SPAM vs. VOX

Last updated Jun 24, 2026

SPAM (Themes Cybersecurity ETF) and VOX (Vanguard Communication Services ETF) are both exchange-traded funds - SPAM is a Technology Equities fund tracking the Solactive Cyber Security Index - Benchmark TR Net, while VOX is a Communications Equities fund tracking the MSCI US Investable Market Communication Services 25/50 Index. Both are passively managed. Over the past year, SPAM returned 18.17% vs 12.86% for VOX. A 0.54 correlation means they provide meaningful diversification when combined. SPAM charges 0.35%/yr vs 0.09%/yr for VOX.

Performance

SPAM vs. VOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) and Vanguard Communication Services ETF (VOX). 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 higher than VOX's -5.35% return.

SPAM

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

VOX

• 1D: 0.26%
• 1M: -6.50%
• YTD: -5.35%
• 6M: -5.46%
• 1Y: 12.86%
• 3Y*: 21.81%
• 5Y*: 6.02%
• 10Y*: 8.42%

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

SPAM vs. VOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAM Themes Cybersecurity ETF	24.10%	4.86%	10.58%	6.74%
VOX Vanguard Communication Services ETF	-5.35%	26.27%	33.12%	4.73%

Correlation

The correlation between SPAM and VOX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	0.54

The correlation between SPAM and VOX has been stable across timeframes, ranging from 0.44 to 0.54 - a consistent structural relationship.

Return for Risk

SPAM vs. VOX — 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

VOX

VOX Risk / Return Rank: 24
VOX Sharpe Ratio Rank: 24
VOX Sortino Ratio Rank: 24
VOX Omega Ratio Rank: 23
VOX Calmar Ratio Rank: 21
VOX 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.

SPAM vs. VOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) and Vanguard Communication Services ETF (VOX). 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	VOX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	0.82	-0.15
Sortino ratio: Return per unit of downside risk	1.07	1.25	-0.19
Omega ratio: Gain probability vs. loss probability	1.13	1.15	-0.02
Calmar ratio: Return relative to maximum drawdown	0.76	0.95	-0.19
Martin ratio: Return relative to average drawdown	1.67	3.37	-1.71

SPAM vs. VOX - Sharpe Ratio Comparison

The current SPAM Sharpe Ratio is 0.67, which is comparable to the VOX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of SPAM and VOX, 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. VOX - Drawdown Comparison

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

Drawdown Indicators

	SPAM	VOX	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-57.18%	+33.16%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-13.56%	-10.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.76%	—
Current Drawdown Current decline from peak	-10.85%	-8.53%	-2.32%
Average Drawdown Average peak-to-trough decline	-6.58%	-11.90%	+5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.92%	3.82%	+7.10%

Volatility

SPAM vs. VOX - Volatility Comparison

Themes Cybersecurity ETF (SPAM) has a higher volatility of 12.02% compared to Vanguard Communication Services ETF (VOX) at 5.44%. This indicates that SPAM's price experiences larger fluctuations and is considered to be riskier than VOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAM	VOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.02%	5.44%	+6.58%
Volatility (6M) Calculated over the trailing 6-month period	22.85%	11.89%	+10.96%
Volatility (1Y) Calculated over the trailing 1-year period	27.40%	15.80%	+11.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.74%	21.24%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.74%	20.93%	+3.81%

SPAM vs. VOX - Expense Ratio Comparison

SPAM has a 0.35% expense ratio, which is higher than VOX's 0.09% expense ratio.

Dividends

SPAM vs. VOX - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.39%, less than VOX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
VOX Vanguard Communication Services ETF	1.04%	0.95%	1.05%	1.03%	0.88%	0.93%	0.73%	0.90%	2.77%	3.83%	2.67%	3.55%

Frequently Asked Questions

Can I hold both SPAM and VOX in my portfolio?

SPAM and VOX have a correlation of 0.44, 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 VOX?

SPAM has higher volatility (12.02%) compared to VOX (5.44%). In terms of maximum drawdown, SPAM dropped -24.02% vs VOX's -57.18%.

Which ETF is better, SPAM or VOX?

On 1-year performance, SPAM leads with 18.17% vs 12.86% for VOX. On fees, VOX is cheaper at 0.09% per year. On volatility, VOX has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAM or VOX?

Over the 1-year period, SPAM has performed better with a 18.17% return vs 12.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAM or VOX?

VOX is cheaper with a 0.09% expense ratio, compared with 0.35% for SPAM.

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

VOX has the higher dividend yield at 1.04%, compared with 0.39% for SPAM.

What is the main difference between SPAM and VOX?

SPAM is categorized as Technology Equities, while VOX is Communications Equities. SPAM tracks Solactive Cyber Security Index - Benchmark TR Net, while VOX tracks MSCI US Investable Market Communication Services 25/50 Index. They also come from different issuers: Themes and Vanguard. Their fees differ too: 0.35% for SPAM and 0.09% for VOX.

Which has better risk-adjusted returns?

VOX currently has the higher Sharpe Ratio (0.82 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.