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 4.01%/yr vs 3.21%/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 1.86% return, which is significantly higher than IBMR's 0.84% return.
SPCK
- 1D
- -0.16%
- 1M
- 0.45%
- 6M
- 2.19%
- YTD
- 1.86%
- 1Y
- 1.09%
- 3Y*
- 4.01%
- 5Y*
- -1.48%
- 10Y*
- —
IBMR
- 1D
- -0.08%
- 1M
- 0.13%
- 6M
- 0.35%
- YTD
- 0.84%
- 1Y
- 2.90%
- 3Y*
- 3.21%
- 5Y*
- —
- 10Y*
- —
SPCK vs. IBMR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPCK SPAC and New Issue ETF | 1.86% | 7.81% | 2.84% | -0.95% |
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 0.84% | 4.45% | 0.06% | 3.46% |
Correlation
The correlation between SPCK and IBMR is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | -0.01 |
The correlation between SPCK and IBMR shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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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 | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.35 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | 1.88 | -1.67 |
| Martin ratioReturn relative to average drawdown | 0.46 | 4.74 | -4.28 |
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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 | -19.94% | — | — |
Current DrawdownCurrent decline from peak | -16.67% | -0.55% | -16.12% |
Average DrawdownAverage peak-to-trough decline | -18.81% | -1.00% | -17.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 0.61% | +1.78% |
Volatility
SPCK vs. IBMR - Volatility Comparison
SPAC and New Issue ETF (SPCK) has a higher volatility of 2.90% compared to iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) at 0.27%. 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 | 2.90% | 0.27% | +2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 1.09% | +3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 1.75% | +4.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 3.02% | +5.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 3.02% | +6.21% |
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 16.18%, more than IBMR's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 2.54% | 2.55% | 2.53% | 1.27% | 0.00% | 0.00% |
SPCK SPAC and New Issue ETF | 16.18% | 16.48% | 0.69% | 2.27% | 0.00% | 1.28% |
Frequently Asked Questions
SPCK and IBMR have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPCK has higher volatility (2.90%) compared to IBMR (0.27%). In terms of maximum drawdown, SPCK dropped -28.28% vs IBMR's -4.83%.
On 3-year performance, SPCK leads with 4.01% vs 3.21% for IBMR. On fees, IBMR is cheaper at 0.18% per year. On volatility, IBMR has been the lower-risk option at 0.27%. 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 4.01% return vs 3.21%. 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 16.18%, compared with 2.54% 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 (1.67 vs 0.17), 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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