SPCZ vs. BPAY

Last updated Jun 4, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and BPAY (BlackRock Future Financial and Technology ETF) are both Financials Equities funds. Both are actively managed. Over the past 3 years, SPCZ returned 6.50%/yr vs 8.49%/yr for BPAY. At a 0.08 correlation, their price movements are largely independent. SPCZ charges 0.90%/yr vs 0.70%/yr for BPAY.

Performance

SPCZ vs. BPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and BlackRock Future Financial and Technology ETF (BPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPCZ achieves a 1.51% return, which is significantly higher than BPAY's -12.44% return.

SPCZ

• 1D: 0.37%
• 1M: 0.92%
• YTD: 1.51%
• 6M: 1.61%
• 1Y: 4.96%
• 3Y*: 6.50%
• 5Y*: —
• 10Y*: —

BPAY

• 1D: -4.23%
• 1M: -4.47%
• YTD: -12.44%
• 6M: -14.32%
• 1Y: -10.80%
• 3Y*: 8.49%
• 5Y*: —
• 10Y*: —

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

SPCZ vs. BPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	10.19%	5.31%	5.93%	1.92%
BPAY BlackRock Future Financial and Technology ETF	-12.44%	8.54%	17.28%	13.19%	-16.39%

Correlation

The correlation between SPCZ and BPAY is 0.07, 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 (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Aug 19, 2022	0.08

SPCZ vs. BPAY - Sectors Allocation Comparison

Sectors	SPCZ	BPAY
Financial Services	81.4%	53.0%
Technology	0.4%	36.4%
Basic Materials	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	6.0%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	4.6%
Real Estate	-	2.2%
Utilities	-	-

Return for Risk

SPCZ vs. BPAY — Risk / Return Rank

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

SPCZ

SPCZ Risk / Return Rank: 23
SPCZ Sharpe Ratio Rank: 20
SPCZ Sortino Ratio Rank: 18
SPCZ Omega Ratio Rank: 27
SPCZ Calmar Ratio Rank: 27
SPCZ Martin Ratio Rank: 24

BPAY

BPAY Risk / Return Rank: 5
BPAY Sharpe Ratio Rank: 5
BPAY Sortino Ratio Rank: 5
BPAY Omega Ratio Rank: 5
BPAY Calmar Ratio Rank: 6
BPAY Martin Ratio Rank: 6

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.

SPCZ vs. BPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and BlackRock Future Financial and Technology ETF (BPAY). 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.

	SPCZ	BPAY	Difference
Sharpe ratio Return per unit of total volatility	0.64	-0.42	+1.06
Sortino ratio Return per unit of downside risk	0.92	-0.42	+1.35
Omega ratio Gain probability vs. loss probability	1.18	0.95	+0.23
Calmar ratio Return relative to maximum drawdown	1.30	-0.32	+1.63
Martin ratio Return relative to average drawdown	3.12	-0.64	+3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPCZ vs. BPAY - Sharpe Ratio Comparison

The current SPCZ Sharpe Ratio is 0.64, which is higher than the BPAY Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of SPCZ and BPAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPCZ	BPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	-0.42	+1.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.06	+1.09

Drawdowns

SPCZ vs. BPAY - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum BPAY drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for SPCZ and BPAY.

Drawdown Indicators

	SPCZ	BPAY	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-33.62%	+29.15%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-33.62%	+29.80%
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	-33.62%	+29.15%
Current Drawdown Current decline from peak	-1.54%	-26.03%	+24.49%
Average Drawdown Average peak-to-trough decline	-0.51%	-10.54%	+10.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	16.98%	-15.39%

Volatility

SPCZ vs. BPAY - Volatility Comparison

The current volatility for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is 0.64%, while BlackRock Future Financial and Technology ETF (BPAY) has a volatility of 6.91%. This indicates that SPCZ experiences smaller price fluctuations and is considered to be less risky than BPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCZ	BPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	6.91%	-6.27%
Volatility (6M) Calculated over the trailing 6-month period	6.29%	18.71%	-12.42%
Volatility (1Y) Calculated over the trailing 1-year period	7.78%	26.01%	-18.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.59%	24.35%	-18.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	24.35%	-18.76%

SPCZ vs. BPAY - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is higher than BPAY's 0.70% expense ratio.

Dividends

SPCZ vs. BPAY - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.88%, more than BPAY's 7.41% yield.

Position	TTM	2025	2024	2023	2022
BPAY BlackRock Future Financial and Technology ETF	7.41%	6.49%	0.48%	1.18%	0.18%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.88%	12.06%	4.24%	5.01%	0.22%

Frequently Asked Questions

Can I hold both SPCZ and BPAY in my portfolio?

SPCZ and BPAY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPCZ or BPAY?

BPAY has higher volatility (6.91%) compared to SPCZ (0.64%). In terms of maximum drawdown, SPCZ dropped -4.47% vs BPAY's -33.62%.

Which ETF is better, SPCZ or BPAY?

On 3-year performance, BPAY leads with 8.49% vs 6.50% for SPCZ. On fees, BPAY is cheaper at 0.70% per year. On volatility, SPCZ has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPCZ or BPAY?

Over the 3-year period, BPAY has performed better with a 8.49% return vs 6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPCZ or BPAY?

BPAY is cheaper with a 0.70% expense ratio, compared with 0.90% for SPCZ.

Which ETF pays a higher dividend yield, SPCZ or BPAY?

SPCZ has the higher dividend yield at 11.88%, compared with 7.41% for BPAY.

What is the main difference between SPCZ and BPAY?

They also come from different issuers: RiverNorth and BlackRock. Their fees differ too: 0.90% for SPCZ and 0.70% for BPAY.

Which has better risk-adjusted returns?

SPCZ currently has the higher Sharpe Ratio (0.64 vs -0.42), 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.