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SPCZ vs. EUFN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPCZ vs. EUFN

Last updated Jun 23, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and EUFN (iShares MSCI Europe Financials ETF) are both Financials Equities funds. SPCZ is actively managed, while EUFN is passively managed. Over the past 3 years, SPCZ returned 6.63%/yr vs 34.36%/yr for EUFN. At a 0.06 correlation, their price movements are largely independent. SPCZ charges 0.90%/yr vs 0.49%/yr for EUFN.

Performance

SPCZ vs. EUFN - Performance Comparison

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

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Returns By Period

In the year-to-date period, SPCZ achieves a 1.94% return, which is significantly lower than EUFN's 8.60% return.

SPCZ

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

EUFN

1D
0.96%
1M
5.55%
YTD
8.60%
6M
8.95%
1Y
34.30%
3Y*
34.36%
5Y*
20.23%
10Y*
14.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPCZ vs. EUFN - Yearly Performance Comparison

2026 (YTD)2025202420232022
SPCZ
RiverNorth Enhanced Pre-Merger SPAC ETF		1.94%10.19%5.31%5.93%1.69%
EUFN
iShares MSCI Europe Financials ETF		8.60%65.73%17.20%26.15%16.88%

Correlation

The correlation between SPCZ and EUFN is -0.01, 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

-0.01

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2022

0.06

SPCZ vs. EUFN - Sectors Allocation Comparison

Sectors
SPCZ
EUFN

Financial Services

73.5%
97.8%

Technology

0.3%
1.0%

Basic Materials

0.0%

-

Communication Services

-

-

Consumer Cyclical

-

0.2%

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

0.4%

Real Estate

-

-

Utilities

-

-

Financial Services

SPCZ
73.5%
EUFN
97.8%

Technology

SPCZ
0.3%
EUFN
1.0%

Basic Materials

SPCZ
0.0%
EUFN

-

Communication Services

SPCZ

-

EUFN

-

Consumer Cyclical

SPCZ

-

EUFN
0.2%

Consumer Defensive

SPCZ

-

EUFN

-

Energy

SPCZ

-

EUFN

-

Healthcare

SPCZ

-

EUFN

-

Industrials

SPCZ

-

EUFN
0.4%

Real Estate

SPCZ

-

EUFN

-

Utilities

SPCZ

-

EUFN

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

RiverNorth Enhanced Pre-Merger SPAC ETF

iShares MSCI Europe Financials ETF

Often compared with SPCZ:
SPCZ vs. BFIXSPCZ vs. GABFSPCZ vs. CEFZSPCZ vs. FBDCSPCZ vs. GSIBSPCZ vs. KBWBSPCZ vs. QQQI
Often compared with EUFN:
EUFN vs. FDDEUFN vs. XLFEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. EIRLEUFN vs. IEUR

Return for Risk

SPCZ vs. EUFN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPCZ
SPCZ Risk / Return Rank: 2121
Overall Rank
SPCZ Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
SPCZ Sortino Ratio Rank: 1515
Sortino Ratio Rank
SPCZ Omega Ratio Rank: 2323
Omega Ratio Rank
SPCZ Calmar Ratio Rank: 2626
Calmar Ratio Rank
SPCZ Martin Ratio Rank: 2323
Martin Ratio Rank
EUFN
EUFN Risk / Return Rank: 5050
Overall Rank
EUFN Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 5252
Sortino Ratio Rank
EUFN Omega Ratio Rank: 4747
Omega Ratio Rank
EUFN Calmar Ratio Rank: 4848
Calmar Ratio Rank
EUFN Martin Ratio Rank: 4949
Martin Ratio Rank
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. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and iShares MSCI Europe Financials ETF (EUFN). 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.

SPCZEUFNDifference
Sharpe ratioReturn per unit of total volatility
0.50
1.73

-1.22

Sortino ratioReturn per unit of downside risk
0.80
2.44

-1.65

Omega ratioGain probability vs. loss probability

1.16

1.30

-0.14

Calmar ratioReturn relative to maximum drawdown

1.24

2.33

-1.09

Martin ratioReturn relative to average drawdown

2.88

8.16

-5.28

SPCZ vs. EUFN - Sharpe Ratio Comparison

The current SPCZ Sharpe Ratio is 0.50, which is lower than the EUFN Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SPCZ and EUFN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPCZ vs. EUFN - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum EUFN drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for SPCZ and EUFN.

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Drawdown Indicators

SPCZEUFNDifference

Max Drawdown

Largest peak-to-trough decline

-4.47%

-53.25%

+48.78%

Max Drawdown (1Y)

Largest decline over 1 year

-3.82%

-14.77%

+10.95%

Max Drawdown (3Y)

Largest decline over 3 years

-4.47%

-15.95%

+11.48%

Max Drawdown (5Y)

Largest decline over 5 years

—

-35.15%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-53.25%

—

Current Drawdown

Current decline from peak

-3.37%

0.00%

-3.37%

Average Drawdown

Average peak-to-trough decline

-0.53%

-14.52%

+13.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

4.22%

-2.56%

Volatility

SPCZ vs. EUFN - Volatility Comparison

The current volatility for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is 5.66%, while iShares MSCI Europe Financials ETF (EUFN) has a volatility of 6.12%. This indicates that SPCZ experiences smaller price fluctuations and is considered to be less risky than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPCZEUFNDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.66%

6.12%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

8.35%

17.07%

-8.72%

Volatility (1Y)

Calculated over the trailing 1-year period

9.44%

20.02%

-10.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.22%

21.86%

-15.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.22%

24.45%

-18.23%

SPCZ vs. EUFN - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is higher than EUFN's 0.49% expense ratio.

Dividends

SPCZ vs. EUFN - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.83%, more than EUFN's 4.23% yield.

PositionTTM20252024202320222021202020192018201720162015
EUFN
iShares MSCI Europe Financials ETF		4.23%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%
SPCZ
RiverNorth Enhanced Pre-Merger SPAC ETF		11.83%12.06%4.24%5.01%0.22%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPCZ and EUFN have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EUFN has higher volatility (6.12%) compared to SPCZ (5.66%). In terms of maximum drawdown, SPCZ dropped -4.47% vs EUFN's -53.25%.

On 3-year performance, EUFN leads with 34.36% vs 6.63% for SPCZ. On fees, EUFN is cheaper at 0.49% per year. On volatility, SPCZ has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, EUFN has performed better with a 34.36% return vs 6.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EUFN is cheaper with a 0.49% expense ratio, compared with 0.90% for SPCZ.

SPCZ has the higher dividend yield at 11.83%, compared with 4.23% for EUFN.

They also come from different issuers: RiverNorth and iShares. Their fees differ too: 0.90% for SPCZ and 0.49% for EUFN.

EUFN currently has the higher Sharpe Ratio (1.73 vs 0.50), 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.

Portfolio Optimizer

Find the right allocation for SPCZ and EUFN

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