative to average drawdown

1.51

3.00

-1.49

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

IYG vs. SPCZ - Sharpe Ratio Comparison

The current IYG Sharpe Ratio is 0.59, which is comparable to the SPCZ Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of IYG 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

IYGSPCZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.59

0.62

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

1.14

-0.91

Drawdowns

IYG vs. SPCZ - Drawdown Comparison

The maximum IYG drawdown since its inception was -81.84%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for IYG and SPCZ.

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Drawdown Indicators

IYGSPCZDifference

Max Drawdown

Largest peak-to-trough decline

-81.84%

-4.47%

-77.37%

Max Drawdown (1Y)

Largest decline over 1 year

-15.90%

-3.82%

-12.08%

Max Drawdown (3Y)

Largest decline over 3 years

-18.54%

-4.47%

-14.07%

Max Drawdown (5Y)

Largest decline over 5 years

-29.62%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-44.32%

—

—

Current Drawdown

Current decline from peak

-7.23%

-1.68%

-5.55%

Average Drawdown

Average peak-to-trough decline

-20.74%

-0.51%

-20.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.11%

1.59%

+4.52%

Volatility

IYG vs. SPCZ - Volatility Comparison

iShares U.S. Financial Services ETF (IYG) has a higher volatility of 4.41% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 0.65%. This indicates that IYG'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

IYGSPCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

0.65%

+3.76%

Volatility (6M)

Calculated over the trailing 6-month period

12.10%

6.30%

+5.80%

Volatility (1Y)

Calculated over the trailing 1-year period

15.65%

7.77%

+7.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.47%

5.59%

+14.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.54%

5.59%

+17.95%

IYG vs. SPCZ - Expense Ratio Comparison

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

Dividends

IYG vs. SPCZ - Dividend Comparison

IYG's dividend yield for the trailing twelve months is around 1.11%, less than SPCZ's 11.89% yield.

PositionTTM20252024202320222021202020192018201720162015
IYG
iShares U.S. Financial Services ETF		1.11%1.00%1.16%1.77%2.07%1.25%1.71%1.59%1.81%1.24%1.28%1.33%
SPCZ
RiverNorth Enhanced Pre-Merger SPAC ETF		11.89%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

IYG 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.

IYG has higher volatility (4.41%) compared to SPCZ (0.65%). In terms of maximum drawdown, IYG dropped -81.84% vs SPCZ's -4.47%.

On 3-year performance, IYG leads with 21.76% vs 6.47% for SPCZ. On fees, IYG is cheaper at 0.42% per year. On volatility, SPCZ has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, IYG has performed better with a 21.76% return vs 6.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPCZ has the higher dividend yield at 11.89%, compared with 1.11% for IYG.

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

SPCZ currently has the higher Sharpe Ratio (0.62 vs 0.59), 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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