WISE vs. SPAM

Last updated Jun 4, 2026

WISE (Themes Generative Artificial Intelligence ETF) and SPAM (Themes Cybersecurity ETF) are both Technology Equities funds from Themes - WISE tracks the Solactive Generative Artificial Intelligence Index - Benchmark TR Gross while SPAM tracks the Solactive Cyber Security Index - Benchmark TR Net. Both are passively managed. Over the past year, WISE returned 36.46% vs 30.91% for SPAM. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

WISE vs. SPAM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Generative Artificial Intelligence ETF (WISE) 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, WISE achieves a 11.03% return, which is significantly lower than SPAM's 33.77% return.

WISE

• 1D: -3.13%
• 1M: 11.81%
• YTD: 11.03%
• 6M: 7.21%
• 1Y: 36.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAM

• 1D: -2.70%
• 1M: 24.26%
• YTD: 33.77%
• 6M: 25.92%
• 1Y: 30.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WISE vs. SPAM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WISE Themes Generative Artificial Intelligence ETF	11.03%	5.88%	40.45%	7.55%
SPAM Themes Cybersecurity ETF	33.77%	4.86%	10.58%	5.42%

Correlation

The correlation between WISE and SPAM is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Dec 11, 2023	0.70

The correlation between WISE and SPAM has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

WISE vs. SPAM - Sectors Allocation Comparison

Sectors	WISE	SPAM
Technology	90.4%	88.9%
Consumer Cyclical	4.0%	-
Communication Services	3.2%	6.7%
Industrials	1.5%	4.0%
Healthcare	0.7%	-
Utilities	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Real Estate	-	0.5%

Return for Risk

WISE vs. SPAM — Risk / Return Rank

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

WISE

WISE Risk / Return Rank: 27
WISE Sharpe Ratio Rank: 31
WISE Sortino Ratio Rank: 30
WISE Omega Ratio Rank: 29
WISE Calmar Ratio Rank: 23
WISE Martin Ratio Rank: 21

SPAM

SPAM Risk / Return Rank: 28
SPAM Sharpe Ratio Rank: 31
SPAM Sortino Ratio Rank: 30
SPAM Omega Ratio Rank: 30
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.

WISE vs. SPAM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Generative Artificial Intelligence ETF (WISE) 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.

	WISE	SPAM	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.15	-0.01
Sortino ratio: Return per unit of downside risk	1.64	1.64	0.00
Omega ratio: Gain probability vs. loss probability	1.20	1.21	-0.01
Calmar ratio: Return relative to maximum drawdown	1.07	1.29	-0.22
Martin ratio: Return relative to average drawdown	2.58	2.90	-0.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WISE vs. SPAM - Sharpe Ratio Comparison

The current WISE Sharpe Ratio is 1.14, which is comparable to the SPAM Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of WISE 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

	WISE	SPAM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.15	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.89	-0.11

Drawdowns

WISE vs. SPAM - Drawdown Comparison

The maximum WISE drawdown since its inception was -39.15%, which is greater than SPAM's maximum drawdown of -24.02%. Use the drawdown chart below to compare losses from any high point for WISE and SPAM.

Drawdown Indicators

	WISE	SPAM	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-24.02%	-15.13%
Max Drawdown (1Y) Largest decline over 1 year	-34.08%	-24.02%	-10.06%
Current Drawdown Current decline from peak	-5.48%	-3.90%	-1.58%
Average Drawdown Average peak-to-trough decline	-11.90%	-6.53%	-5.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.15%	10.69%	+3.46%

Volatility

WISE vs. SPAM - Volatility Comparison

Themes Generative Artificial Intelligence ETF (WISE) and Themes Cybersecurity ETF (SPAM) have volatilities of 10.83% and 10.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WISE	SPAM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.83%	10.67%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	24.11%	22.35%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	32.26%	27.01%	+5.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.55%	24.72%	+8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.55%	24.72%	+8.83%

WISE vs. SPAM - Expense Ratio Comparison

Both WISE and SPAM have an expense ratio of 0.35%.

Dividends

WISE vs. SPAM - Dividend Comparison

WISE's dividend yield for the trailing twelve months is around 3.71%, more than SPAM's 0.37% yield.

Position	TTM	2025	2024
SPAM Themes Cybersecurity ETF	0.37%	0.49%	0.13%
WISE Themes Generative Artificial Intelligence ETF	3.71%	4.12%	0.00%

Frequently Asked Questions

Can I hold both WISE and SPAM in my portfolio?

WISE and SPAM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WISE or SPAM?

WISE has higher volatility (10.83%) compared to SPAM (10.67%). In terms of maximum drawdown, WISE dropped -39.15% vs SPAM's -24.02%.

Which ETF is better, WISE or SPAM?

On 1-year performance, WISE leads with 36.46% vs 30.91% for SPAM. Both ETFs have the same 0.35% expense ratio. On volatility, SPAM has been the lower-risk option at 10.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WISE or SPAM?

Over the 1-year period, WISE has performed better with a 36.46% return vs 30.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WISE or SPAM?

WISE and SPAM have the same expense ratio: 0.35% per year.

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

WISE has the higher dividend yield at 3.71%, compared with 0.37% for SPAM.

What is the main difference between WISE and SPAM?

WISE tracks Solactive Generative Artificial Intelligence Index - Benchmark TR Gross, while SPAM tracks Solactive Cyber Security Index - Benchmark TR Net.

Which has better risk-adjusted returns?

SPAM currently has the higher Sharpe Ratio (1.15 vs 1.14), 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.