USRT vs. SPAX

Last updated Jun 4, 2026

USRT (iShares Core U.S. REIT ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both exchange-traded funds - USRT is a REIT fund tracking the FTSE NAREIT Equity REITs Index, while SPAX is a Event Driven fund actively managed by Toroso Investments. USRT is passively managed, while SPAX is actively managed. At a 0.02 correlation, their price movements are largely independent. USRT charges 0.08%/yr vs 0.85%/yr for SPAX.

Performance

USRT vs. SPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core U.S. REIT ETF (USRT) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USRT

• 1D: 0.08%
• 1M: -0.19%
• YTD: 12.59%
• 6M: 11.36%
• 1Y: 15.26%
• 3Y*: 11.53%
• 5Y*: 4.73%
• 10Y*: 6.21%

SPAX

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

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

USRT vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USRT iShares Core U.S. REIT ETF	12.59%	2.44%	8.58%	13.64%	-24.43%	16.15%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	2.19%

Correlation

The correlation between USRT and SPAX 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 (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021	0.02

USRT vs. SPAX - Sectors Allocation Comparison

Sectors	USRT	SPAX
Real Estate	99.4%	-
Financial Services	0.1%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

USRT vs. SPAX — Risk / Return Rank

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

USRT

USRT Risk / Return Rank: 33
USRT Sharpe Ratio Rank: 31
USRT Sortino Ratio Rank: 29
USRT Omega Ratio Rank: 29
USRT Calmar Ratio Rank: 38
USRT Martin Ratio Rank: 38

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.

USRT vs. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. REIT ETF (USRT) 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.

	USRT	SPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	—	—
Sortino ratio: Return per unit of downside risk	1.63	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.91	—	—
Martin ratio: Return relative to average drawdown	6.15	—	—
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

	USRT	SPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	—	—

Drawdowns

Drawdown Indicators

	USRT	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-69.91%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	—	—
Current Drawdown Current decline from peak	-3.01%	—	—
Average Drawdown Average peak-to-trough decline	-12.97%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	—	—

Volatility

Volatility by Period

	USRT	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.28%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	—	—

USRT vs. SPAX - Expense Ratio Comparison

USRT has a 0.08% expense ratio, which is lower than SPAX's 0.85% expense ratio.

Dividends

USRT vs. SPAX - Dividend Comparison

USRT's dividend yield for the trailing twelve months is around 2.67%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USRT iShares Core U.S. REIT ETF	2.67%	3.07%	2.85%	3.18%	3.46%	2.27%	3.12%	3.34%	5.66%	3.44%	3.98%	3.59%

Frequently Asked Questions

Can I hold both USRT and SPAX in my portfolio?

USRT and SPAX 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 ETF is better, USRT or SPAX?

On fees, USRT is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USRT or SPAX?

USRT is cheaper with a 0.08% expense ratio, compared with 0.85% for SPAX.

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

USRT has the higher dividend yield at 2.67%, compared with 0.00% for SPAX.

What is the main difference between USRT and SPAX?

USRT is categorized as REIT, while SPAX is Event Driven. They also come from different issuers: iShares and Toroso Investments. Their fees differ too: 0.08% for USRT and 0.85% for SPAX.