SPAM vs. PXQ

Last updated Jun 24, 2026

SPAM (Themes Cybersecurity ETF) and PXQ (Invesco Next Gen Connectivity ETF) are both Technology Equities funds - SPAM tracks the Solactive Cyber Security Index - Benchmark TR Net while PXQ tracks the STOXX World AC NexGen Connectivity Index. Both are passively managed. Over the past year, SPAM returned 18.17% vs 84.85% for PXQ. A 0.64 correlation means they provide meaningful diversification when combined. SPAM charges 0.35%/yr vs 0.40%/yr for PXQ.

Performance

SPAM vs. PXQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) and Invesco Next Gen Connectivity ETF (PXQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAM achieves a 24.10% return, which is significantly lower than PXQ's 54.15% return.

SPAM

• 1D: 0.76%
• 1M: -0.84%
• YTD: 24.10%
• 6M: 20.96%
• 1Y: 18.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PXQ

• 1D: -5.38%
• 1M: 5.48%
• YTD: 54.15%
• 6M: 54.94%
• 1Y: 84.85%
• 3Y*: 40.93%
• 5Y*: 19.32%
• 10Y*: 21.11%

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

SPAM vs. PXQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAM Themes Cybersecurity ETF	24.10%	4.86%	10.58%	6.74%
PXQ Invesco Next Gen Connectivity ETF	54.15%	28.65%	19.41%	6.01%

Correlation

The correlation between SPAM and PXQ is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	0.64

The correlation between SPAM and PXQ has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

SPAM vs. PXQ - Sectors Allocation Comparison

Sectors	SPAM	PXQ
Technology	89.6%	84.4%
Communication Services	5.7%	11.4%
Industrials	4.4%	0.8%
Real Estate	0.4%	3.2%
Financial Services	0.1%	0.0%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

SPAM vs. PXQ — Risk / Return Rank

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

SPAM

SPAM Risk / Return Rank: 19
SPAM Sharpe Ratio Rank: 20
SPAM Sortino Ratio Rank: 20
SPAM Omega Ratio Rank: 20
SPAM Calmar Ratio Rank: 18
SPAM Martin Ratio Rank: 17

PXQ

PXQ Risk / Return Rank: 93
PXQ Sharpe Ratio Rank: 95
PXQ Sortino Ratio Rank: 90
PXQ Omega Ratio Rank: 92
PXQ Calmar Ratio Rank: 95
PXQ Martin Ratio Rank: 95

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.

SPAM vs. PXQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) and Invesco Next Gen Connectivity ETF (PXQ). 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.

	SPAM	PXQ	Difference
Sharpe ratio: Return per unit of total volatility	0.67	3.42	-2.75
Sortino ratio: Return per unit of downside risk	1.07	3.96	-2.89
Omega ratio: Gain probability vs. loss probability	1.13	1.57	-0.44
Calmar ratio: Return relative to maximum drawdown	0.76	6.94	-6.18
Martin ratio: Return relative to average drawdown	1.67	30.00	-28.33

SPAM vs. PXQ - Sharpe Ratio Comparison

The current SPAM Sharpe Ratio is 0.67, which is lower than the PXQ Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of SPAM and PXQ, 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

SPAM vs. PXQ - Drawdown Comparison

The maximum SPAM drawdown since its inception was -24.02%, smaller than the maximum PXQ drawdown of -57.18%. Use the drawdown chart below to compare losses from any high point for SPAM and PXQ.

Drawdown Indicators

	SPAM	PXQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-57.18%	+33.16%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-12.30%	-11.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.55%	—
Current Drawdown Current decline from peak	-10.85%	-6.27%	-4.58%
Average Drawdown Average peak-to-trough decline	-6.58%	-10.73%	+4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.92%	2.84%	+8.08%

Volatility

SPAM vs. PXQ - Volatility Comparison

The current volatility for Themes Cybersecurity ETF (SPAM) is 12.02%, while Invesco Next Gen Connectivity ETF (PXQ) has a volatility of 15.64%. This indicates that SPAM experiences smaller price fluctuations and is considered to be less risky than PXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAM	PXQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.02%	15.64%	-3.62%
Volatility (6M) Calculated over the trailing 6-month period	22.85%	21.75%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	27.40%	25.15%	+2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.74%	23.96%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.74%	23.33%	+1.41%

SPAM vs. PXQ - Expense Ratio Comparison

SPAM has a 0.35% expense ratio, which is lower than PXQ's 0.40% expense ratio.

Dividends

SPAM vs. PXQ - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.39%, less than PXQ's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PXQ Invesco Next Gen Connectivity ETF	0.62%	0.86%	1.38%	0.60%	2.24%	0.55%	0.18%	0.44%	1.22%	0.66%	0.44%
SPAM Themes Cybersecurity ETF	0.39%	0.49%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPAM and PXQ in my portfolio?

SPAM and PXQ have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAM or PXQ?

PXQ has higher volatility (15.64%) compared to SPAM (12.02%). In terms of maximum drawdown, SPAM dropped -24.02% vs PXQ's -57.18%.

Which ETF is better, SPAM or PXQ?

On 1-year performance, PXQ leads with 84.85% vs 18.17% for SPAM. On fees, SPAM is cheaper at 0.35% per year. On volatility, SPAM has been the lower-risk option at 12.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAM or PXQ?

Over the 1-year period, PXQ has performed better with a 84.85% return vs 18.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAM or PXQ?

SPAM is cheaper with a 0.35% expense ratio, compared with 0.40% for PXQ.

Which ETF pays a higher dividend yield, SPAM or PXQ?

PXQ has the higher dividend yield at 0.62%, compared with 0.39% for SPAM.

What is the main difference between SPAM and PXQ?

SPAM tracks Solactive Cyber Security Index - Benchmark TR Net, while PXQ tracks STOXX World AC NexGen Connectivity Index. They also come from different issuers: Themes and Invesco. Their fees differ too: 0.35% for SPAM and 0.40% for PXQ.

Which has better risk-adjusted returns?

PXQ currently has the higher Sharpe Ratio (3.42 vs 0.67), 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.