SPRE vs. SPAX

Last updated Jun 3, 2026

SPRE (SP Funds S&P Global REIT Sharia ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both exchange-traded funds - SPRE is a REIT fund tracking the S&P Global All Equity REIT Shariah Capped Index, while SPAX is a Event Driven fund actively managed by Toroso Investments. SPRE is passively managed, while SPAX is actively managed. At a 0.00 correlation, their price movements are largely independent. SPRE charges 0.69%/yr vs 0.85%/yr for SPAX.

Performance

SPRE vs. SPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P Global REIT Sharia ETF (SPRE) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPRE

• 1D: 0.73%
• 1M: -1.70%
• YTD: 7.88%
• 6M: 8.62%
• 1Y: 10.66%
• 3Y*: 6.67%
• 5Y*: 1.62%
• 10Y*: —

SPAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPRE vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPRE SP Funds S&P Global REIT Sharia ETF	7.88%	3.07%	2.11%	9.40%	-29.48%	22.47%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	2.19%

Correlation

The correlation between SPRE and SPAX is 0.00, 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 (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021	0.00

SPRE vs. SPAX - Sectors Allocation Comparison

Sectors	SPRE	SPAX
Real Estate	84.4%	-
Basic Materials	5.0%	-
Utilities	0.4%	-
Financial Services	0.1%	100.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Communication Services	-0.0%	-

Return for Risk

SPRE vs. SPAX — Risk / Return Rank

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

SPRE

SPRE Risk / Return Rank: 24
SPRE Sharpe Ratio Rank: 23
SPRE Sortino Ratio Rank: 22
SPRE Omega Ratio Rank: 22
SPRE Calmar Ratio Rank: 24
SPRE Martin Ratio Rank: 27

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.

SPRE vs. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P Global REIT Sharia ETF (SPRE) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). 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.

	SPRE	SPAX	Difference
Sharpe ratio Return per unit of total volatility	0.81	—	—
Sortino ratio Return per unit of downside risk	1.19	—	—
Omega ratio Gain probability vs. loss probability	1.15	—	—
Calmar ratio Return relative to maximum drawdown	1.15	—	—
Martin ratio Return relative to average drawdown	3.91	—	—
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

	SPRE	SPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	—	—

Drawdowns

Drawdown Indicators

	SPRE	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.34%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.34%	—	—
Current Drawdown Current decline from peak	-12.42%	—	—
Average Drawdown Average peak-to-trough decline	-17.93%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	—	—

Volatility

Volatility by Period

	SPRE	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.74%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	—	—

SPRE vs. SPAX - Expense Ratio Comparison

SPRE has a 0.69% expense ratio, which is lower than SPAX's 0.85% expense ratio.

Dividends

SPRE vs. SPAX - Dividend Comparison

SPRE's dividend yield for the trailing twelve months is around 3.86%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%
SPRE SP Funds S&P Global REIT Sharia ETF	3.86%	4.10%	4.13%	4.16%	4.17%	2.83%

Frequently Asked Questions

Can I hold both SPRE and SPAX in my portfolio?

SPRE and SPAX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPRE or SPAX?

On fees, SPRE is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPRE or SPAX?

SPRE is cheaper with a 0.69% expense ratio, compared with 0.85% for SPAX.

Which ETF pays a higher dividend yield, SPRE or SPAX?

SPRE has the higher dividend yield at 3.86%, compared with 0.00% for SPAX.

What is the main difference between SPRE and SPAX?

SPRE is categorized as REIT, while SPAX is Event Driven. Their fees differ too: 0.69% for SPRE and 0.85% for SPAX.