SPCZ vs. CEFZ

Last updated Jun 23, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and CEFZ (RiverNorth Active Income ETF) are both exchange-traded funds - SPCZ is a Financials Equities fund actively managed by RiverNorth, while CEFZ is a Tactical Allocation fund actively managed by RiverNorth. Both are actively managed. At a 0.06 correlation, their price movements are largely independent. SPCZ charges 0.90%/yr vs 3.36%/yr for CEFZ.

Performance

SPCZ vs. CEFZ - Performance Comparison

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

Returns By Period

In the year-to-date period, SPCZ achieves a 1.94% return, which is significantly lower than CEFZ's 4.59% return.

SPCZ

• 1D: 0.04%
• 1M: 0.35%
• YTD: 1.94%
• 6M: 2.10%
• 1Y: 4.71%
• 3Y*: 6.63%
• 5Y*: —
• 10Y*: —

CEFZ

• 1D: -0.66%
• 1M: -0.03%
• YTD: 4.59%
• 6M: 5.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPCZ vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)	2025
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.94%	2.24%
CEFZ RiverNorth Active Income ETF	4.59%	7.41%

Correlation

The correlation between SPCZ and CEFZ 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 (All Time) Calculated using the full available price history since Aug 4, 2025	0.06

Return for Risk

SPCZ vs. CEFZ — Risk / Return Rank

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

SPCZ

SPCZ Risk / Return Rank: 21
SPCZ Sharpe Ratio Rank: 16
SPCZ Sortino Ratio Rank: 15
SPCZ Omega Ratio Rank: 23
SPCZ Calmar Ratio Rank: 26
SPCZ Martin Ratio Rank: 23

CEFZ

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.

SPCZ vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and RiverNorth Active Income ETF (CEFZ). 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.

	SPCZ	CEFZ	Difference
Sharpe ratio: Return per unit of total volatility	0.50	—	—
Sortino ratio: Return per unit of downside risk	0.80	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.24	—	—
Martin ratio: Return relative to average drawdown	2.88	—	—

Drawdowns

SPCZ vs. CEFZ - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum CEFZ drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for SPCZ and CEFZ.

Drawdown Indicators

	SPCZ	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-6.66%	+2.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	—	—
Current Drawdown Current decline from peak	-3.37%	-1.28%	-2.09%
Average Drawdown Average peak-to-trough decline	-0.53%	-1.20%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	—	—

Volatility

Volatility by Period

	SPCZ	CEFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	10.42%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	10.42%	-4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.22%	10.42%	-4.20%

SPCZ vs. CEFZ - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

SPCZ vs. CEFZ - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.83%, more than CEFZ's 8.32% yield.

Position	TTM	2025	2024	2023	2022
CEFZ RiverNorth Active Income ETF	8.32%	4.17%	0.00%	0.00%	0.00%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.83%	12.06%	4.24%	5.01%	0.22%

Frequently Asked Questions

Can I hold both SPCZ and CEFZ in my portfolio?

SPCZ and CEFZ 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, SPCZ or CEFZ?

On fees, SPCZ is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPCZ or CEFZ?

SPCZ is cheaper with a 0.90% expense ratio, compared with 3.36% for CEFZ.

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

SPCZ has the higher dividend yield at 11.83%, compared with 8.32% for CEFZ.

What is the main difference between SPCZ and CEFZ?

SPCZ is categorized as Financials Equities, while CEFZ is Tactical Allocation. Their fees differ too: 0.90% for SPCZ and 3.36% for CEFZ.