RPAR vs. SPAX

Last updated Aug 2, 2026

RPAR (RPAR Risk Parity ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both exchange-traded funds - RPAR is a Global Allocation fund actively managed by Toroso Investments, while SPAX is a Actively Managed fund actively managed by Toroso Investments. Both are actively managed. Their 0.04 correlation means their historical movements had little consistent relationship. RPAR charges 0.51%/yr vs 0.85%/yr for SPAX.

Performance

RPAR vs. SPAX - Performance Comparison

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

Returns By Period

RPAR

• 1D: -0.55%
• 1M: -1.99%
• 6M: -1.98%
• YTD: 2.65%
• 1Y: 11.54%
• 3Y*: 7.20%
• 5Y*: 0.20%
• 10Y*: —
• ALL TIME*: 3.72%

SPAX

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

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RPAR RPAR Risk Parity ETF	$342.76K	$300.17K	$486.62K

RPAR vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RPAR RPAR Risk Parity ETF	2.65%	17.91%	0.06%	6.03%	-22.82%	5.22%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	1.96%

Correlation

The correlation between RPAR and SPAX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.04
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.04

Return for Risk

RPAR vs. SPAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RPAR

RPAR Risk / Return Rank: 43
RPAR Sharpe Ratio Rank: 46
RPAR Sortino Ratio Rank: 44
RPAR Omega Ratio Rank: 44
RPAR Calmar Ratio Rank: 42
RPAR Martin Ratio Rank: 36

SPAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RPAR vs. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RPAR Risk Parity ETF (RPAR) 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.

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.

	RPAR	SPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	—	—
Sortino ratio: Return per unit of downside risk	1.62	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.49	—	—
Martin ratio: Return relative to average drawdown	3.68	—	—

Drawdowns

Drawdown Indicators

	RPAR	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-30.16%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.16%	—	—
Current Drawdown Current decline from peak	-7.05%	—	—
Average Drawdown Average peak-to-trough decline	-11.46%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	—	—

Volatility

Volatility by Period

	RPAR	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.50%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	—	—

RPAR vs. SPAX - Expense Ratio Comparison

RPAR has a 0.51% expense ratio, which is lower than SPAX's 0.85% expense ratio.

Dividends

RPAR vs. SPAX - Dividend Comparison

RPAR's dividend yield for the trailing twelve months is around 2.45%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RPAR RPAR Risk Parity ETF	2.45%	2.55%	2.51%	3.16%	4.01%	2.02%	0.76%	0.23%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RPAR and SPAX in my portfolio?

RPAR and SPAX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RPAR or SPAX?

On fees, RPAR is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RPAR or SPAX?

RPAR is cheaper with a 0.51% expense ratio, compared with 0.85% for SPAX.

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

RPAR has the higher dividend yield at 2.45%, compared with 0.00% for SPAX.

What is the main difference between RPAR and SPAX?

RPAR is categorized as Global Allocation, while SPAX is Actively Managed. Their fees differ too: 0.51% for RPAR and 0.85% for SPAX.