SPCZ vs. FBDC
SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. Both are actively managed. At a 0.00 correlation, their price movements are largely independent. SPCZ charges 0.90%/yr vs 1.35%/yr for FBDC.
Performance
SPCZ vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, SPCZ achieves a 1.94% return, which is significantly higher than FBDC's -10.66% return.
SPCZ
- 1D
- 0.04%
- 1M
- 0.35%
- YTD
- 1.94%
- 6M
- 2.10%
- 1Y
- 4.71%
- 3Y*
- 6.63%
- 5Y*
- —
- 10Y*
- —
FBDC
- 1D
- -1.16%
- 1M
- -1.54%
- YTD
- -10.66%
- 6M
- -9.44%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPCZ vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF | 1.94% | 3.67% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -10.66% | -2.66% |
Correlation
The correlation between SPCZ and FBDC is 0.00, 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 Jun 30, 2025 | 0.00 |
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Return for Risk
SPCZ vs. FBDC — Risk / Return Rank
SPCZ
FBDC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPCZ vs. FBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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 | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.16 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | — | — |
| Martin ratioReturn relative to average drawdown | 2.88 | — | — |
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Drawdowns
SPCZ vs. FBDC - Drawdown Comparison
The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for SPCZ and FBDC.
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Drawdown Indicators
| SPCZ | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.47% | -20.60% | +16.13% |
Max Drawdown (1Y)Largest decline over 1 year | -3.82% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.47% | — | — |
Current DrawdownCurrent decline from peak | -3.37% | -18.29% | +14.92% |
Average DrawdownAverage peak-to-trough decline | -0.53% | -10.41% | +9.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | — | — |
Volatility
SPCZ vs. FBDC - Volatility Comparison
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Volatility by Period
| SPCZ | FBDC | 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% | 18.03% | -8.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.22% | 18.03% | -11.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.22% | 18.03% | -11.81% |
SPCZ vs. FBDC - Expense Ratio Comparison
SPCZ has a 0.90% expense ratio, which is lower than FBDC's 1.35% expense ratio.
Dividends
SPCZ vs. FBDC - Dividend Comparison
SPCZ's dividend yield for the trailing twelve months is around 11.83%, more than FBDC's 11.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.67% | 5.41% | 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
SPCZ and FBDC have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPCZ is cheaper with a 0.90% expense ratio, compared with 1.35% for FBDC.
SPCZ has the higher dividend yield at 11.83%, compared with 11.67% for FBDC.
They also come from different issuers: RiverNorth and First Trust. Their fees differ too: 0.90% for SPCZ and 1.35% for FBDC.
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