SPCX vs. PMMF

Last updated Apr 1, 2026

Compare and contrast key facts about SPAC and New Issue ETF (SPCX) and iShares Prime Money Market ETF (PMMF).

SPCX and PMMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPCX is an actively managed fund by Tuttle Tactical Management, LLC. It was launched on Dec 16, 2020. PMMF is an actively managed fund by BlackRock. It was launched on Feb 4, 2025.

Performance

SPCX vs. PMMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPAC and New Issue ETF (SPCX) and iShares Prime Money Market ETF (PMMF). The values are adjusted to include any dividend payments, if applicable.

SPCX vs. PMMF - Yearly Performance Comparison

	2026 (YTD)	2025
SPCX SPAC and New Issue ETF	0.73%	8.18%
PMMF iShares Prime Money Market ETF	0.86%	3.85%

Returns By Period

In the year-to-date period, SPCX achieves a 0.73% return, which is significantly lower than PMMF's 0.86% return.

SPCX

• 1D: 0.45%
• 1M: 0.34%
• YTD: 0.73%
• 6M: 2.32%
• 1Y: 6.40%
• 3Y*: 3.29%
• 5Y*: -1.42%
• 10Y*: —

PMMF

• 1D: 0.01%
• 1M: 0.28%
• YTD: 0.86%
• 6M: 1.87%
• 1Y: 4.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPCX vs. PMMF - Expense Ratio Comparison

SPCX has a 0.95% expense ratio, which is higher than PMMF's 0.20% expense ratio.

SPCX

SPAC and New Issue ETF

PMMF

iShares Prime Money Market ETF

Return for Risk

SPCX vs. PMMF — Risk / Return Rank

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

SPCX

SPCX Risk / Return Rank: 31
SPCX Sharpe Ratio Rank: 35
SPCX Sortino Ratio Rank: 31
SPCX Omega Ratio Rank: 34
SPCX Calmar Ratio Rank: 33
SPCX Martin Ratio Rank: 22

PMMF

PMMF Risk / Return Rank: 100
PMMF Sharpe Ratio Rank: 100
PMMF Sortino Ratio Rank: 100
PMMF Omega Ratio Rank: 100
PMMF Calmar Ratio Rank: 99
PMMF Martin Ratio Rank: 100

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.

SPCX vs. PMMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPAC and New Issue ETF (SPCX) and iShares Prime Money Market ETF (PMMF). 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.

	SPCX	PMMF	Difference
Sharpe ratio Return per unit of total volatility	0.63	13.39	-12.75
Sortino ratio Return per unit of downside risk	0.91	25.27	-24.36
Omega ratio Gain probability vs. loss probability	1.14	11.71	-10.58
Calmar ratio Return relative to maximum drawdown	0.81	31.70	-30.89
Martin ratio Return relative to average drawdown	1.42	381.69	-380.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPCX vs. PMMF - Sharpe Ratio Comparison

The current SPCX Sharpe Ratio is 0.63, which is lower than the PMMF Sharpe Ratio of 13.39. The chart below compares the historical Sharpe Ratios of SPCX and PMMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPCX	PMMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	13.39	-12.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	11.51	-11.39

Correlation

The correlation between SPCX and PMMF is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SPCX vs. PMMF - Dividend Comparison

SPCX's dividend yield for the trailing twelve months is around 16.37%, more than PMMF's 3.91% yield.

	TTM	2025	2024	2023	2022	2021
SPCX SPAC and New Issue ETF	16.37%	16.48%	0.69%	2.27%	0.00%	1.28%
PMMF iShares Prime Money Market ETF	3.91%	3.59%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPCX vs. PMMF - Drawdown Comparison

The maximum SPCX drawdown since its inception was -28.28%, which is greater than PMMF's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for SPCX and PMMF.

Drawdown Indicators

	SPCX	PMMF	Difference
Max Drawdown Largest peak-to-trough decline	-28.28%	-0.13%	-28.15%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-0.13%	-7.59%
Max Drawdown (5Y) Largest decline over 5 years	-20.59%	—	—
Current Drawdown Current decline from peak	-17.59%	0.00%	-17.59%
Average Drawdown Average peak-to-trough decline	-18.92%	0.00%	-18.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	0.01%	+4.38%

Volatility

SPCX vs. PMMF - Volatility Comparison

SPAC and New Issue ETF (SPCX) has a higher volatility of 1.33% compared to iShares Prime Money Market ETF (PMMF) at 0.05%. This indicates that SPCX's price experiences larger fluctuations and is considered to be riskier than PMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCX	PMMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	0.05%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	3.38%	0.13%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.15%	0.31%	+9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.16%	0.36%	+7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.30%	0.36%	+8.94%