SPAX vs. SCHG

Last updated Jun 24, 2026

SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) and SCHG (Schwab U.S. Large-Cap Growth ETF) are both exchange-traded funds - SPAX is a Event Driven fund actively managed by Toroso Investments, while SCHG is a Large Cap Growth Equities fund tracking the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. SPAX is actively managed, while SCHG is passively managed. At a 0.04 correlation, their price movements are largely independent. SPAX charges 0.85%/yr vs 0.04%/yr for SCHG.

Performance

SPAX vs. SCHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and Schwab U.S. Large-Cap Growth ETF (SCHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPAX

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

SCHG

• 1D: -1.37%
• 1M: -3.93%
• YTD: 1.35%
• 6M: 0.09%
• 1Y: 17.91%
• 3Y*: 22.13%
• 5Y*: 13.27%
• 10Y*: 18.65%

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

SPAX vs. SCHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	1.96%
SCHG Schwab U.S. Large-Cap Growth ETF	1.35%	17.50%	34.95%	50.10%	-31.80%	13.98%

Correlation

The correlation between SPAX and SCHG is 0.04, 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 (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.04

Return for Risk

SPAX vs. SCHG — Risk / Return Rank

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

SPAX

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

SCHG

SCHG Risk / Return Rank: 28
SCHG Sharpe Ratio Rank: 31
SCHG Sortino Ratio Rank: 30
SCHG Omega Ratio Rank: 30
SCHG Calmar Ratio Rank: 23
SCHG Martin Ratio Rank: 27

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.

SPAX vs. SCHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and Schwab U.S. Large-Cap Growth ETF (SCHG). 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.

	SPAX	SCHG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.11	—
Sortino ratio: Return per unit of downside risk	—	1.56	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.10	—
Martin ratio: Return relative to average drawdown	—	3.58	—

Drawdowns

Drawdown Indicators

	SPAX	SCHG	Difference
Max Drawdown Largest peak-to-trough decline	—	-34.59%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-16.41%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.39%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.59%	—
Current Drawdown Current decline from peak	—	-6.46%	—
Average Drawdown Average peak-to-trough decline	—	-5.20%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.02%	—

Volatility

Volatility by Period

	SPAX	SCHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.24%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	22.38%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	21.58%	—

SPAX vs. SCHG - Expense Ratio Comparison

SPAX has a 0.85% expense ratio, which is higher than SCHG's 0.04% expense ratio.

Dividends

SPAX vs. SCHG - Dividend Comparison

SPAX has not paid dividends to shareholders, while SCHG's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHG Schwab U.S. Large-Cap Growth ETF	0.38%	0.36%	0.39%	0.46%	0.55%	0.42%	0.52%	0.82%	1.27%	1.01%	1.04%	1.22%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPAX and SCHG in my portfolio?

SPAX and SCHG 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, SPAX or SCHG?

On fees, SCHG is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPAX or SCHG?

SCHG is cheaper with a 0.04% expense ratio, compared with 0.85% for SPAX.

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

SCHG has the higher dividend yield at 0.38%, compared with 0.00% for SPAX.

What is the main difference between SPAX and SCHG?

SPAX is categorized as Event Driven, while SCHG is Large Cap Growth Equities. They also come from different issuers: Toroso Investments and Charles Schwab. Their fees differ too: 0.85% for SPAX and 0.04% for SCHG.