LBO vs. SPCZ

Last updated Jun 4, 2026

LBO (WHITEWOLF Publicly Listed Private Equity ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. Both are actively managed. Over the past year, LBO returned -13.50% vs 4.96% for SPCZ. At a 0.09 correlation, their price movements are largely independent. LBO charges 0.70%/yr vs 0.90%/yr for SPCZ.

Performance

LBO vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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, LBO achieves a -14.28% return, which is significantly lower than SPCZ's 1.51% return.

LBO

• 1D: -3.31%
• 1M: -6.31%
• YTD: -14.28%
• 6M: -13.74%
• 1Y: -13.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

LBO vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LBO WHITEWOLF Publicly Listed Private Equity ETF	-14.28%	-6.41%	30.93%	7.27%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	10.19%	5.31%	0.49%

Correlation

The correlation between LBO and SPCZ is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	0.09

LBO vs. SPCZ - Sectors Allocation Comparison

Sectors	LBO	SPCZ
Financial Services	96.0%	81.4%
Industrials	4.0%	-
Basic Materials	-	0.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	0.4%
Utilities	-	-

Return for Risk

LBO vs. SPCZ — Risk / Return Rank

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

LBO

LBO Risk / Return Rank: 4
LBO Sharpe Ratio Rank: 4
LBO Sortino Ratio Rank: 4
LBO Omega Ratio Rank: 4
LBO Calmar Ratio Rank: 5
LBO Martin Ratio Rank: 5

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.

LBO vs. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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.

	LBO	SPCZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	0.64	-1.27
Sortino ratio: Return per unit of downside risk	-0.75	0.92	-1.68
Omega ratio: Gain probability vs. loss probability	0.91	1.18	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.46	1.30	-1.77
Martin ratio: Return relative to average drawdown	-0.95	3.12	-4.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LBO vs. SPCZ - Sharpe Ratio Comparison

The current LBO Sharpe Ratio is -0.63, which is lower than the SPCZ Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of LBO 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

	LBO	SPCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	0.64	-1.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.15	-0.91

Drawdowns

LBO vs. SPCZ - Drawdown Comparison

The maximum LBO drawdown since its inception was -31.40%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for LBO and SPCZ.

Drawdown Indicators

	LBO	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-31.40%	-4.47%	-26.93%
Max Drawdown (1Y) Largest decline over 1 year	-29.19%	-3.82%	-25.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.47%	—
Current Drawdown Current decline from peak	-24.64%	-1.54%	-23.10%
Average Drawdown Average peak-to-trough decline	-8.34%	-0.51%	-7.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.23%	1.59%	+12.64%

Volatility

LBO vs. SPCZ - Volatility Comparison

WHITEWOLF Publicly Listed Private Equity ETF (LBO) has a higher volatility of 5.68% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 0.64%. This indicates that LBO'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

	LBO	SPCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	0.64%	+5.04%
Volatility (6M) Calculated over the trailing 6-month period	18.11%	6.29%	+11.82%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	7.78%	+13.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.20%	5.59%	+15.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	5.59%	+15.61%

LBO vs. SPCZ - Expense Ratio Comparison

LBO has a 0.70% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

LBO vs. SPCZ - Dividend Comparison

LBO's dividend yield for the trailing twelve months is around 7.95%, less than SPCZ's 11.88% yield.

Position	TTM	2025	2024	2023	2022
LBO WHITEWOLF Publicly Listed Private Equity ETF	7.95%	7.04%	5.79%	1.20%	0.00%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.88%	12.06%	4.24%	5.01%	0.22%

Frequently Asked Questions

Can I hold both LBO and SPCZ in my portfolio?

LBO 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.

Which is riskier, LBO or SPCZ?

LBO has higher volatility (5.68%) compared to SPCZ (0.64%). In terms of maximum drawdown, LBO dropped -31.40% vs SPCZ's -4.47%.

Which ETF is better, LBO or SPCZ?

On 1-year performance, SPCZ leads with 4.96% vs -13.50% for LBO. On fees, LBO is cheaper at 0.70% 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, LBO or SPCZ?

Over the 1-year period, SPCZ has performed better with a 4.96% return vs -13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LBO or SPCZ?

LBO is cheaper with a 0.70% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.88%, compared with 7.95% for LBO.

What is the main difference between LBO and SPCZ?

They also come from different issuers: White Wolf and RiverNorth. Their fees differ too: 0.70% for LBO and 0.90% for SPCZ.

Which has better risk-adjusted returns?

SPCZ currently has the higher Sharpe Ratio (0.64 vs -0.63), 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.