SPAM vs. WISE

Last updated Jul 17, 2026

SPAM (Themes Cybersecurity ETF) and WISE (Themes Generative Artificial Intelligence ETF) are both Technology Equities funds from Themes - SPAM tracks the Solactive Cyber Security Index - Benchmark TR Net while WISE tracks the Solactive Generative Artificial Intelligence Index - Benchmark TR Gross. Both are passively managed. Over the past year, SPAM returned 31.98% vs -4.85% for WISE. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

SPAM vs. WISE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) and Themes Generative Artificial Intelligence ETF (WISE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAM achieves a 38.17% return, which is significantly higher than WISE's -12.03% return.

SPAM

• 1D: -1.93%
• 1M: 9.98%
• 6M: 33.89%
• YTD: 38.17%
• 1Y: 31.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WISE

• 1D: -3.79%
• 1M: -14.78%
• 6M: -17.01%
• YTD: -12.03%
• 1Y: -4.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAM vs. WISE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAM Themes Cybersecurity ETF	38.17%	4.86%	10.58%	6.74%
WISE Themes Generative Artificial Intelligence ETF	-12.03%	5.88%	40.45%	8.33%

Correlation

The correlation between SPAM and WISE is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	0.70

The correlation between SPAM and WISE has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

SPAM vs. WISE - Sectors Allocation Comparison

Sectors	SPAM	WISE
Technology	89.6%	91.4%
Communication Services	5.7%	2.7%
Industrials	4.4%	1.4%
Real Estate	0.4%	-
Financial Services	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	3.5%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	0.7%
Utilities	-	0.4%

Return for Risk

SPAM vs. WISE — Risk / Return Rank

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

SPAM

SPAM Risk / Return Rank: 34
SPAM Sharpe Ratio Rank: 39
SPAM Sortino Ratio Rank: 38
SPAM Omega Ratio Rank: 36
SPAM Calmar Ratio Rank: 32
SPAM Martin Ratio Rank: 27

WISE

WISE Risk / Return Rank: 8
WISE Sharpe Ratio Rank: 8
WISE Sortino Ratio Rank: 9
WISE Omega Ratio Rank: 8
WISE Calmar Ratio Rank: 8
WISE Martin Ratio Rank: 8

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. WISE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) and Themes Generative Artificial Intelligence ETF (WISE). 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	WISE	Difference
Sharpe ratio: Return per unit of total volatility	1.14	-0.14	+1.28
Sortino ratio: Return per unit of downside risk	1.66	0.03	+1.62
Omega ratio: Gain probability vs. loss probability	1.20	1.00	+0.20
Calmar ratio: Return relative to maximum drawdown	1.34	-0.14	+1.48
Martin ratio: Return relative to average drawdown	2.94	-0.32	+3.26

SPAM vs. WISE - Sharpe Ratio Comparison

The current SPAM Sharpe Ratio is 1.14, which is higher than the WISE Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of SPAM and WISE, 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. WISE - Drawdown Comparison

The maximum SPAM drawdown since its inception was -24.02%, smaller than the maximum WISE drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for SPAM and WISE.

Drawdown Indicators

	SPAM	WISE	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-39.15%	+15.13%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-34.08%	+10.06%
Current Drawdown Current decline from peak	-3.94%	-25.11%	+21.17%
Average Drawdown Average peak-to-trough decline	-6.50%	-12.08%	+5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.89%	15.26%	-4.37%

Volatility

SPAM vs. WISE - Volatility Comparison

The current volatility for Themes Cybersecurity ETF (SPAM) is 9.32%, while Themes Generative Artificial Intelligence ETF (WISE) has a volatility of 9.89%. This indicates that SPAM experiences smaller price fluctuations and is considered to be less risky than WISE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAM	WISE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.32%	9.89%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	24.22%	26.64%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	28.26%	34.18%	-5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.09%	33.93%	-8.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.09%	33.93%	-8.84%

SPAM vs. WISE - Expense Ratio Comparison

Both SPAM and WISE have an expense ratio of 0.35%.

Dividends

SPAM vs. WISE - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.35%, less than WISE's 4.69% yield.

Position	TTM	2025	2024
SPAM Themes Cybersecurity ETF	0.35%	0.49%	0.13%
WISE Themes Generative Artificial Intelligence ETF	4.69%	4.12%	0.00%

Frequently Asked Questions

Can I hold both SPAM and WISE in my portfolio?

SPAM and WISE have a correlation of 0.66, 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 WISE?

WISE has higher volatility (9.89%) compared to SPAM (9.32%). In terms of maximum drawdown, SPAM dropped -24.02% vs WISE's -39.15%.

Which ETF is better, SPAM or WISE?

On 1-year performance, SPAM leads with 31.98% vs -4.85% for WISE. Both ETFs have the same 0.35% expense ratio. On volatility, SPAM has been the lower-risk option at 9.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAM or WISE?

Over the 1-year period, SPAM has performed better with a 31.98% return vs -4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAM or WISE?

SPAM and WISE have the same expense ratio: 0.35% per year.

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

WISE has the higher dividend yield at 4.69%, compared with 0.35% for SPAM.

What is the main difference between SPAM and WISE?

SPAM tracks Solactive Cyber Security Index - Benchmark TR Net, while WISE tracks Solactive Generative Artificial Intelligence Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

SPAM currently has the higher Sharpe Ratio (1.14 vs -0.14), 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.