SPCZ vs. GABF

Last updated Jun 23, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and GABF (Gabelli Financial Services Opportunities ETF) are both Financials Equities funds. Both are actively managed. Over the past 3 years, SPCZ returned 6.63%/yr vs 21.66%/yr for GABF. At a 0.08 correlation, their price movements are largely independent. SPCZ charges 0.90%/yr vs 0.10%/yr for GABF.

Performance

SPCZ vs. GABF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and Gabelli Financial Services Opportunities ETF (GABF). 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 higher than GABF's -4.05% return.

SPCZ

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

GABF

• 1D: -0.27%
• 1M: 1.29%
• YTD: -4.05%
• 6M: -5.37%
• 1Y: -0.43%
• 3Y*: 21.66%
• 5Y*: —
• 10Y*: —

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

SPCZ vs. GABF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.94%	10.19%	5.31%	5.93%	1.69%
GABF Gabelli Financial Services Opportunities ETF	-4.05%	3.60%	44.38%	38.92%	4.68%

Correlation

The correlation between SPCZ and GABF is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.08

SPCZ vs. GABF - Sectors Allocation Comparison

Sectors	SPCZ	GABF
Financial Services	73.5%	85.6%
Technology	0.3%	5.2%
Basic Materials	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	4.9%
Real Estate	-	4.3%
Utilities	-	-

Return for Risk

SPCZ vs. GABF — 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

GABF

GABF Risk / Return Rank: 8
GABF Sharpe Ratio Rank: 8
GABF Sortino Ratio Rank: 8
GABF Omega Ratio Rank: 8
GABF Calmar Ratio Rank: 8
GABF Martin Ratio Rank: 8

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. GABF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and Gabelli Financial Services Opportunities ETF (GABF). 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	GABF	Difference
Sharpe ratio: Return per unit of total volatility	0.50	-0.02	+0.53
Sortino ratio: Return per unit of downside risk	0.80	0.08	+0.71
Omega ratio: Gain probability vs. loss probability	1.16	1.01	+0.15
Calmar ratio: Return relative to maximum drawdown	1.24	-0.02	+1.26
Martin ratio: Return relative to average drawdown	2.88	-0.06	+2.94

SPCZ vs. GABF - Sharpe Ratio Comparison

The current SPCZ Sharpe Ratio is 0.50, which is higher than the GABF Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of SPCZ and GABF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPCZ vs. GABF - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum GABF drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for SPCZ and GABF.

Drawdown Indicators

	SPCZ	GABF	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-20.86%	+16.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-17.16%	+13.34%
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	-20.86%	+16.39%
Current Drawdown Current decline from peak	-3.37%	-8.77%	+5.40%
Average Drawdown Average peak-to-trough decline	-0.53%	-4.90%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	7.52%	-5.86%

Volatility

SPCZ vs. GABF - Volatility Comparison

RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) has a higher volatility of 5.66% compared to Gabelli Financial Services Opportunities ETF (GABF) at 4.36%. This indicates that SPCZ's price experiences larger fluctuations and is considered to be riskier than GABF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCZ	GABF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.36%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	13.29%	-4.94%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	17.50%	-8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	20.49%	-14.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.22%	20.49%	-14.27%

SPCZ vs. GABF - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is higher than GABF's 0.10% expense ratio.

Dividends

SPCZ vs. GABF - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.83%, more than GABF's 2.05% yield.

Position	TTM	2025	2024	2023	2022
GABF Gabelli Financial Services Opportunities ETF	2.05%	1.96%	4.19%	4.95%	1.31%
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 GABF in my portfolio?

SPCZ and GABF have a correlation of 0.05, 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 GABF?

SPCZ has higher volatility (5.66%) compared to GABF (4.36%). In terms of maximum drawdown, SPCZ dropped -4.47% vs GABF's -20.86%.

Which ETF is better, SPCZ or GABF?

On 3-year performance, GABF leads with 21.66% vs 6.63% for SPCZ. On fees, GABF is cheaper at 0.10% per year. On volatility, GABF has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPCZ or GABF?

Over the 3-year period, GABF has performed better with a 21.66% return vs 6.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPCZ or GABF?

GABF is cheaper with a 0.10% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.83%, compared with 2.05% for GABF.

What is the main difference between SPCZ and GABF?

They also come from different issuers: RiverNorth and Gabelli. Their fees differ too: 0.90% for SPCZ and 0.10% for GABF.

Which has better risk-adjusted returns?

SPCZ currently has the higher Sharpe Ratio (0.50 vs -0.02), 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.