MAGG vs. SPAX

Last updated Jun 4, 2026

MAGG (Madison Aggregate Bond ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both exchange-traded funds - MAGG is a Intermediate Core Bond fund actively managed by Madison, while SPAX is a Event Driven fund actively managed by Toroso Investments. Both are actively managed. At a correlation of -0.03, they often move in opposite directions. MAGG charges 0.40%/yr vs 0.85%/yr for SPAX.

Performance

MAGG vs. SPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Aggregate Bond ETF (MAGG) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MAGG

• 1D: -0.02%
• 1M: 0.24%
• YTD: 0.15%
• 6M: 0.22%
• 1Y: 5.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAGG vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAGG Madison Aggregate Bond ETF	0.15%	7.28%	1.81%	4.42%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	1.81%

Correlation

The correlation between MAGG and SPAX is -0.03, 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 (All Time) Calculated using the full available price history since Aug 30, 2023	-0.03

Return for Risk

MAGG vs. SPAX — Risk / Return Rank

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

MAGG

MAGG Risk / Return Rank: 40
MAGG Sharpe Ratio Rank: 39
MAGG Sortino Ratio Rank: 42
MAGG Omega Ratio Rank: 40
MAGG Calmar Ratio Rank: 40
MAGG Martin Ratio Rank: 38

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.

MAGG vs. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Aggregate Bond ETF (MAGG) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). 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.

	MAGG	SPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	—	—
Sortino ratio: Return per unit of downside risk	2.11	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	1.92	—	—
Martin ratio: Return relative to average drawdown	5.88	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MAGG	SPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	—	—

Drawdowns

Drawdown Indicators

	MAGG	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.56%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	—	—
Current Drawdown Current decline from peak	-1.52%	—	—
Average Drawdown Average peak-to-trough decline	-1.25%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	—	—

Volatility

Volatility by Period

	MAGG	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	—	—

MAGG vs. SPAX - Expense Ratio Comparison

MAGG has a 0.40% expense ratio, which is lower than SPAX's 0.85% expense ratio.

Dividends

MAGG vs. SPAX - Dividend Comparison

MAGG's dividend yield for the trailing twelve months is around 4.74%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
MAGG Madison Aggregate Bond ETF	4.74%	4.80%	5.13%	1.49%	0.00%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%

Frequently Asked Questions

Can I hold both MAGG and SPAX in my portfolio?

MAGG and SPAX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MAGG or SPAX?

On fees, MAGG is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MAGG or SPAX?

MAGG is cheaper with a 0.40% expense ratio, compared with 0.85% for SPAX.

Which ETF pays a higher dividend yield, MAGG or SPAX?

MAGG has the higher dividend yield at 4.74%, compared with 0.00% for SPAX.

What is the main difference between MAGG and SPAX?

MAGG is categorized as Intermediate Core Bond, while SPAX is Event Driven. They also come from different issuers: Madison and Toroso Investments. Their fees differ too: 0.40% for MAGG and 0.85% for SPAX.