SPCK vs. KCSH

Last updated Jun 23, 2026

SPCK (SPAC and New Issue ETF) and KCSH (KraneShares Sustainable Ultra Short Duration Index ETF) are both exchange-traded funds - SPCK is a Event Driven fund actively managed by Tuttle Capital Management, while KCSH is a Ultrashort Bond fund tracking the Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index. SPCK is actively managed, while KCSH is passively managed. Over the past year, SPCK returned -2.72% vs 4.02% for KCSH. At a correlation of -0.01, they often move in opposite directions. SPCK charges 0.95%/yr vs 0.20%/yr for KCSH.

Performance

SPCK vs. KCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPAC and New Issue ETF (SPCK) and KraneShares Sustainable Ultra Short Duration Index ETF (KCSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPCK achieves a 1.97% return, which is significantly higher than KCSH's 1.67% return.

SPCK

• 1D: -0.09%
• 1M: -0.83%
• YTD: 1.97%
• 6M: 2.02%
• 1Y: -2.72%
• 3Y*: 3.47%
• 5Y*: -1.53%
• 10Y*: —

KCSH

• 1D: -0.02%
• 1M: 0.30%
• YTD: 1.67%
• 6M: 1.74%
• 1Y: 4.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPCK vs. KCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPCK SPAC and New Issue ETF	1.97%	7.81%	1.16%
KCSH KraneShares Sustainable Ultra Short Duration Index ETF	1.67%	4.49%	1.98%

Correlation

The correlation between SPCK and KCSH 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 (All Time) Calculated using the full available price history since Jul 26, 2024	-0.01

The correlation between SPCK and KCSH shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPCK vs. KCSH — Risk / Return Rank

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

SPCK

SPCK Risk / Return Rank: 5
SPCK Sharpe Ratio Rank: 6
SPCK Sortino Ratio Rank: 6
SPCK Omega Ratio Rank: 5
SPCK Calmar Ratio Rank: 4
SPCK Martin Ratio Rank: 3

KCSH

KCSH Risk / Return Rank: 95
KCSH Sharpe Ratio Rank: 93
KCSH Sortino Ratio Rank: 94
KCSH Omega Ratio Rank: 98
KCSH Calmar Ratio Rank: 94
KCSH Martin Ratio Rank: 98

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. KCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPAC and New Issue ETF (SPCK) and KraneShares Sustainable Ultra Short Duration Index ETF (KCSH). 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	KCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	3.23	-3.55
Sortino ratio: Return per unit of downside risk	-0.35	4.57	-4.92
Omega ratio: Gain probability vs. loss probability	0.94	2.10	-1.15
Calmar ratio: Return relative to maximum drawdown	-0.52	6.93	-7.45
Martin ratio: Return relative to average drawdown	-1.13	58.19	-59.32

SPCK vs. KCSH - Sharpe Ratio Comparison

The current SPCK Sharpe Ratio is -0.32, which is lower than the KCSH Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of SPCK and KCSH, 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

SPCK vs. KCSH - Drawdown Comparison

The maximum SPCK drawdown since its inception was -28.28%, which is greater than KCSH's maximum drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for SPCK and KCSH.

Drawdown Indicators

	SPCK	KCSH	Difference
Max Drawdown Largest peak-to-trough decline	-28.28%	-0.58%	-27.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.24%	-0.58%	-4.66%
Max Drawdown (3Y) Largest decline over 3 years	-7.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.59%	—	—
Current Drawdown Current decline from peak	-16.58%	-0.02%	-16.56%
Average Drawdown Average peak-to-trough decline	-18.83%	-0.03%	-18.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.64%	0.07%	+4.57%

Volatility

SPCK vs. KCSH - Volatility Comparison

SPAC and New Issue ETF (SPCK) has a higher volatility of 2.47% compared to KraneShares Sustainable Ultra Short Duration Index ETF (KCSH) at 0.21%. This indicates that SPCK's price experiences larger fluctuations and is considered to be riskier than KCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCK	KCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	0.21%	+2.26%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	0.58%	+3.60%
Volatility (1Y) Calculated over the trailing 1-year period	8.67%	1.25%	+7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.25%	1.32%	+6.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.22%	1.32%	+7.90%

SPCK vs. KCSH - Expense Ratio Comparison

SPCK has a 0.95% expense ratio, which is higher than KCSH's 0.20% expense ratio.

Dividends

SPCK vs. KCSH - Dividend Comparison

SPCK's dividend yield for the trailing twelve months is around 16.17%, more than KCSH's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021
KCSH KraneShares Sustainable Ultra Short Duration Index ETF	3.96%	4.35%	2.08%	0.00%	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

Can I hold both SPCK and KCSH in my portfolio?

SPCK and KCSH 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.

Which is riskier, SPCK or KCSH?

SPCK has higher volatility (2.47%) compared to KCSH (0.21%). In terms of maximum drawdown, SPCK dropped -28.28% vs KCSH's -0.58%.

Which ETF is better, SPCK or KCSH?

On 1-year performance, KCSH leads with 4.02% vs -2.72% for SPCK. On fees, KCSH is cheaper at 0.20% per year. On volatility, KCSH has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPCK or KCSH?

Over the 1-year period, KCSH has performed better with a 4.02% return vs -2.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPCK or KCSH?

KCSH is cheaper with a 0.20% expense ratio, compared with 0.95% for SPCK.

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

SPCK has the higher dividend yield at 16.17%, compared with 3.96% for KCSH.

What is the main difference between SPCK and KCSH?

SPCK is categorized as Event Driven, while KCSH is Ultrashort Bond. They also come from different issuers: Tuttle Capital Management and KraneShares. Their fees differ too: 0.95% for SPCK and 0.20% for KCSH.

Which has better risk-adjusted returns?

KCSH currently has the higher Sharpe Ratio (3.23 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.