SPCZ vs. PBDC

Last updated Jun 24, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and PBDC (Putnam BDC Income ETF) are both Financials Equities funds. Both are actively managed. Over the past 3 years, SPCZ returned 6.61%/yr vs 7.11%/yr for PBDC. At a 0.07 correlation, their price movements are largely independent. SPCZ charges 0.90%/yr vs 13.49%/yr for PBDC.

Performance

SPCZ vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and Putnam BDC Income ETF (PBDC). 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 higher than PBDC's -11.42% return.

SPCZ

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

PBDC

• 1D: 0.30%
• 1M: -1.31%
• YTD: -11.42%
• 6M: -9.25%
• 1Y: -11.33%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

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

SPCZ vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.88%	10.19%	5.31%	5.93%	1.98%
PBDC Putnam BDC Income ETF	-11.42%	-1.77%	19.43%	30.52%	10.38%

Correlation

The correlation between SPCZ and PBDC is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.07

Return for Risk

SPCZ vs. PBDC — 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

PBDC

PBDC Risk / Return Rank: 4
PBDC Sharpe Ratio Rank: 4
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC Martin Ratio Rank: 4

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. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and Putnam BDC Income ETF (PBDC). 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	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	0.59	-0.61	+1.20
Sortino ratio: Return per unit of downside risk	0.92	-0.76	+1.68
Omega ratio: Gain probability vs. loss probability	1.19	0.91	+0.27
Calmar ratio: Return relative to maximum drawdown	1.44	-0.56	+2.01
Martin ratio: Return relative to average drawdown	3.32	-0.98	+4.30

SPCZ vs. PBDC - Sharpe Ratio Comparison

The current SPCZ Sharpe Ratio is 0.59, which is higher than the PBDC Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of SPCZ and PBDC, 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. PBDC - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum PBDC drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for SPCZ and PBDC.

Drawdown Indicators

	SPCZ	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-20.47%	+16.00%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-20.15%	+16.33%
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	-20.47%	+16.00%
Current Drawdown Current decline from peak	-3.43%	-18.74%	+15.31%
Average Drawdown Average peak-to-trough decline	-0.53%	-4.83%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	11.58%	-9.92%

Volatility

SPCZ vs. PBDC - Volatility Comparison

RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and Putnam BDC Income ETF (PBDC) have volatilities of 5.66% and 5.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPCZ	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	5.50%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	15.43%	-7.08%
Volatility (1Y) Calculated over the trailing 1-year period	9.43%	18.66%	-9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	17.05%	-10.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.22%	17.05%	-10.83%

SPCZ vs. PBDC - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

SPCZ vs. PBDC - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.83%, which matches PBDC's 11.91% yield.

Position	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.91%	10.53%	9.29%	9.86%	3.40%
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 PBDC in my portfolio?

SPCZ and PBDC have a correlation of 0.02, 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 PBDC?

SPCZ has higher volatility (5.66%) compared to PBDC (5.50%). In terms of maximum drawdown, SPCZ dropped -4.47% vs PBDC's -20.47%.

Which ETF is better, SPCZ or PBDC?

On 3-year performance, PBDC leads with 7.11% vs 6.61% for SPCZ. On fees, SPCZ is cheaper at 0.90% per year. On volatility, PBDC has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPCZ or PBDC?

Over the 3-year period, PBDC has performed better with a 7.11% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPCZ or PBDC?

SPCZ is cheaper with a 0.90% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.91%, compared with 11.83% for SPCZ.

What is the main difference between SPCZ and PBDC?

They also come from different issuers: RiverNorth and Franklin Templeton. Their fees differ too: 0.90% for SPCZ and 13.49% for PBDC.

Which has better risk-adjusted returns?

SPCZ currently has the higher Sharpe Ratio (0.59 vs -0.61), 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.