SPCK vs. APRH

Last updated Jun 3, 2026

SPCK (SPAC and New Issue ETF) and APRH (Innovator Premium Income 20 Barrier ETF - April) are both exchange-traded funds - SPCK is a Event Driven fund actively managed by Tuttle Capital Management, while APRH is a Options Trading fund actively managed by Innovator. Both are actively managed. Over the past 3 years, SPCK returned 3.94%/yr vs 7.45%/yr for APRH. At a correlation of -0.05, they often move in opposite directions. SPCK charges 0.95%/yr vs 0.79%/yr for APRH.

Performance

SPCK vs. APRH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPAC and New Issue ETF (SPCK) and Innovator Premium Income 20 Barrier ETF - April (APRH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPCK achieves a 2.43% return, which is significantly lower than APRH's 4.58% return.

SPCK

• 1D: 0.29%
• 1M: 1.72%
• YTD: 2.43%
• 6M: 2.41%
• 1Y: 1.15%
• 3Y*: 3.94%
• 5Y*: -0.97%
• 10Y*: —

APRH

• 1D: 0.06%
• 1M: 0.97%
• YTD: 4.58%
• 6M: 3.99%
• 1Y: 8.03%
• 3Y*: 7.45%
• 5Y*: —
• 10Y*: —

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

SPCK vs. APRH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPCK SPAC and New Issue ETF	2.43%	7.81%	2.84%	-0.83%
APRH Innovator Premium Income 20 Barrier ETF - April	4.58%	5.84%	6.91%	6.96%

Correlation

The correlation between SPCK and APRH is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023	-0.05

The correlation between SPCK and APRH shifts across timeframes, from -0.15 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPCK vs. APRH — Risk / Return Rank

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

SPCK

SPCK Risk / Return Rank: 10
SPCK Sharpe Ratio Rank: 10
SPCK Sortino Ratio Rank: 9
SPCK Omega Ratio Rank: 10
SPCK Calmar Ratio Rank: 12
SPCK Martin Ratio Rank: 11

APRH

APRH Risk / Return Rank: 93
APRH Sharpe Ratio Rank: 91
APRH Sortino Ratio Rank: 94
APRH Omega Ratio Rank: 97
APRH Calmar Ratio Rank: 93
APRH Martin Ratio Rank: 92

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.

SPCK vs. APRH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPAC and New Issue ETF (SPCK) and Innovator Premium Income 20 Barrier ETF - April (APRH). 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.

	SPCK	APRH	Difference
Sharpe ratio Return per unit of total volatility	0.13	3.27	-3.14
Sortino ratio Return per unit of downside risk	0.22	4.88	-4.65
Omega ratio Gain probability vs. loss probability	1.04	1.93	-0.89
Calmar ratio Return relative to maximum drawdown	0.32	6.87	-6.55
Martin ratio Return relative to average drawdown	0.53	23.39	-22.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPCK vs. APRH - Sharpe Ratio Comparison

The current SPCK Sharpe Ratio is 0.13, which is lower than the APRH Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of SPCK and APRH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPCK	APRH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	3.27	-3.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	1.71	-1.56

Drawdowns

SPCK vs. APRH - Drawdown Comparison

The maximum SPCK drawdown since its inception was -28.28%, which is greater than APRH's maximum drawdown of -5.87%. Use the drawdown chart below to compare losses from any high point for SPCK and APRH.

Drawdown Indicators

	SPCK	APRH	Difference
Max Drawdown Largest peak-to-trough decline	-28.28%	-5.87%	-22.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-1.21%	-6.51%
Max Drawdown (3Y) Largest decline over 3 years	-7.72%	-5.87%	-1.85%
Max Drawdown (5Y) Largest decline over 5 years	-20.59%	—	—
Current Drawdown Current decline from peak	-16.20%	0.00%	-16.20%
Average Drawdown Average peak-to-trough decline	-18.87%	-0.21%	-18.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	0.36%	+4.24%

Volatility

SPCK vs. APRH - Volatility Comparison

SPAC and New Issue ETF (SPCK) has a higher volatility of 2.57% compared to Innovator Premium Income 20 Barrier ETF - April (APRH) at 0.58%. This indicates that SPCK's price experiences larger fluctuations and is considered to be riskier than APRH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCK	APRH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	0.58%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	1.98%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	9.19%	2.48%	+6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.23%	4.56%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	4.56%	+4.68%

SPCK vs. APRH - Expense Ratio Comparison

SPCK has a 0.95% expense ratio, which is higher than APRH's 0.79% expense ratio.

Dividends

SPCK vs. APRH - Dividend Comparison

SPCK's dividend yield for the trailing twelve months is around 16.09%, more than APRH's 5.35% yield.

Position	TTM	2025	2024	2023	2022	2021
APRH Innovator Premium Income 20 Barrier ETF - April	5.35%	5.49%	6.87%	5.90%	0.00%	0.00%
SPCK SPAC and New Issue ETF	16.09%	16.48%	0.69%	2.27%	0.00%	1.28%

Frequently Asked Questions

Can I hold both SPCK and APRH in my portfolio?

SPCK and APRH have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPCK or APRH?

SPCK has higher volatility (2.57%) compared to APRH (0.58%). In terms of maximum drawdown, SPCK dropped -28.28% vs APRH's -5.87%.

Which ETF is better, SPCK or APRH?

On 3-year performance, APRH leads with 7.45% vs 3.94% for SPCK. On fees, APRH is cheaper at 0.79% per year. On volatility, APRH has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPCK or APRH?

Over the 3-year period, APRH has performed better with a 7.45% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPCK or APRH?

APRH is cheaper with a 0.79% expense ratio, compared with 0.95% for SPCK.

Which ETF pays a higher dividend yield, SPCK or APRH?

SPCK has the higher dividend yield at 16.09%, compared with 5.35% for APRH.

What is the main difference between SPCK and APRH?

SPCK is categorized as Event Driven, while APRH is Options Trading. They also come from different issuers: Tuttle Capital Management and Innovator. Their fees differ too: 0.95% for SPCK and 0.79% for APRH.

Which has better risk-adjusted returns?

APRH currently has the higher Sharpe Ratio (3.27 vs 0.13), 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.