SPCZ vs. HSBH

Last updated Jun 24, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and HSBH (HSBC Holdings plc ADRhedged ETF) are both Financials Equities funds. SPCZ is actively managed, while HSBH is passively managed. Over the past year, SPCZ returned 5.48% vs 71.13% for HSBH. At a correlation of -0.05, they often move in opposite directions. SPCZ charges 0.90%/yr vs 0.19%/yr for HSBH.

Performance

SPCZ vs. HSBH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and HSBC Holdings plc ADRhedged ETF (HSBH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPCZ achieves a 1.88% return, which is significantly lower than HSBH's 26.93% return.

SPCZ

• 1D: -0.06%
• 1M: 0.29%
• YTD: 1.88%
• 6M: 1.78%
• 1Y: 5.48%
• 3Y*: 6.61%
• 5Y*: —
• 10Y*: —

HSBH

• 1D: -0.47%
• 1M: 5.69%
• YTD: 26.93%
• 6M: 26.23%
• 1Y: 71.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPCZ vs. HSBH - Yearly Performance Comparison

	2026 (YTD)	2025
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.88%	7.98%
HSBH HSBC Holdings plc ADRhedged ETF	26.93%	39.95%

Correlation

The correlation between SPCZ and HSBH is -0.03, 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	-0.03
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	-0.05

SPCZ vs. HSBH - Sectors Allocation Comparison

Sectors	SPCZ	HSBH
Financial Services	73.5%	97.4%
Technology	0.3%	-
Basic Materials	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SPCZ vs. HSBH — Risk / Return Rank

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

SPCZ

SPCZ Risk / Return Rank: 24
SPCZ Sharpe Ratio Rank: 18
SPCZ Sortino Ratio Rank: 18
SPCZ Omega Ratio Rank: 28
SPCZ Calmar Ratio Rank: 31
SPCZ Martin Ratio Rank: 26

HSBH

HSBH Risk / Return Rank: 90
HSBH Sharpe Ratio Rank: 93
HSBH Sortino Ratio Rank: 91
HSBH Omega Ratio Rank: 90
HSBH Calmar Ratio Rank: 89
HSBH Martin Ratio Rank: 88

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. HSBH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and HSBC Holdings plc ADRhedged ETF (HSBH). 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	HSBH	Difference
Sharpe ratio: Return per unit of total volatility	0.59	3.02	-2.44
Sortino ratio: Return per unit of downside risk	0.92	3.80	-2.88
Omega ratio: Gain probability vs. loss probability	1.19	1.52	-0.33
Calmar ratio: Return relative to maximum drawdown	1.44	4.83	-3.39
Martin ratio: Return relative to average drawdown	3.32	17.50	-14.18

SPCZ vs. HSBH - Sharpe Ratio Comparison

The current SPCZ Sharpe Ratio is 0.59, which is lower than the HSBH Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of SPCZ and HSBH, 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. HSBH - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum HSBH drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for SPCZ and HSBH.

Drawdown Indicators

	SPCZ	HSBH	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-14.81%	+10.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-14.81%	+10.99%
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	—	—
Current Drawdown Current decline from peak	-3.43%	-0.47%	-2.96%
Average Drawdown Average peak-to-trough decline	-0.53%	-2.33%	+1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	4.08%	-2.42%

Volatility

SPCZ vs. HSBH - Volatility Comparison

The current volatility for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is 5.66%, while HSBC Holdings plc ADRhedged ETF (HSBH) has a volatility of 8.22%. This indicates that SPCZ experiences smaller price fluctuations and is considered to be less risky than HSBH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCZ	HSBH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	8.22%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	19.28%	-10.93%
Volatility (1Y) Calculated over the trailing 1-year period	9.43%	23.64%	-14.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	22.88%	-16.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.22%	22.88%	-16.66%

SPCZ vs. HSBH - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is higher than HSBH's 0.19% expense ratio.

Dividends

SPCZ vs. HSBH - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.83%, more than HSBH's 2.34% yield.

Position	TTM	2025	2024	2023	2022
HSBH HSBC Holdings plc ADRhedged ETF	2.34%	0.00%	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

Can I hold both SPCZ and HSBH in my portfolio?

SPCZ and HSBH have a correlation of -0.03, 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 HSBH?

HSBH has higher volatility (8.22%) compared to SPCZ (5.66%). In terms of maximum drawdown, SPCZ dropped -4.47% vs HSBH's -14.81%.

Which ETF is better, SPCZ or HSBH?

On 1-year performance, HSBH leads with 71.13% vs 5.48% for SPCZ. On fees, HSBH is cheaper at 0.19% 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.

Which ETF has performed better, SPCZ or HSBH?

Over the 1-year period, HSBH has performed better with a 71.13% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPCZ or HSBH?

HSBH is cheaper with a 0.19% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.83%, compared with 2.34% for HSBH.

What is the main difference between SPCZ and HSBH?

They also come from different issuers: RiverNorth and ADRhedged. Their fees differ too: 0.90% for SPCZ and 0.19% for HSBH.

Which has better risk-adjusted returns?

HSBH currently has the higher Sharpe Ratio (3.02 vs 0.59), 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.