SPCK vs. SPAX

Last updated Jul 14, 2026

SPCK (SPAC and New Issue ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both Event Driven funds. Both are actively managed. At a correlation of -0.06, they often move in opposite directions. SPCK charges 0.95%/yr vs 0.85%/yr for SPAX.

Performance

SPCK vs. SPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPAC and New Issue ETF (SPCK) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPCK

• 1D: -0.16%
• 1M: 0.45%
• 6M: 2.19%
• YTD: 1.86%
• 1Y: 1.09%
• 3Y*: 4.01%
• 5Y*: -1.48%
• 10Y*: —

SPAX

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

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

SPCK vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPCK SPAC and New Issue ETF	1.86%	7.81%	2.84%	-4.10%	-12.25%	-2.52%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	1.96%

Correlation

The correlation between SPCK and SPAX is -0.06, 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	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	-0.06

Return for Risk

SPCK vs. SPAX — Risk / Return Rank

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

SPCK

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

SPAX

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

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. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPAC and New Issue ETF (SPCK) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). 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	SPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.17	—	—
Sortino ratio: Return per unit of downside risk	0.29	—	—
Omega ratio: Gain probability vs. loss probability	1.04	—	—
Calmar ratio: Return relative to maximum drawdown	0.21	—	—
Martin ratio: Return relative to average drawdown	0.46	—	—

Drawdowns

Drawdown Indicators

	SPCK	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-28.28%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.24%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.94%	—	—
Current Drawdown Current decline from peak	-16.67%	—	—
Average Drawdown Average peak-to-trough decline	-18.81%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	—	—

Volatility

Volatility by Period

	SPCK	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.46%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.23%	—	—

SPCK vs. SPAX - Expense Ratio Comparison

SPCK has a 0.95% expense ratio, which is higher than SPAX's 0.85% expense ratio.

Dividends

SPCK vs. SPAX - Dividend Comparison

SPCK's dividend yield for the trailing twelve months is around 16.18%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%
SPCK SPAC and New Issue ETF	16.18%	16.48%	0.69%	2.27%	0.00%	1.28%

Frequently Asked Questions

Can I hold both SPCK and SPAX in my portfolio?

SPCK and SPAX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPCK or SPAX?

On fees, SPAX is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPCK or SPAX?

SPAX is cheaper with a 0.85% expense ratio, compared with 0.95% for SPCK.

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

SPCK has the higher dividend yield at 16.18%, compared with 0.00% for SPAX.

What is the main difference between SPCK and SPAX?

They also come from different issuers: Tuttle Capital Management and Toroso Investments. Their fees differ too: 0.95% for SPCK and 0.85% for SPAX.