KBWB vs. SPCZ

Last updated Jun 24, 2026

KBWB (Invesco KBW Bank ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. KBWB is passively managed, while SPCZ is actively managed. Over the past 3 years, KBWB returned 37.07%/yr vs 6.61%/yr for SPCZ. At a 0.07 correlation, their price movements are largely independent. KBWB charges 0.35%/yr vs 0.90%/yr for SPCZ.

Performance

KBWB vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Bank ETF (KBWB) 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, KBWB achieves a 12.95% return, which is significantly higher than SPCZ's 1.88% return.

KBWB

• 1D: 0.68%
• 1M: 9.33%
• YTD: 12.95%
• 6M: 10.99%
• 1Y: 40.49%
• 3Y*: 37.07%
• 5Y*: 10.98%
• 10Y*: 14.07%

SPCZ

• 1D: -0.06%
• 1M: 0.29%
• YTD: 1.88%
• 6M: 1.78%
• 1Y: 5.48%
• 3Y*: 6.61%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

KBWB vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KBWB Invesco KBW Bank ETF	12.95%	32.05%	36.73%	-1.18%	0.01%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.88%	10.19%	5.31%	5.93%	1.69%

Correlation

The correlation between KBWB and SPCZ is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.07

KBWB vs. SPCZ - Sectors Allocation Comparison

Sectors	KBWB	SPCZ
Financial Services	100.0%	73.5%
Basic Materials	-	0.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.3%
Utilities	-	-

Return for Risk

KBWB vs. SPCZ — Risk / Return Rank

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

KBWB

KBWB Risk / Return Rank: 56
KBWB Sharpe Ratio Rank: 64
KBWB Sortino Ratio Rank: 58
KBWB Omega Ratio Rank: 59
KBWB Calmar Ratio Rank: 52
KBWB Martin Ratio Rank: 48

SPCZ

SPCZ Risk / Return Rank: 24
SPCZ Sharpe Ratio Rank: 18
SPCZ Sortino Ratio Rank: 18
SPCZ Omega Ratio Rank: 28
SPCZ Calmar Ratio Rank: 31
SPCZ Martin Ratio Rank: 26

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.

KBWB vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Bank ETF (KBWB) 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.

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.

	KBWB	SPCZ	Difference
Sharpe ratio: Return per unit of total volatility	2.01	0.59	+1.43
Sortino ratio: Return per unit of downside risk	2.62	0.92	+1.70
Omega ratio: Gain probability vs. loss probability	1.35	1.19	+0.16
Calmar ratio: Return relative to maximum drawdown	2.48	1.44	+1.04
Martin ratio: Return relative to average drawdown	7.81	3.32	+4.49

KBWB vs. SPCZ - Sharpe Ratio Comparison

The current KBWB Sharpe Ratio is 2.01, which is higher than the SPCZ Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of KBWB 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.

Drawdowns

KBWB vs. SPCZ - Drawdown Comparison

The maximum KBWB drawdown since its inception was -50.27%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for KBWB and SPCZ.

Drawdown Indicators

	KBWB	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-50.27%	-4.47%	-45.80%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-3.82%	-12.56%
Max Drawdown (3Y) Largest decline over 3 years	-25.43%	-4.47%	-20.96%
Max Drawdown (5Y) Largest decline over 5 years	-49.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.27%	—	—
Current Drawdown Current decline from peak	0.00%	-3.43%	+3.43%
Average Drawdown Average peak-to-trough decline	-11.70%	-0.53%	-11.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	1.66%	+3.54%

Volatility

KBWB vs. SPCZ - Volatility Comparison

Invesco KBW Bank ETF (KBWB) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) have volatilities of 5.65% and 5.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWB	SPCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	5.66%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	15.89%	8.35%	+7.54%
Volatility (1Y) Calculated over the trailing 1-year period	20.26%	9.43%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.55%	6.22%	+20.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.12%	6.22%	+22.90%

KBWB vs. SPCZ - Expense Ratio Comparison

KBWB has a 0.35% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

KBWB vs. SPCZ - Dividend Comparison

KBWB's dividend yield for the trailing twelve months is around 1.97%, less than SPCZ's 11.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWB Invesco KBW Bank ETF	1.97%	2.04%	2.46%	3.20%	3.05%	2.13%	2.62%	2.38%	2.54%	1.35%	1.53%	1.53%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.83%	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 KBWB and SPCZ in my portfolio?

KBWB and SPCZ have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWB or SPCZ?

SPCZ has higher volatility (5.66%) compared to KBWB (5.65%). In terms of maximum drawdown, KBWB dropped -50.27% vs SPCZ's -4.47%.

Which ETF is better, KBWB or SPCZ?

On 3-year performance, KBWB leads with 37.07% vs 6.61% for SPCZ. On fees, KBWB is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWB or SPCZ?

Over the 3-year period, KBWB has performed better with a 37.07% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWB or SPCZ?

KBWB is cheaper with a 0.35% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.83%, compared with 1.97% for KBWB.

What is the main difference between KBWB and SPCZ?

They also come from different issuers: Invesco and RiverNorth. Their fees differ too: 0.35% for KBWB and 0.90% for SPCZ.

Which has better risk-adjusted returns?

KBWB currently has the higher Sharpe Ratio (2.01 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.