WCBR vs. SPAM

Last updated Jun 5, 2026

WCBR (WisdomTree Cybersecurity Fund) and SPAM (Themes Cybersecurity ETF) are both Technology Equities funds - WCBR tracks the WisdomTree Team8 Cybersecurity Index while SPAM tracks the Solactive Cyber Security Index - Benchmark TR Net. Both are passively managed. Over the past year, WCBR returned 11.73% vs 30.19% for SPAM. Their correlation of 0.88 suggests significant overlap in exposure. WCBR charges 0.45%/yr vs 0.35%/yr for SPAM.

Performance

WCBR vs. SPAM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Cybersecurity Fund (WCBR) and Themes Cybersecurity ETF (SPAM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WCBR achieves a 25.14% return, which is significantly lower than SPAM's 33.46% return.

WCBR

• 1D: -1.33%
• 1M: 25.44%
• YTD: 25.14%
• 6M: 18.78%
• 1Y: 11.73%
• 3Y*: 21.52%
• 5Y*: 9.52%
• 10Y*: —

SPAM

• 1D: -0.23%
• 1M: 21.92%
• YTD: 33.46%
• 6M: 24.52%
• 1Y: 30.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WCBR vs. SPAM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WCBR WisdomTree Cybersecurity Fund	25.14%	-1.44%	11.42%	6.06%
SPAM Themes Cybersecurity ETF	33.46%	4.86%	10.58%	5.42%

Correlation

The correlation between WCBR and SPAM is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 11, 2023	0.88

The correlation between WCBR and SPAM has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

WCBR vs. SPAM - Sectors Allocation Comparison

Sectors	WCBR	SPAM
Technology	100.0%	88.9%
Basic Materials	-	-
Communication Services	-	6.7%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	4.0%
Real Estate	-	0.5%
Utilities	-	-

Return for Risk

WCBR vs. SPAM — Risk / Return Rank

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

WCBR

WCBR Risk / Return Rank: 15
WCBR Sharpe Ratio Rank: 15
WCBR Sortino Ratio Rank: 16
WCBR Omega Ratio Rank: 16
WCBR Calmar Ratio Rank: 14
WCBR Martin Ratio Rank: 14

SPAM

SPAM Risk / Return Rank: 28
SPAM Sharpe Ratio Rank: 31
SPAM Sortino Ratio Rank: 30
SPAM Omega Ratio Rank: 31
SPAM Calmar Ratio Rank: 27
SPAM Martin Ratio Rank: 23

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.

WCBR vs. SPAM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Cybersecurity Fund (WCBR) and Themes Cybersecurity ETF (SPAM). 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.

	WCBR	SPAM	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.12	-0.76
Sortino ratio: Return per unit of downside risk	0.70	1.61	-0.91
Omega ratio: Gain probability vs. loss probability	1.09	1.20	-0.11
Calmar ratio: Return relative to maximum drawdown	0.39	1.26	-0.87
Martin ratio: Return relative to average drawdown	0.90	2.83	-1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WCBR vs. SPAM - Sharpe Ratio Comparison

The current WCBR Sharpe Ratio is 0.37, which is lower than the SPAM Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of WCBR and SPAM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WCBR	SPAM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	1.12	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.89	-0.69

Drawdowns

WCBR vs. SPAM - Drawdown Comparison

The maximum WCBR drawdown since its inception was -52.25%, which is greater than SPAM's maximum drawdown of -24.02%. Use the drawdown chart below to compare losses from any high point for WCBR and SPAM.

Drawdown Indicators

	WCBR	SPAM	Difference
Max Drawdown Largest peak-to-trough decline	-52.25%	-24.02%	-28.23%
Max Drawdown (1Y) Largest decline over 1 year	-29.92%	-24.02%	-5.90%
Max Drawdown (3Y) Largest decline over 3 years	-30.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-52.25%	—	—
Current Drawdown Current decline from peak	-5.82%	-4.12%	-1.70%
Average Drawdown Average peak-to-trough decline	-20.35%	-6.52%	-13.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.04%	10.69%	+2.35%

Volatility

WCBR vs. SPAM - Volatility Comparison

WisdomTree Cybersecurity Fund (WCBR) has a higher volatility of 13.74% compared to Themes Cybersecurity ETF (SPAM) at 10.72%. This indicates that WCBR's price experiences larger fluctuations and is considered to be riskier than SPAM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WCBR	SPAM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.74%	10.72%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	27.29%	22.35%	+4.94%
Volatility (1Y) Calculated over the trailing 1-year period	32.18%	26.99%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.61%	24.70%	+8.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.58%	24.70%	+8.88%

WCBR vs. SPAM - Expense Ratio Comparison

WCBR has a 0.45% expense ratio, which is higher than SPAM's 0.35% expense ratio.

Dividends

WCBR vs. SPAM - Dividend Comparison

WCBR has not paid dividends to shareholders, while SPAM's dividend yield for the trailing twelve months is around 0.37%.

Position	TTM	2025	2024	2023	2022	2021
SPAM Themes Cybersecurity ETF	0.37%	0.49%	0.13%	0.00%	0.00%	0.00%
WCBR WisdomTree Cybersecurity Fund	0.00%	0.00%	0.02%	0.00%	0.03%	0.43%

Frequently Asked Questions

Can I hold both WCBR and SPAM in my portfolio?

WCBR and SPAM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WCBR or SPAM?

WCBR has higher volatility (13.74%) compared to SPAM (10.72%). In terms of maximum drawdown, WCBR dropped -52.25% vs SPAM's -24.02%.

Which ETF is better, WCBR or SPAM?

On 1-year performance, SPAM leads with 30.19% vs 11.73% for WCBR. On fees, SPAM is cheaper at 0.35% per year. On volatility, SPAM has been the lower-risk option at 10.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WCBR or SPAM?

Over the 1-year period, SPAM has performed better with a 30.19% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WCBR or SPAM?

SPAM is cheaper with a 0.35% expense ratio, compared with 0.45% for WCBR.

Which ETF pays a higher dividend yield, WCBR or SPAM?

SPAM has the higher dividend yield at 0.37%, compared with 0.00% for WCBR.

What is the main difference between WCBR and SPAM?

WCBR tracks WisdomTree Team8 Cybersecurity Index, while SPAM tracks Solactive Cyber Security Index - Benchmark TR Net. They also come from different issuers: WisdomTree and Themes. Their fees differ too: 0.45% for WCBR and 0.35% for SPAM.

Which has better risk-adjusted returns?

SPAM currently has the higher Sharpe Ratio (1.12 vs 0.37), 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.