SPCZ vs. FBDC

Last updated Apr 1, 2026

Compare and contrast key facts about RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and FT Confluence BDC & Specialty Finance Income ETF (FBDC).

SPCZ and FBDC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPCZ is an actively managed fund by RiverNorth. It was launched on Jul 11, 2022. FBDC is an actively managed fund by First Trust. It was launched on Jun 30, 2025.

Performance

SPCZ vs. FBDC - Performance Comparison

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

SPCZ vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	-0.15%	5.87%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.87%	-2.43%

Returns By Period

In the year-to-date period, SPCZ achieves a -0.15% return, which is significantly higher than FBDC's -9.87% return.

SPCZ

• 1D: -0.04%
• 1M: -0.78%
• YTD: -0.15%
• 6M: 0.39%
• 1Y: 8.26%
• 3Y*: 6.38%
• 5Y*: —
• 10Y*: —

FBDC

• 1D: 2.30%
• 1M: 2.24%
• YTD: -9.87%
• 6M: -9.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPCZ vs. FBDC - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is lower than FBDC's 13.69% expense ratio.

FBDC

FT Confluence BDC & Specialty Finance Income ETF

SPCZ

RiverNorth Enhanced Pre-Merger SPAC ETF

Return for Risk

SPCZ vs. FBDC — Risk / Return Rank

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

SPCZ

SPCZ Risk / Return Rank: 75
SPCZ Sharpe Ratio Rank: 73
SPCZ Sortino Ratio Rank: 77
SPCZ Omega Ratio Rank: 82
SPCZ Calmar Ratio Rank: 82
SPCZ Martin Ratio Rank: 62

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. 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.

	SPCZ	FBDC	Difference
Sharpe ratio Return per unit of total volatility	1.33	—	—
Sortino ratio Return per unit of downside risk	1.98	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	2.37	—	—
Martin ratio Return relative to average drawdown	6.30	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPCZ	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	-0.91	+2.13

Correlation

The correlation between SPCZ and FBDC is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPCZ vs. FBDC - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 12.08%, more than FBDC's 9.28% yield.

	TTM	2025	2024	2023	2022
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	12.08%	12.06%	4.24%	5.01%	0.22%
FBDC FT Confluence BDC & Specialty Finance Income ETF	9.28%	5.41%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	SPCZ	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-20.60%	+16.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.50%	—	—
Current Drawdown Current decline from peak	-2.77%	-17.57%	+14.80%
Average Drawdown Average peak-to-trough decline	-0.43%	-9.11%	+8.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	—	—

Volatility

Volatility by Period

	SPCZ	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.25%	17.36%	-11.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.12%	17.36%	-12.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.12%	17.36%	-12.24%