SPCZ vs. TFNS

Last updated Jun 4, 2026

SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) and TFNS (T. Rowe Price Financials ETF) are both Financials Equities funds. Both are actively managed. At a 0.10 correlation, their price movements are largely independent. SPCZ charges 0.90%/yr vs 0.44%/yr for TFNS.

Performance

SPCZ vs. TFNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and T. Rowe Price Financials ETF (TFNS). 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 TFNS's -5.36% return.

SPCZ

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

TFNS

• 1D: -1.39%
• 1M: -1.27%
• YTD: -5.36%
• 6M: -2.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPCZ vs. TFNS - Yearly Performance Comparison

	2026 (YTD)	2025
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.51%	2.87%
TFNS T. Rowe Price Financials ETF	-5.36%	10.41%

Correlation

The correlation between SPCZ and TFNS is 0.10, 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 13, 2025	0.10

SPCZ vs. TFNS - Sectors Allocation Comparison

Sectors	SPCZ	TFNS
Financial Services	81.4%	97.1%
Technology	0.4%	1.9%
Basic Materials	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.9%
Real Estate	-	-
Utilities	-	-

Return for Risk

SPCZ vs. TFNS — 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. TFNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and T. Rowe Price Financials ETF (TFNS). 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	TFNS	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	TFNS	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	0.31	+0.84

Drawdowns

SPCZ vs. TFNS - Drawdown Comparison

The maximum SPCZ drawdown since its inception was -4.47%, smaller than the maximum TFNS drawdown of -14.00%. Use the drawdown chart below to compare losses from any high point for SPCZ and TFNS.

Drawdown Indicators

	SPCZ	TFNS	Difference
Max Drawdown Largest peak-to-trough decline	-4.47%	-14.00%	+9.53%
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%	-8.00%	+6.46%
Average Drawdown Average peak-to-trough decline	-0.51%	-3.82%	+3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	—	—

Volatility

Volatility by Period

	SPCZ	TFNS	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%	15.04%	-7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.59%	15.04%	-9.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	15.04%	-9.45%

SPCZ vs. TFNS - Expense Ratio Comparison

SPCZ has a 0.90% expense ratio, which is higher than TFNS's 0.44% expense ratio.

Dividends

SPCZ vs. TFNS - Dividend Comparison

SPCZ's dividend yield for the trailing twelve months is around 11.88%, more than TFNS's 0.52% yield.

Position	TTM	2025	2024	2023	2022
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.88%	12.06%	4.24%	5.01%	0.22%
TFNS T. Rowe Price Financials ETF	0.52%	0.49%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPCZ and TFNS in my portfolio?

SPCZ and TFNS have a correlation of 0.10, 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 TFNS?

On fees, TFNS is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPCZ or TFNS?

TFNS is cheaper with a 0.44% expense ratio, compared with 0.90% for SPCZ.

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

SPCZ has the higher dividend yield at 11.88%, compared with 0.52% for TFNS.

What is the main difference between SPCZ and TFNS?

They also come from different issuers: RiverNorth and T. Rowe Price. Their fees differ too: 0.90% for SPCZ and 0.44% for TFNS.