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Relative Intelligence · IPOs

How SPAC and New Issue ETF (SPCK) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SPCK alone. It places SPCK (SPAC and New Issue ETF) against 6 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SPCK stands in the market, and of the alternatives worth a closer look.

Period covered: SPCK's full trading record, from December 2020 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against SPCK →Chart SPCK vs. 6 alternatives →
On this page12 sections

Key findings

How much would $10,000 in SPCK have grown?

This chart tracks a hypothetical $10,000 investment in SPCK over the past 5 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SPCK over the same span and SPCK's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: SPCK began trading on December 16, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 5 years of SPCK's record, starting at the end of September 2021.

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,740 of the 3,629 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPCK; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000202120222023202420252026$0$5,000$10,000$15,000$20,000$25,000202120222023202420252026
  • QQQ$21,295+113% total · +16.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • FPX$14,736+47.4% total · +8.1% a year
  • IWM$13,514+35.1% total · +6.2% a year
  • XBI$12,622+26.2% total · +4.8% a year
  • SGOV$12,000+20.0% total · +3.7% a year
  • FPXI$11,003+10.0% total · +1.9% a year
  • SPCK$9,155−8.5% total · −1.8% a year
  • ARKK$8,195−18.1% total · −3.9% a year
Change the dates or add tickers to this chart in EasyCompare

SPCK at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: SPCK began trading on December 16, 2020, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The fund

Issuer
Tuttle Capital
Began trading
December 2020
Expense ratio
2.31%per year
Assets
$8M
Category
Financials

Returns

Past 1 year
−2.6%total return
Past 3 years
+10.6%+3.4% a year
Past 5 years
−8.3%−1.7% a year
Best calendar year
+9.3%2021
Worst calendar year
−12.2%2022
Losing years
2 of 5full calendar years

Risk

Volatility
8.7%typical yearly swing, 5 years
Sharpe ratio
-0.16return per unit of risk, 5 years
Worst decline ever
−28.3%Feb 2021 to Feb 2023
From its all-time high
−18.8%below the peak

SPCK against the whole market

Where SPCK ranks among every stock and fund, and what across the market has done better.

How does SPCK rank among all ETFs?

This section ranks SPCK on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how SPCK stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureSPCKRankStanding
1-year return−2.6%2,247 of 2,485bottom 11%
3-year return+10.6%1,889 of 1,949bottom 4%
5-year return−8.3%1,464 of 1,560bottom 7%
Volatility, 5 years8.7%336 of 1,560top 22%
Sharpe ratio, 5 years-0.161,519 of 1,560bottom 4%

What has beaten SPCK on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). SPCK sits where the dashed lines cross. Anything in the green box above and to the left earned more than SPCK with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to SPCK; faint dots are 37 more of the 211 in the green region (the strongest, one per fund family). 3,634 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%−4.0%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SPCKFLRT: +6.0% a year, volatility 2.3%VTIP: +2.7% a year, volatility 2.9%FLOT: +4.5% a year, volatility 1.8%BSV: +1.7% a year, volatility 2.8%VCSH: +2.3% a year, volatility 2.9%AGG: −0.3% a year, volatility 6.1%BNDX: +0.2% a year, volatility 4.9%DOCT: +8.3% a year, volatility 7.4%SCHO: +2.0% a year, volatility 2.0%VNLA: +4.0% a year, volatility 1.1%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%USHY: +3.6% a year, volatility 7.4%FLDR: +3.9% a year, volatility 1.2%USTB: +3.6% a year, volatility 2.0%LMBS: +3.0% a year, volatility 2.6%TBUX: +4.1% a year, volatility 1.1%SRLN: +4.7% a year, volatility 3.9%RAVI: +3.8% a year, volatility 1.4%FTSL: +5.0% a year, volatility 3.4%FLUD: +3.9% a year, volatility 1.4%BSCR: +1.7% a year, volatility 4.1%LDUR: +2.4% a year, volatility 2.1%JPIB: +2.5% a year, volatility 4.2%IBDU: +1.2% a year, volatility 5.7%PREF: +2.5% a year, volatility 4.9%QAI: +4.1% a year, volatility 6.8%AOK: +3.3% a year, volatility 7.2%KORP: +1.3% a year, volatility 5.5%NFLT: +2.7% a year, volatility 4.6%IBD: +1.2% a year, volatility 5.7%BKLN: +5.4% a year, volatility 4.5%VTEB: +0.3% a year, volatility 4.1%SUB: +1.4% a year, volatility 1.7%DRSK: +2.0% a year, volatility 7.5%MUST: −0.1% a year, volatility 5.7%FPE: +2.0% a year, volatility 6.7%SPCK: −1.7% a year, volatility 8.7%SGOV: +3.8% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%BALT: +6.3% a year, volatility 3.3%VRIG: +4.7% a year, volatility 1.3%PJUL: +10.5% a year, volatility 8.6%EP-PC: +5.2% a year, volatility 8.9%IBTK: −0.8% a year, volatility 6.7%AQNB: +5.7% a year, volatility 11.6%POCT: +10.0% a year, volatility 8.0%SPCKSGOVJAAABALTVRIGPJULEP-PCIBTKAQNBPOCT−2.5%0.0%2.5%5.0%7.5%10.0%12.5%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SPCKFLRT: +6.0% a year, volatility 2.3%VTIP: +2.7% a year, volatility 2.9%FLOT: +4.5% a year, volatility 1.8%BSV: +1.7% a year, volatility 2.8%VCSH: +2.3% a year, volatility 2.9%AGG: −0.3% a year, volatility 6.1%BNDX: +0.2% a year, volatility 4.9%DOCT: +8.3% a year, volatility 7.4%SCHO: +2.0% a year, volatility 2.0%VNLA: +4.0% a year, volatility 1.1%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%USHY: +3.6% a year, volatility 7.4%FLDR: +3.9% a year, volatility 1.2%USTB: +3.6% a year, volatility 2.0%LMBS: +3.0% a year, volatility 2.6%TBUX: +4.1% a year, volatility 1.1%SRLN: +4.7% a year, volatility 3.9%RAVI: +3.8% a year, volatility 1.4%FTSL: +5.0% a year, volatility 3.4%FLUD: +3.9% a year, volatility 1.4%BSCR: +1.7% a year, volatility 4.1%LDUR: +2.4% a year, volatility 2.1%JPIB: +2.5% a year, volatility 4.2%IBDU: +1.2% a year, volatility 5.7%PREF: +2.5% a year, volatility 4.9%QAI: +4.1% a year, volatility 6.8%AOK: +3.3% a year, volatility 7.2%KORP: +1.3% a year, volatility 5.5%NFLT: +2.7% a year, volatility 4.6%IBD: +1.2% a year, volatility 5.7%BKLN: +5.4% a year, volatility 4.5%VTEB: +0.3% a year, volatility 4.1%SUB: +1.4% a year, volatility 1.7%DRSK: +2.0% a year, volatility 7.5%MUST: −0.1% a year, volatility 5.7%FPE: +2.0% a year, volatility 6.7%SPCK: −1.7% a year, volatility 8.7%SGOV: +3.8% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%BALT: +6.3% a year, volatility 3.3%VRIG: +4.7% a year, volatility 1.3%PJUL: +10.5% a year, volatility 8.6%EP-PC: +5.2% a year, volatility 8.9%IBTK: −0.8% a year, volatility 6.7%AQNB: +5.7% a year, volatility 11.6%POCT: +10.0% a year, volatility 8.0%SPCKSGOVJAAABALTVRIGPJULEP-PCIBTKPOCT
  • Popular alternatives
  • The whole market
  • Others in the green region
  • 4 with more than 1.6× SPCK's volatility are in the table only

Is there a better investment than SPCK?

Investments that beat SPCK over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat SPCK over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks SPCK's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than SPCK follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than SPCK's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× SPCK's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than SPCK's.

Screen the whole market against SPCK for any period in BetterThanSPYOpen these 12 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with SPCK?lower diversifies moreExpenseper year
SPCKSPAC and New Issue ETF · this page
−1.7%8.7%-0.16−28.3%−8.3%1.002.31%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.250.09%
Popular alternativesbest 3 shownThe investments people most often weigh against SPCK. 3 of 6 passed at least one test.
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Higher return in most periods+14.5%23.0%0.71−35.1%+97.2%0.240.18%
IWMiShares Russell 2000 ETF · US Small-Cap Equity
Higher return in most periods+5.2%22.4%0.34−41.1%+29.0%0.190.19%
XBIState Street SPDR S&P Biotech ETF · Biotechnology
Higher return in most periods+4.6%32.5%0.30−63.9%+25.1%0.100.35%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 280 of 3,629 passed at least one test.
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.8%0.3%13.25−0.3%+20.3%0.210.09%
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%2.98−2.6%+28.0%0.060.20%
BALTInnovator Defined Wealth Shield ETF · Crypto
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.3%3.3%1.85−4.9%+35.7%0.150.69%
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.7%1.3%3.51−13.1%+25.6%0.040.30%
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.5%8.6%1.20−18.2%+64.4%0.240.79%
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Higher return, similar volatilityHigher return in most periods+5.2%8.9%0.61−25.4%+28.5%0.02—
IBTKiShares iBonds Dec 2030 Term Treasury ETF · Bonds
Similar return, lower volatilityHigher return in most periods−0.8%6.7%-0.08−22.8%−3.8%0.050.07%
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt
Higher return in most periods+5.7%11.6%0.54−42.7%+31.7%0.04—
What these numbers mean for SPCK
Annual return
SPCK lost 1.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $9,170. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
SPCK's volatility over the past 5 years was 8.7%, 51% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPCK's return lands within 8.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
SPCK's Sharpe ratio over the past 5 years was -0.16, against 0.79 for the S&P 500, so SPCK earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
SPCK's worst fall from a peak to a low over the past 10 years was 28.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 28.3% fall takes a 39.4% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SPCK's monthly returns had a correlation of 0.25 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against SPCK instead: the lower it is, the more that option would diversify a SPCK holding. Guide: Correlation and diversification →
Show all 211 stocks and funds worth at least $500 million that earned more than SPCK with less volatility

Out of 3,634 tested over 5 years. The strongest 42 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with SPCKExpense
1
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%+20.3%0.210.09%
2
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%+28.0%0.060.20%
3
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%+35.7%0.150.69%
4
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+25.6%0.040.30%
5
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+33.9%0.170.60%
6
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Whole market+2.7%2.9%0.94−6.3%+14.0%0.170.03%
7
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+24.5%0.080.15%
8
POCTInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.0%8.0%1.23−18.8%+60.9%0.130.79%
9
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.7%2.8%0.63−8.5%+8.8%0.050.03%
10
VCSHVanguard Short-Term Corporate Bond ETF · Investment Grade Bonds
Whole market+2.3%2.9%0.80−12.9%+12.1%0.100.03%
11
AGGiShares Core U.S. Aggregate Bond ETF · Investment Grade Bonds
Whole market−0.3%6.1%-0.02−18.4%−1.5%0.090.03%
12
BNDXVanguard Total International Bond ETF · International Bonds
Whole market+0.2%4.9%0.06−16.2%+0.8%0.170.07%
13
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Multi-Asset
Whole market+8.3%7.4%1.11−9.9%+48.7%0.160.85%
14
SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds
Whole market+2.0%2.0%0.96−5.7%+10.1%0.040.03%
15
VNLAJanus Henderson Short Duration Income ETF · Bonds
Whole market+4.0%1.1%3.77−4.5%+21.8%0.170.25%
16
FLTRVanEck IG Floating Rate ETF · Multi-Asset
Whole market+4.8%2.1%2.20−17.8%+26.3%0.010.14%
17
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds
Whole market+4.5%1.7%2.58−14.7%+24.4%0.110.15%
18
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds
Whole market+3.6%7.4%0.52−22.4%+19.2%0.190.08%
19
FLDRFidelity Low Duration Bond Factor ETF · Bonds
Whole market+3.9%1.2%3.09−12.2%+20.9%0.080.15%
20
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+3.6%2.0%1.73−5.3%+19.1%0.110.34%
21
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.0%2.6%1.14−6.5%+15.8%0.120.66%
22
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Whole market+4.1%1.1%3.85−1.8%+22.4%0.090.17%
23
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+25.6%0.270.70%
24
RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds
Whole market+3.8%1.4%2.61−3.7%+20.2%0.090.26%
25
FTSLFirst Trust Senior Loan Fund · Bonds
Whole market+5.0%3.4%1.49−22.7%+27.8%0.180.70%
26
FLUDFranklin Ultra Short Bond ETF · Bonds
Whole market+3.9%1.4%2.74−1.7%+20.9%0.130.15%
27
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Whole market+1.7%4.1%0.44−17.3%+8.9%0.030.10%
28
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds
Whole market+2.4%2.1%1.13−8.7%+12.3%0.040.54%
29
JPIBJPMorgan International Bond Opportunities ETF · Bonds
Whole market+2.5%4.2%0.62−13.1%+13.3%0.080.50%
30
IBDUiShares iBonds Dec 2029 Term Corporate ETF · Bonds
Whole market+1.2%5.7%0.24−19.4%+6.1%0.050.10%
31
PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds
Whole market+2.5%4.9%0.52−23.0%+12.9%0.120.55%
32
QAINYLI Hedge Multi-Strategy Tracker ETF · Alternatives
Whole market+4.1%6.8%0.64−14.9%+22.5%0.180.75%
33
AOKiShares Core 30/70 Conservative Allocation ETF · Multi-Asset
Whole market+3.3%7.2%0.49−18.9%+17.7%0.180.20%
34
KORPAmerican Century Diversified Corporate Bond ETF · Bonds
Whole market+1.3%5.5%0.26−14.9%+6.5%0.090.29%
35
NFLTVirtus Newfleet Multi-Sector Bond ETF · Bonds
Whole market+2.7%4.6%0.61−15.1%+14.4%0.160.50%
36
IBDInspire Corporate Bond ETF · Bonds
Whole market+1.2%5.7%0.23−16.3%+6.0%0.030.41%
37
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.4%4.5%1.19−24.1%+29.8%0.210.67%
38
VTEBVanguard Tax-Exempt Bond ETF · Municipal Bonds
Whole market+0.3%4.1%0.09−17.0%+1.4%0.090.03%
39
SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds
Whole market+1.4%1.7%0.85−9.4%+7.3%0.130.07%
40
DRSKAptus Defined Risk ETF · Crypto
Whole market+2.0%7.5%0.30−19.9%+10.2%0.210.79%
41
MUSTColumbia Multi-Sector Municipal Income ETF · Bonds
Whole market−0.1%5.7%0.01−13.8%−0.4%0.110.23%
42
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Whole market+2.0%6.7%0.34−33.3%+10.6%0.120.83%

SPCK against its popular alternatives

The investments people most often weigh against SPCK, compared period by period and year by year.

How do SPCK's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at SPCK, which divides the map into what did better or worse on each measure.

Green points earned more than SPCK with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySPCK: −1.7% a year, volatility 8.7%SPY (S&P 500): 12.7% a year, volatility 17.1%ARKK: −6.5% a year, volatility 46.8%QQQ: 14.5% a year, volatility 23.0%XBI: 4.6% a year, volatility 32.5%IWM: 5.2% a year, volatility 22.4%FPX: 6.0% a year, volatility 27.2%FPXI: 0.1% a year, volatility 23.3%SPCKSPY (S&P 500)ARKKQQQXBIIWMFPXFPXI0.0%10.0%20.0%30.0%40.0%50.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySPCK: −1.7% a year, volatility 8.7%SPY (S&P 500): 12.7% a year, volatility 17.1%ARKK: −6.5% a year, volatility 46.8%QQQ: 14.5% a year, volatility 23.0%XBI: 4.6% a year, volatility 32.5%IWM: 5.2% a year, volatility 22.4%FPX: 6.0% a year, volatility 27.2%FPXI: 0.1% a year, volatility 23.3%SPCKSPY (S&P 500)ARKKQQQXBIIWMFPXFPXI
All figures
InvestmentAnnual returnVolatility
QQQ Invesco QQQ Trust, Series 1+14.5%23.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FPX First Trust US Equity Opportunities ETF+6.0%27.2%
IWM iShares Russell 2000 ETF+5.2%22.4%
XBI State Street SPDR S&P Biotech ETF+4.6%32.5%
FPXI First Trust International Equity Opportunities ETF+0.1%23.3%
SPCK This pageSPAC and New Issue ETF−1.7%8.7%
ARKK ARK Innovation ETF−6.5%46.8%
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Has SPCK consistently beaten its popular alternatives?

This section compares SPCK with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than SPCK helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than SPCK over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
SPCK SPAC and New Issue ETF (this page)—−1.8%−2.6%−1.7%−0.8%−2.6%+10.6%−8.3%8.7%-0.16−28.3%2.31%$8M—
QQQ QualifiedInvesco QQQ Trust, Series 14/5 short2/2 longAll-weather−3.2%+3.2%+11.2%+17.4%+17.9%+106%+97.2%23.0%0.71−35.1%0.18%$492B3%
XBI QualifiedState Street SPDR S&P Biotech ETF4/5 short2/2 longAll-weather−3.2%+1.5%+11.3%+26.2%+39.7%+130%+25.1%32.5%0.30−63.9%0.35%$10B1%
IWM QualifiediShares Russell 2000 ETF3/5 short2/2 long−3.4%−5.4%−0.1%+11.6%+12.3%+71.3%+29.0%22.4%0.34−41.1%0.19%$75B23%
FPX Broad MarketFirst Trust US Equity Opportunities ETF2/5 short2/2 long−4.5%−6.0%−2.6%+4.7%+5.8%+120%+33.8%27.2%0.35−43.1%0.57%$1.4B11%
FPXI InternationalFirst Trust International Equity Opportunities ETF2/5 short2/2 long−7.8%−6.3%−8.4%+7.4%+6.3%+77.7%+0.4%23.3%0.12−55.8%0.70%$212M17%
ARKK Broad MarketARK Innovation ETF3/5 short1/2 long−8.0%+11.3%+5.2%+6.5%−7.3%+132%−28.5%46.8%0.09−80.9%0.75%$7.9B19%
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How did SPCK do year by year?

This table shows each investment's total return in every full calendar year since 2021, along with where SPCK ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SPCK and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: SPCK began trading on December 16, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of SPCK; gray means the two finished within a fraction of a point. The rank row places SPCK among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of SPCK20252024202320222021
SPCK This pageSPAC and New Issue ETF—+7.8%+2.9%−4.1%−12.3%+9.3%
Rank among alternativesTop quarter in 1 of 57 of 76 of 77 of 71 of 73 of 7
SPY S&P 500State Street SPDR S&P 500 ETF4 of 5+17.7%+24.9%+26.2%−18.2%+28.7%
QQQ Invesco QQQ Trust, Series 14 of 5+20.8%+25.6%+54.9%−32.6%+27.4%
XBI State Street SPDR S&P Biotech ETF2 of 5+35.9%+1.0%+7.6%−25.9%−20.4%
IWM iShares Russell 2000 ETF4 of 5+12.7%+11.4%+16.8%−20.5%+14.5%
FPX First Trust US Equity Opportunities ETF3 of 5+37.6%+24.8%+22.3%−35.1%+3.7%
FPXI First Trust International Equity Opportunities ETF3 of 5+26.4%+12.6%+9.6%−31.8%−15.7%
ARKK ARK Innovation ETF3 of 5+35.5%+8.4%+69.0%−67.0%−23.4%
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Risk and diversification

How SPCK has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were SPCK's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SPCK's two deepest drawdowns since it began trading in 2020, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: SPCK began trading on December 16, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means SPCK fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringSPCK fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−28.3%+7.8%Feb 2021Feb 20232 yearsNot yet—
No named crash−6.5%−2.6%Jan 2021Jan 2021Under a monthFeb 20211 month

How did SPCK do in stock market crashes?

This section measures how far SPCK, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: SPCK began trading on December 16, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SPCK.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
SPCK This pageSPAC and New Issue ETF—−0.1%−6.8%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
QQQ Invesco QQQ Trust, Series 10 of 2−3.1%−33.4%−28.6%−22.7%−6.8%−16.1%−16.1%−2.5%−53.4%−83.0%
XBI State Street SPDR S&P Biotech ETF0 of 2−6.9%−43.6%−32.9%−32.5%−5.5%−42.6%−26.7%−4.1%−37.5%—
IWM iShares Russell 2000 ETF0 of 2−7.1%−26.8%−40.8%−25.7%−5.5%−21.5%−27.2%−2.9%−58.4%—
FPX First Trust US Equity Opportunities ETF0 of 2−5.7%−33.5%−37.0%−22.3%−4.8%−22.8%−20.1%−1.8%−56.3%—
FPXI First Trust International Equity Opportunities ETF0 of 2−3.3%−38.4%−27.0%−15.5%−6.8%−25.1%————
ARKK ARK Innovation ETF0 of 2−7.4%−61.5%−42.5%−26.7%−4.3%−29.3%————
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How closely does SPCK move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares SPCK with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SPCK's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SPCK This pageSPAC and New Issue ETF3%17%0.180.10
QQQ Invesco QQQ Trust, Series 1114%110%1.031.22
FPX First Trust US Equity Opportunities ETF100%130%0.771.28
IWM iShares Russell 2000 ETF97%135%0.711.13
XBI State Street SPDR S&P Biotech ETF82%118%0.690.83
FPXI First Trust International Equity Opportunities ETF66%107%0.620.97
ARKK ARK Innovation ETF131%251%0.522.00
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What diversifies SPCK?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with SPCK's. Because such investments tend not to fall at the same time, pairing SPCK with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which SPCK lost money. The last two columns show a portfolio that is 80% SPCK and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2023202280/20 mix volatility80/20 mix annual return
SPCK SPAC and New Issue ETF (this page)1.00−8.3%-0.16−4.1%−12.3%6.3%−1.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.13+119%1.48+17.4%+3.8%5.6%+1.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+42.0%+6.0%6.1%+3.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.18+101%1.04+8.0%+10.4%6.3%+1.7%
HDV Dividend & IncomeiShares Core High Dividend ETF0.16+83.3%1.00+1.8%+7.1%6.2%+1.1%
SMH TechnologyVanEck Semiconductor ETF0.18+323%0.97+73.4%−33.5%9.3%+6.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.23+85.0%0.96+20.1%−5.1%5.9%+1.3%
GLD CommoditiesSPDR Gold Shares0.17+126%0.96+12.7%−0.8%6.6%+2.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.20+136%0.93+17.6%−10.4%7.1%+2.9%

Stocks

InvestmentCorrelation5Y returnSharpe2023202280/20 mix volatility80/20 mix annual return
SPCK SPAC and New Issue ETF (this page)1.00−8.3%-0.16−4.1%−12.3%6.3%−1.8%
CAH Medical - DistributionCardinal Health, Inc.0.26+479%1.55+34.1%+54.1%8.2%+5.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.12+3,143%1.47+160%+1.3%13.3%+17.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.17+1,636%1.46+79.6%+17.0%11.0%+13.8%
MCK Medical - DistributionMcKesson Corporation0.12+413%1.44+24.1%+51.8%7.5%+5.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.09+690%1.41+30.4%+86.6%8.6%+7.7%
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Common questions

What was SPCK's worst drawdown?

SPCK's deepest decline since it began trading in 2020 was 28.3%, from February 2021 to February 2023. It has not yet climbed back to that peak. Because SPCK launched in December 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were SPCK's best and worst years?

Over five full calendar years, SPCK's best year was 2021, when it returned 9.3%. Its worst was 2022, with a return of -12.2%.

Is there a better investment than SPCK?

Among SPCK's popular alternatives, QQQ, IWM and XBI were ahead of SPCK in most short and long periods, though with much bigger swings (23.0%, 22.4% and 32.5% volatility against 8.7%). Across the whole market, 211 of the 3,634 stocks and funds worth at least $500 million earned more than SPCK with less volatility over the past 5 years, among them BND, AGG and BNDX.

Is SPCK more volatile than the S&P 500?

No. SPCK's volatility over the past 5 years was 8.7%, 51% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPCK's return lands within 8.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is SPCK's Sharpe ratio?

SPCK's Sharpe ratio over the past 5 years was -0.16, against 0.79 for the S&P 500, so SPCK earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is SPCK with the S&P 500?

Over the past 5 years, SPCK's monthly returns had a correlation of 0.25 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against SPCK instead: the lower it is, the more that option would diversify a SPCK holding.

What are the best alternatives to SPCK?

Of the six popular alternatives we compared, three outperformed SPCK in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: QQQ, XBI and IWM.

Did SPCK outperform the S&P 500?

SPCK finished ahead of the S&P 500 (SPY) in one of five full calendar years. In 2025, it returned +7.8%, against +17.7% for the index.

How did SPCK do in stock market crashes?

SPCK fell less than the S&P 500 (SPY) in two of the two major crashes it has traded through, and further in no. The clearest case was the 2022 bear market, when SPCK fell 6.8% and the S&P 500 fell 24.5%.

What diversifies SPCK?

These had a low correlation with SPCK over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.13), DXJ (correlation 0.22) and EMLP (correlation 0.18); among large stocks, CAH (correlation 0.26), CLS (correlation 0.12) and FIX (correlation 0.17). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to SPCK

Other stocks and ETFs