SPCZ vs. IBIH

Last updated Jun 4, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and IBIH (iShares iBonds Oct 2031 Term TIPS ETF) are both exchange-traded funds - SPCZ is a Financials Equities fund actively managed by RiverNorth, while IBIH is a Inflation-Protected Bonds fund tracking the ICE 2031 Maturity US Inflation-Linked Treasury Index. SPCZ is actively managed, while IBIH is passively managed. Over the past year, SPCZ returned 4.96% vs 5.49% for IBIH. At a correlation of -0.03, they often move in opposite directions. SPCZ charges 0.90%/yr vs 0.10%/yr for IBIH.

Performance

SPCZ vs. IBIH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and iShares iBonds Oct 2031 Term TIPS ETF (IBIH). 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 lower than IBIH's 1.68% return.

SPCZ

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

IBIH

• 1D: -0.10%
• 1M: -0.48%
• YTD: 1.68%
• 6M: 1.29%
• 1Y: 5.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPCZ vs. IBIH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	10.19%	5.31%	0.29%
IBIH iShares iBonds Oct 2031 Term TIPS ETF	1.68%	8.47%	1.73%	4.60%

Correlation

The correlation between SPCZ and IBIH is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	-0.03

Return for Risk

SPCZ vs. IBIH — 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

IBIH

IBIH Risk / Return Rank: 58
IBIH Sharpe Ratio Rank: 52
IBIH Sortino Ratio Rank: 58
IBIH Omega Ratio Rank: 52
IBIH Calmar Ratio Rank: 66
IBIH Martin Ratio Rank: 61

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. IBIH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and iShares iBonds Oct 2031 Term TIPS ETF (IBIH). 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	IBIH	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.75	-1.11
Sortino ratio: Return per unit of downside risk	0.92	2.72	-1.80
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	1.30	3.24	-1.94
Martin ratio: Return relative to average drawdown	3.12	10.91	-7.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPCZ vs. IBIH - Sharpe Ratio Comparison

The current SPCZ Sharpe Ratio is 0.64, which is lower than the IBIH Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of SPCZ and IBIH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPCZ	IBIH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	1.75	-1.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.25	-0.10

Drawdowns

SPCZ vs. IBIH - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, which is greater than IBIH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for SPCZ and IBIH.

Drawdown Indicators

	SPCZ	IBIH	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-3.94%	-0.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-1.70%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	—	—
Current Drawdown Current decline from peak	-1.54%	-0.55%	-0.99%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.96%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	0.50%	+1.09%

Volatility

SPCZ vs. IBIH - Volatility Comparison

The current volatility for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is 0.64%, while iShares iBonds Oct 2031 Term TIPS ETF (IBIH) has a volatility of 0.85%. This indicates that SPCZ experiences smaller price fluctuations and is considered to be less risky than IBIH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCZ	IBIH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.85%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	6.29%	2.09%	+4.20%
Volatility (1Y) Calculated over the trailing 1-year period	7.78%	3.16%	+4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.59%	4.93%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	4.93%	+0.66%

SPCZ vs. IBIH - Expense Ratio Comparison

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

Dividends

SPCZ vs. IBIH - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.88%, more than IBIH's 3.90% yield.

Position	TTM	2025	2024	2023	2022
IBIH iShares iBonds Oct 2031 Term TIPS ETF	3.90%	4.68%	4.34%	0.70%	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 IBIH in my portfolio?

SPCZ and IBIH have a correlation of -0.13, 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 IBIH?

IBIH has higher volatility (0.85%) compared to SPCZ (0.64%). In terms of maximum drawdown, SPCZ dropped -4.47% vs IBIH's -3.94%.

Which ETF is better, SPCZ or IBIH?

On 1-year performance, IBIH leads with 5.49% vs 4.96% for SPCZ. On fees, IBIH is cheaper at 0.10% per year. On volatility, SPCZ has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPCZ or IBIH?

Over the 1-year period, IBIH has performed better with a 5.49% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPCZ or IBIH?

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

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

SPCZ has the higher dividend yield at 11.88%, compared with 3.90% for IBIH.

What is the main difference between SPCZ and IBIH?

SPCZ is categorized as Financials Equities, while IBIH is Inflation-Protected Bonds. They also come from different issuers: RiverNorth and iShares. Their fees differ too: 0.90% for SPCZ and 0.10% for IBIH.

Which has better risk-adjusted returns?

IBIH currently has the higher Sharpe Ratio (1.75 vs 0.64), 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.