SPCK vs. IBMR
SPCK (SPAC and New Issue ETF) and IBMR (iShares iBonds Dec 2029 Term Muni Bond ETF) are both exchange-traded funds - SPCK is a Event Driven fund actively managed by Tuttle Capital Management, while IBMR is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index. SPCK is actively managed, while IBMR is passively managed. Over the past 3 years, SPCK returned 3.47%/yr vs 3.25%/yr for IBMR. At a correlation of -0.01, they often move in opposite directions. SPCK charges 0.95%/yr vs 0.18%/yr for IBMR.
Performance
SPCK vs. IBMR - Performance Comparison
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Returns By Period
In the year-to-date period, SPCK achieves a 1.97% return, which is significantly higher than IBMR's 0.81% return.
SPCK
- 1D
- -0.09%
- 1M
- -0.83%
- YTD
- 1.97%
- 6M
- 2.02%
- 1Y
- -2.72%
- 3Y*
- 3.47%
- 5Y*
- -1.53%
- 10Y*
- —
IBMR
- 1D
- 0.02%
- 1M
- 0.68%
- YTD
- 0.81%
- 6M
- 0.99%
- 1Y
- 3.61%
- 3Y*
- 3.25%
- 5Y*
- —
- 10Y*
- —
SPCK vs. IBMR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPCK SPAC and New Issue ETF | 1.97% | 7.81% | 2.84% | -0.95% |
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 0.81% | 4.45% | 0.06% | 3.46% |
Correlation
The correlation between SPCK and IBMR is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | -0.01 |
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Return for Risk
SPCK vs. IBMR — Risk / Return Rank
SPCK
IBMR
SPCK vs. IBMR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPAC and New Issue ETF (SPCK) and iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR). 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.
| SPCK | IBMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.38 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.44 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.33 | -2.85 |
| Martin ratioReturn relative to average drawdown | -1.13 | 6.01 | -7.15 |
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Drawdowns
SPCK vs. IBMR - Drawdown Comparison
The maximum SPCK drawdown since its inception was -28.28%, which is greater than IBMR's maximum drawdown of -4.83%. Use the drawdown chart below to compare losses from any high point for SPCK and IBMR.
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Drawdown Indicators
| SPCK | IBMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.28% | -4.83% | -23.45% |
Max Drawdown (1Y)Largest decline over 1 year | -5.24% | -1.55% | -3.69% |
Max Drawdown (3Y)Largest decline over 3 years | -7.72% | -4.72% | -3.00% |
Max Drawdown (5Y)Largest decline over 5 years | -20.59% | — | — |
Current DrawdownCurrent decline from peak | -16.58% | -0.59% | -15.99% |
Average DrawdownAverage peak-to-trough decline | -18.83% | -1.01% | -17.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.64% | 0.60% | +4.04% |
Volatility
SPCK vs. IBMR - Volatility Comparison
SPAC and New Issue ETF (SPCK) has a higher volatility of 2.47% compared to iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) at 0.39%. This indicates that SPCK's price experiences larger fluctuations and is considered to be riskier than IBMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPCK | IBMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.47% | 0.39% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 1.15% | +3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.67% | 1.76% | +6.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.25% | 3.05% | +5.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.22% | 3.05% | +6.17% |
SPCK vs. IBMR - Expense Ratio Comparison
SPCK has a 0.95% expense ratio, which is higher than IBMR's 0.18% expense ratio.
Dividends
SPCK vs. IBMR - Dividend Comparison
SPCK's dividend yield for the trailing twelve months is around 16.17%, more than IBMR's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 2.55% | 2.55% | 2.53% | 1.27% | 0.00% | 0.00% |
SPCK SPAC and New Issue ETF | 16.17% | 16.48% | 0.69% | 2.27% | 0.00% | 1.28% |
Frequently Asked Questions
SPCK and IBMR have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPCK has higher volatility (2.47%) compared to IBMR (0.39%). In terms of maximum drawdown, SPCK dropped -28.28% vs IBMR's -4.83%.
On 3-year performance, SPCK leads with 3.47% vs 3.25% for IBMR. On fees, IBMR is cheaper at 0.18% per year. On volatility, IBMR has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPCK has performed better with a 3.47% return vs 3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMR is cheaper with a 0.18% expense ratio, compared with 0.95% for SPCK.
SPCK has the higher dividend yield at 16.17%, compared with 2.55% for IBMR.
SPCK is categorized as Event Driven, while IBMR is Municipal Bonds. They also come from different issuers: Tuttle Capital Management and iShares. Their fees differ too: 0.95% for SPCK and 0.18% for IBMR.
IBMR currently has the higher Sharpe Ratio (2.07 vs -0.32), 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.
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