SPRX vs. IBIT
SPRX (Spear Alpha ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - SPRX is a Technology Equities fund actively managed by Spear, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. SPRX is actively managed, while IBIT is passively managed. Over the past year, SPRX returned 101.77% vs -40.63% for IBIT. At a 0.44 correlation, their price movements are largely independent. SPRX charges 0.75%/yr vs 0.25%/yr for IBIT.
Performance
SPRX vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, SPRX achieves a 43.69% return, which is significantly higher than IBIT's -27.41% return.
SPRX
- 1D
- 1.50%
- 1M
- 12.60%
- YTD
- 43.69%
- 6M
- 43.35%
- 1Y
- 101.77%
- 3Y*
- 43.37%
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPRX vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPRX Spear Alpha ETF | 43.69% | 41.91% | 22.10% |
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
Correlation
The correlation between SPRX and IBIT is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.44 |
The correlation between SPRX and IBIT has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.
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Return for Risk
SPRX vs. IBIT — Risk / Return Rank
SPRX
IBIT
SPRX vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) and iShares Bitcoin Trust ETF (IBIT). 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.
| SPRX | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.15 | ||
| Sortino ratioReturn per unit of downside risk | +3.91 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.85 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | -0.78 | +5.01 |
| Martin ratioReturn relative to average drawdown | 13.10 | -1.37 | +14.47 |
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Drawdowns
SPRX vs. IBIT - Drawdown Comparison
The maximum SPRX drawdown since its inception was -51.21%, roughly equal to the maximum IBIT drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for SPRX and IBIT.
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Drawdown Indicators
| SPRX | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.21% | -52.11% | +0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -24.21% | -52.11% | +27.90% |
Max Drawdown (3Y)Largest decline over 3 years | -42.12% | — | — |
Current DrawdownCurrent decline from peak | -5.87% | -49.45% | +43.58% |
Average DrawdownAverage peak-to-trough decline | -17.58% | -16.53% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.80% | 29.64% | -21.84% |
Volatility
SPRX vs. IBIT - Volatility Comparison
Spear Alpha ETF (SPRX) has a higher volatility of 19.77% compared to iShares Bitcoin Trust ETF (IBIT) at 12.07%. This indicates that SPRX's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPRX | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.77% | 12.07% | +7.70% |
Volatility (6M)Calculated over the trailing 6-month period | 38.52% | 34.45% | +4.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.91% | 44.10% | +1.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.15% | 50.26% | -8.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.15% | 50.26% | -8.11% |
SPRX vs. IBIT - Expense Ratio Comparison
SPRX has a 0.75% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
SPRX vs. IBIT - Dividend Comparison
Neither SPRX nor IBIT has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPRX Spear Alpha ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.25% |
Frequently Asked Questions
SPRX and IBIT have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPRX has higher volatility (19.77%) compared to IBIT (12.07%). In terms of maximum drawdown, SPRX dropped -51.21% vs IBIT's -52.11%.
On 1-year performance, SPRX leads with 101.77% vs -40.63% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 12.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPRX has performed better with a 101.77% return vs -40.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.75% for SPRX.
SPRX and IBIT have nearly identical dividend yields, around 0.00%.
SPRX is categorized as Technology Equities, while IBIT is Cryptocurrency. They also come from different issuers: Spear and iShares. Their fees differ too: 0.75% for SPRX and 0.25% for IBIT.
SPRX currently has the higher Sharpe Ratio (2.23 vs -0.92), 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.
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