SPCZ vs. KWT

Last updated Apr 1, 2026

Compare and contrast key facts about RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and iShares MSCI Kuwait ETF (KWT).

SPCZ and KWT 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. KWT is a passively managed fund by iShares that tracks the performance of the MSCI All Kuwait Select Size Liquidity Capped Index. It was launched on Sep 1, 2020.

Performance

SPCZ vs. KWT - Performance Comparison

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

SPCZ vs. KWT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	-0.15%	10.19%	5.31%	5.93%	1.95%
KWT iShares MSCI Kuwait ETF	-5.58%	25.38%	11.29%	-4.71%	-1.66%

Returns By Period

In the year-to-date period, SPCZ achieves a -0.15% return, which is significantly higher than KWT's -5.58% return.

SPCZ

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

KWT

• 1D: 1.57%
• 1M: -4.87%
• YTD: -5.58%
• 6M: -5.74%
• 1Y: 6.96%
• 3Y*: 8.85%
• 5Y*: 10.06%
• 10Y*: —

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

SPCZ vs. KWT - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is higher than KWT's 0.74% expense ratio.

SPCZ

RiverNorth Enhanced Pre-Merger SPAC ETF

KWT

iShares MSCI Kuwait ETF

Return for Risk

SPCZ vs. KWT — 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

KWT

KWT Risk / Return Rank: 26
KWT Sharpe Ratio Rank: 27
KWT Sortino Ratio Rank: 26
KWT Omega Ratio Rank: 27
KWT Calmar Ratio Rank: 27
KWT 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. KWT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and iShares MSCI Kuwait ETF (KWT). 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	KWT	Difference
Sharpe ratio Return per unit of total volatility	1.33	0.47	+0.86
Sortino ratio Return per unit of downside risk	1.98	0.75	+1.24
Omega ratio Gain probability vs. loss probability	1.33	1.11	+0.22
Calmar ratio Return relative to maximum drawdown	2.37	0.63	+1.74
Martin ratio Return relative to average drawdown	6.30	1.69	+4.61
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. KWT - Sharpe Ratio Comparison

The current SPCZ Sharpe Ratio is 1.33, which is higher than the KWT Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of SPCZ and KWT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPCZ	KWT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.47	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.86	+0.36

Correlation

The correlation between SPCZ and KWT is -0.01. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SPCZ vs. KWT - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 12.08%, more than KWT's 5.72% yield.

	TTM	2025	2024	2023	2022	2021	2020
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	12.08%	12.06%	4.24%	5.01%	0.22%	0.00%	0.00%
KWT iShares MSCI Kuwait ETF	5.72%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%

Drawdowns

SPCZ vs. KWT - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum KWT drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for SPCZ and KWT.

Drawdown Indicators

	SPCZ	KWT	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-24.37%	+19.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.50%	-11.54%	+8.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.37%	—
Current Drawdown Current decline from peak	-2.77%	-10.14%	+7.37%
Average Drawdown Average peak-to-trough decline	-0.43%	-7.36%	+6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	4.29%	-2.97%

Volatility

SPCZ vs. KWT - Volatility Comparison

The current volatility for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is 1.31%, while iShares MSCI Kuwait ETF (KWT) has a volatility of 4.32%. This indicates that SPCZ experiences smaller price fluctuations and is considered to be less risky than KWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCZ	KWT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	4.32%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	4.19%	11.09%	-6.90%
Volatility (1Y) Calculated over the trailing 1-year period	6.25%	14.87%	-8.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.12%	13.61%	-8.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.12%	13.99%	-8.87%