SPCZ vs. GPZ

Last updated Jun 4, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and GPZ (VanEck Alternative Asset Manager ETF) are both Financials Equities funds. SPCZ is actively managed, while GPZ is passively managed. At a 0.15 correlation, their price movements are largely independent. SPCZ charges 0.90%/yr vs 0.40%/yr for GPZ.

Performance

SPCZ vs. GPZ - Performance Comparison

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

Returns By Period

In the year-to-date period, SPCZ achieves a 1.51% return, which is significantly higher than GPZ's -19.37% return.

SPCZ

• 1D: 0.37%
• 1M: 0.92%
• YTD: 1.51%
• 6M: 1.61%
• 1Y: 4.96%
• 3Y*: 6.50%
• 5Y*: —
• 10Y*: —

GPZ

• 1D: -4.70%
• 1M: -6.69%
• YTD: -19.37%
• 6M: -16.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPCZ vs. GPZ - Yearly Performance Comparison

	2026 (YTD)	2025
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	3.26%
GPZ VanEck Alternative Asset Manager ETF	-19.37%	9.43%

Correlation

The correlation between SPCZ and GPZ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 6, 2025	0.15

SPCZ vs. GPZ - Sectors Allocation Comparison

Sectors	SPCZ	GPZ
Financial Services	81.4%	100.0%
Technology	0.4%	-
Basic Materials	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	2.3%
Utilities	-	-

Return for Risk

SPCZ vs. GPZ — Risk / Return Rank

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

SPCZ

SPCZ Risk / Return Rank: 23
SPCZ Sharpe Ratio Rank: 20
SPCZ Sortino Ratio Rank: 18
SPCZ Omega Ratio Rank: 27
SPCZ Calmar Ratio Rank: 27
SPCZ Martin Ratio Rank: 24

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. GPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and VanEck Alternative Asset Manager ETF (GPZ). 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	GPZ	Difference
Sharpe ratio: Return per unit of total volatility	0.64	—	—
Sortino ratio: Return per unit of downside risk	0.92	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.30	—	—
Martin ratio: Return relative to average drawdown	3.12	—	—
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	GPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	-0.44	+1.58

Drawdowns

SPCZ vs. GPZ - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum GPZ drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for SPCZ and GPZ.

Drawdown Indicators

	SPCZ	GPZ	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-31.72%	+27.25%
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	-1.54%	-25.93%	+24.39%
Average Drawdown Average peak-to-trough decline	-0.51%	-11.74%	+11.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	—	—

Volatility

Volatility by Period

	SPCZ	GPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.78%	27.33%	-19.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.59%	27.33%	-21.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	27.33%	-21.74%

SPCZ vs. GPZ - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is higher than GPZ's 0.40% expense ratio.

Dividends

SPCZ vs. GPZ - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.88%, more than GPZ's 1.03% yield.

Position	TTM	2025	2024	2023	2022
GPZ VanEck Alternative Asset Manager ETF	1.03%	0.83%	0.00%	0.00%	0.00%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.88%	12.06%	4.24%	5.01%	0.22%

Frequently Asked Questions

Can I hold both SPCZ and GPZ in my portfolio?

SPCZ and GPZ have a correlation of 0.15, 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 GPZ?

On fees, GPZ is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPCZ or GPZ?

GPZ is cheaper with a 0.40% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.88%, compared with 1.03% for GPZ.

What is the main difference between SPCZ and GPZ?

They also come from different issuers: RiverNorth and VanEck. Their fees differ too: 0.90% for SPCZ and 0.40% for GPZ.