WARP vs. SPRX

Last updated Jun 23, 2026

WARP (VanEck Space ETF) and SPRX (Spear Alpha ETF) are both exchange-traded funds - WARP is a Industrials Equities fund tracking the MarketVector Space Index, while SPRX is a Technology Equities fund actively managed by Spear. WARP is passively managed, while SPRX is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. WARP charges 0.50%/yr vs 0.75%/yr for SPRX.

Performance

WARP vs. SPRX - Performance Comparison

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

Returns By Period

WARP

• 1D: -6.61%
• 1M: -29.11%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPRX

• 1D: 1.05%
• 1M: 10.66%
• YTD: 52.05%
• 6M: 45.08%
• 1Y: 111.49%
• 3Y*: 48.13%
• 5Y*: —
• 10Y*: —

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

WARP vs. SPRX - Yearly Performance Comparison

	2026 (YTD)
WARP VanEck Space ETF	-7.76%
SPRX Spear Alpha ETF	27.21%

Correlation

The correlation between WARP and SPRX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 7, 2026	0.57

Return for Risk

WARP vs. SPRX — Risk / Return Rank

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

WARP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPRX

SPRX Risk / Return Rank: 73
SPRX Sharpe Ratio Rank: 79
SPRX Sortino Ratio Rank: 60
SPRX Omega Ratio Rank: 62
SPRX Calmar Ratio Rank: 86
SPRX Martin Ratio Rank: 77

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.

WARP vs. SPRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Space ETF (WARP) and Spear Alpha ETF (SPRX). 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.

	WARP	SPRX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.42	—
Sortino ratio: Return per unit of downside risk	—	2.75	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	4.63	—
Martin ratio: Return relative to average drawdown	—	14.32	—

Drawdowns

WARP vs. SPRX - Drawdown Comparison

The maximum WARP drawdown since its inception was -37.43%, smaller than the maximum SPRX drawdown of -51.21%. Use the drawdown chart below to compare losses from any high point for WARP and SPRX.

Drawdown Indicators

	WARP	SPRX	Difference
Max Drawdown Largest peak-to-trough decline	-37.43%	-51.21%	+13.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-24.21%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-42.12%	—
Current Drawdown Current decline from peak	-37.43%	-0.39%	-37.04%
Average Drawdown Average peak-to-trough decline	-12.70%	-17.52%	+4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.81%	—

Volatility

Volatility by Period

	WARP	SPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.76%	—
Volatility (6M) Calculated over the trailing 6-month period	—	37.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	90.52%	46.45%	+44.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.52%	42.22%	+48.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.52%	42.22%	+48.30%

WARP vs. SPRX - Expense Ratio Comparison

WARP has a 0.50% expense ratio, which is lower than SPRX's 0.75% expense ratio.

Dividends

WARP vs. SPRX - Dividend Comparison

Neither WARP nor SPRX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%
WARP VanEck Space ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WARP and SPRX in my portfolio?

WARP and SPRX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WARP or SPRX?

On fees, WARP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WARP or SPRX?

WARP is cheaper with a 0.50% expense ratio, compared with 0.75% for SPRX.

Which ETF pays a higher dividend yield, WARP or SPRX?

WARP and SPRX have nearly identical dividend yields, around 0.00%.

What is the main difference between WARP and SPRX?

WARP is categorized as Industrials Equities, while SPRX is Technology Equities. They also come from different issuers: VanEck and Spear. Their fees differ too: 0.50% for WARP and 0.75% for SPRX.