SPRX vs. TCAI

Last updated Apr 1, 2026

Compare and contrast key facts about Spear Alpha ETF (SPRX) and Tortoise AI Infrastructure ETF (TCAI).

SPRX and TCAI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPRX is an actively managed fund by Spear. It was launched on Aug 3, 2021. TCAI is an actively managed fund by Tortoise. It was launched on Aug 4, 2025.

Performance

SPRX vs. TCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spear Alpha ETF (SPRX) and Tortoise AI Infrastructure ETF (TCAI). The values are adjusted to include any dividend payments, if applicable.

SPRX vs. TCAI - Yearly Performance Comparison

	2026 (YTD)	2025
SPRX Spear Alpha ETF	-7.54%	16.52%
TCAI Tortoise AI Infrastructure ETF	16.67%	17.77%

Returns By Period

In the year-to-date period, SPRX achieves a -7.54% return, which is significantly lower than TCAI's 16.67% return.

SPRX

• 1D: 7.41%
• 1M: -8.64%
• YTD: -7.54%
• 6M: -7.61%
• 1Y: 79.51%
• 3Y*: 33.34%
• 5Y*: —
• 10Y*: —

TCAI

• 1D: 4.49%
• 1M: -6.61%
• YTD: 16.67%
• 6M: 16.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPRX vs. TCAI - Expense Ratio Comparison

SPRX has a 0.75% expense ratio, which is higher than TCAI's 0.65% expense ratio.

SPRX

Spear Alpha ETF

TCAI

Tortoise AI Infrastructure ETF

Return for Risk

SPRX vs. TCAI — Risk / Return Rank

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

SPRX

SPRX Risk / Return Rank: 86
SPRX Sharpe Ratio Rank: 85
SPRX Sortino Ratio Rank: 85
SPRX Omega Ratio Rank: 79
SPRX Calmar Ratio Rank: 91
SPRX Martin Ratio Rank: 87

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.

SPRX vs. TCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) and Tortoise AI Infrastructure ETF (TCAI). 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.

	SPRX	TCAI	Difference
Sharpe ratio Return per unit of total volatility	1.68	—	—
Sortino ratio Return per unit of downside risk	2.23	—	—
Omega ratio Gain probability vs. loss probability	1.30	—	—
Calmar ratio Return relative to maximum drawdown	3.15	—	—
Martin ratio Return relative to average drawdown	10.00	—	—
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

	SPRX	TCAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.80	-1.48

Correlation

The correlation between SPRX and TCAI is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPRX vs. TCAI - Dividend Comparison

SPRX has not paid dividends to shareholders, while TCAI's dividend yield for the trailing twelve months is around 0.04%.

	TTM	2025	2024	2023	2022	2021
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%
TCAI Tortoise AI Infrastructure ETF	0.04%	0.05%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPRX vs. TCAI - Drawdown Comparison

The maximum SPRX drawdown since its inception was -51.21%, which is greater than TCAI's maximum drawdown of -15.80%. Use the drawdown chart below to compare losses from any high point for SPRX and TCAI.

Drawdown Indicators

	SPRX	TCAI	Difference
Max Drawdown Largest peak-to-trough decline	-51.21%	-15.80%	-35.41%
Max Drawdown (1Y) Largest decline over 1 year	-24.21%	—	—
Current Drawdown Current decline from peak	-18.60%	-8.07%	-10.53%
Average Drawdown Average peak-to-trough decline	-18.18%	-3.97%	-14.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.63%	—	—

Volatility

Volatility by Period

	SPRX	TCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	47.73%	35.03%	+12.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.58%	35.03%	+6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.58%	35.03%	+6.55%