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

> Source: BetterThanSPY research, https://betterthanspy.com/research/spck
> Data as of October 22, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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 22, 2026.

## Key findings

- **What you're buying:** 97% of SPCK sits in financials, against 12% for the S&P 500.
- **Right now:** SPCK has gone against the market, falling 2.0% over the past 6 months while the S&P 500 rose 8.0%.
- **Fund or market?:** SPCK's 3.0% fall over the past 3 months is part of a broader ipos sell-off: the small-cap stock ETF IWM (iShares Russell 2000 ETF) fell 5.6%, with FPX (First Trust US Equity Opportunities ETF, down 9.1%) and FPXI (First Trust International Equity Opportunities ETF, down 13.5%).
- **Long term:** SPCK turned $10,000 into $9,090 over the past 5 years, against $18,000 in the S&P 500. Over the past 5 years, SPCK lost 9.1%, behind 94% of the ETFs with at least $100 million in assets. The S&P 500 returned 80.3%.
- **Diversification:** Against the S&P 500, SPCK has a correlation of 0.25 over 5 years, less closely than 95% of ETFs with at least $100 million in assets. Next to an index fund it is a real diversifier.
- **Better options**
  - **Popular alternatives:** QQQ (Invesco QQQ Trust, Series 1), IWM (iShares Russell 2000 ETF) and XBI (State Street SPDR S&P Biotech ETF) 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%).
  - **Nearby categories and themes:** EJUL (Innovator Emerging Markets Power Buffer ETF, emerging markets equity) earned more for the risk it took than SPCK over the past 5 years, and its worst fall in 10 years was 21.6%, against 28.3% for SPCK.
  - **Whole market:** 214 of the 3,642 stocks and funds worth at least $500 million earned more than SPCK with less volatility over the past 5 years, among them BND (Vanguard Total Bond Market ETF), AGG (iShares Core U.S. Aggregate Bond ETF) and BNDX (Vanguard Total International Bond ETF).

## 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.

- $10,000 invested in SPCK at the end of September 2021 would have grown to $9,155 by September 2026, less than the $19,000 it would have become in SPY, an S&P 500 fund.
- Six of the seven other investments on the chart ended ahead of SPCK, and LVHI finished highest, at $21,792.

## 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.

- 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.
- Over five full calendar years, SPCK's best was 2021, when it returned 9.3%, and its worst was 2022, when it lost 12.2%. It lost money in two of those years.
- SPCK is 18.9% below its all-time high.

- Type: ETF, Financials (Asset Management)
- Trading since: December 16, 2020
- Assets: $8M
- Expense ratio: 2.31%
- Volatility (5 years): 8.7%; Sharpe ratio: -0.18
- Worst decline ever: −28.3%, from February 16, 2021 to February 8, 2023; not yet back at its high

| Period | SPCK total return |
| --- | --- |
| 1 month | −1.9% |
| 3 months | −3.0% |
| 6 months | −2.0% |
| year to date | −1.0% |
| 1 year | −2.3% |
| 3 years | +10.3% |
| 5 years | −9.1% |

## 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.

- On return for the risk taken (the Sharpe ratio), SPCK ranks in the bottom 2% of the 1,563 ETFs with at least $100 million in assets.
- SPCK is among the steadier ETFs: its price swings rank in the top 22% of the 1,563 ETFs with at least $100 million in assets, where the top is the calmest.

| Measure | SPCK | Rank |
| --- | --- | --- |
| 1-year return | −2.3% | 2,284 of 2,488 (top 92%) |
| 3-year return | +10.3% | 1,898 of 1,950 (top 98%) |
| 5-year return | −9.1% | 1,469 of 1,563 (top 94%) |
| Volatility, 5 years | 8.7% | 337 of 1,563 (top 22%) |
| Sharpe ratio, 5 years | -0.18 | 1,530 of 1,563 (top 98%) |

### 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).

- 214 ETFs worth at least $500 million sit in the green region: each earned more than SPCK over the past 5 years with smaller price swings. That is 6% of the 3,642 screened.
- Among those with at least half SPCK's swings, POCT has the best return for its risk: 9.9% a year at 8.0% volatility, 8% less than SPCK's 8.7%, and a Sharpe ratio (return above cash per unit of volatility) of 1.22 against -0.18 for SPCK.

### Is there a better investment than SPCK?

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.

- 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%).
- Looking beyond its popular alternatives, EJUL (emerging markets equity) earned more for the risk it took than SPCK over the past 5 years, and its worst fall in 10 years was 21.6%, against 28.3% for SPCK.
- Across the whole market, 214 of the 3,642 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.

The 15 strongest of 214 investments that beat SPCK over the past 5 years, out of 3,642 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 5Y return | Correlation with SPCK | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SPCK: SPAC and New Issue ETF (this page) |  | −1.9% | 8.7% | -0.18 | −28.3% | −9.1% |  |  |
| [SGOV](https://betterthanspy.com/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bills | +3.8% | 0.3% | 13.25 | −0.3% | +20.3% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| JAAA: Janus Henderson AAA CLO ETF | AAA CLO Debt | +5.1% | 1.7% | 2.98 | −2.6% | +28.0% | 0.06 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BALT: Innovator Defined Wealth Shield ETF | US Equity Buffer | +6.2% | 3.3% | 1.84 | −4.9% | +35.3% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VRIG: Invesco Variable Rate Investment Grade ETF | Investment Grade Bonds | +4.7% | 1.3% | 3.52 | −13.1% | +25.6% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FLRT: Pacer Aristotle Pacific Floating Rate High Income ETF | Bank Loans | +6.0% | 2.3% | 2.55 | −20.9% | +33.8% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BND](https://betterthanspy.com/research/bnd): Vanguard Total Bond Market ETF | US Aggregate Bonds | −0.2% | 6.1% | 0.00 | −18.6% | −1.0% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTIP](https://betterthanspy.com/research/vtip): Vanguard Short-Term Inflation-Protected Securities ETF | Inflation-Protected Bonds | +2.7% | 2.9% | 0.95 | −6.3% | +14.2% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FLOT: iShares Floating Rate Bond ETF | Floating Rate Bonds | +4.5% | 1.8% | 2.49 | −13.5% | +24.6% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| POCT: Innovator U.S. Equity Power Buffer ETF | Moderate Buffer | +9.9% | 8.0% | 1.22 | −18.8% | +60.2% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BSV](https://betterthanspy.com/research/bsv): Vanguard Short-Term Bond ETF | Short-Term Bonds | +1.8% | 2.8% | 0.67 | −8.5% | +9.4% | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VCSH](https://betterthanspy.com/research/vcsh): Vanguard Short-Term Corporate Bond ETF | Short-Term Corporate Bonds | +2.4% | 2.9% | 0.84 | −12.9% | +12.8% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BNDX](https://betterthanspy.com/research/bndx): Vanguard Total International Bond ETF | International Bonds | +0.2% | 4.9% | 0.06 | −16.2% | +1.0% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SHY: iShares 1-3 Year Treasury Bond ETF | Short-Term Treasuries | +1.9% | 2.0% | 0.93 | −5.7% | +9.8% | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DOCT: FT Vest U.S. Equity Deep Buffer ETF - October | Deep Buffer | +8.2% | 7.4% | 1.10 | −9.9% | +48.0% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| STIP: iShares 0-5 Year TIPS Bond ETF | Inflation-Protected Bonds | +2.7% | 2.8% | 0.95 | −6.5% | +14.0% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- None of the six popular alternatives earned more than SPCK over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Over the past 5 years, SPCK returned -1.9% a year, less than the S&P 500's 12.5%, with lower volatility (8.7% against 17.2%).

### 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.

- Three of the six popular alternatives, QQQ, XBI and IWM, outperformed SPCK in at least 3 of 5 short-term and 2 of 2 long-term timeframes.
- QQQ and XBI outperformed SPCK in every long-term period and in all but one short-term period, the most consistent record in the group.

| Investment | 1Y return | 3Y return | 5Y return | Periods ahead of SPCK | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- |
| SPCK: SPAC and New Issue ETF (this page) | −2.3% | +10.3% | −9.1% |  |  | -0.18 |
| [QQQ](https://betterthanspy.com/research/qqq): Invesco QQQ Trust, Series 1 | +16.9% | +101% | +94.0% | 4/5 short-term, 2/2 long-term | all-weather | 0.69 |
| XBI: State Street SPDR S&P Biotech ETF | +41.9% | +133% | +22.9% | 4/5 short-term, 2/2 long-term | all-weather | 0.29 |
| [IWM](https://betterthanspy.com/research/iwm): iShares Russell 2000 ETF | +14.8% | +73.3% | +29.4% | 3/5 short-term, 2/2 long-term | consistent | 0.34 |
| FPX: First Trust US Equity Opportunities ETF | +6.4% | +116% | +33.4% | 2/5 short-term, 2/2 long-term |  | 0.35 |
| FPXI: First Trust International Equity Opportunities ETF | +6.4% | +71.4% | −2.7% | 2/5 short-term, 2/2 long-term |  | 0.09 |
| ARKK: ARK Innovation ETF | −4.1% | +127% | −29.3% | 3/5 short-term, 1/2 long-term |  | 0.09 |

### 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.

- SPCK finished ahead of the S&P 500 in one of its five full calendar years, and behind it in each of the last three.
- Among its popular alternatives, QQQ came out ahead of SPCK most often, in four of the five years both traded.
- Ranked against its popular alternatives each year, SPCK finished in the top quarter in one of five years and in the bottom quarter in two. In 2025, it ranked 7 of 7.

| Year | SPCK | SPY |
| --- | --- | --- |
| 2025 | +7.8% | +17.7% |
| 2024 | +2.9% | +24.9% |
| 2023 | −4.1% | +26.2% |
| 2022 | −12.3% | −18.2% |
| 2021 | +9.3% | +28.7% |

## 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.

- Not every decline was the market's doing: SPCK fell 28.3% from February 2021 to February 2023, while the S&P 500 rose 7.8%.
- None of these declines kept SPCK below its old high for long; the longest climb back took one months.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −28.3% | February 16, 2021 | February 8, 2023 | not yet | +7.8% | 2022 bear market |
| −6.5% | January 25, 2021 | January 27, 2021 | February 2, 2021 | −2.6% |  |

### 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.

- SPCK fell less than the S&P 500 in all two crashes it has traded through. The clearest case was the 2022 bear market, when SPCK fell 6.8% and the S&P 500 fell 24.5%.
- None of its popular alternatives fell less than SPCK in most of the crashes they both traded through.
- SPCK began trading after the 2008 financial crisis, but four of its popular alternatives lived through it. The mildest fall among them was XBI's 37.5%, against 55.2% for the S&P 500.

| Crash | Dates | SPCK fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | not trading | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | not trading | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | not trading | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −6.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −0.1% | −3.4% |

### 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.

- Over the past 5 years, SPCK captured 3% of the S&P 500's gains in rising months and 17% of its losses in falling months, with a beta of 0.10. Its share of the market's losses was larger than its share of the gains.
- Six of the six popular alternatives had a higher capture ratio (upside capture divided by downside capture) than SPCK's 0.18, led by QQQ, FPX and IWM.

Measured over the past 5 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| SPCK: SPAC and New Issue ETF (this page) | 3.0% | 17.0% | 0.10 |
| [QQQ](https://betterthanspy.com/research/qqq): Invesco QQQ Trust, Series 1 | 114% | 110% | 1.22 |
| XBI: State Street SPDR S&P Biotech ETF | 82.0% | 118% | 0.83 |
| [IWM](https://betterthanspy.com/research/iwm): iShares Russell 2000 ETF | 97.0% | 135% | 1.13 |
| FPX: First Trust US Equity Opportunities ETF | 100% | 130% | 1.28 |
| FPXI: First Trust International Equity Opportunities ETF | 66.0% | 107% | 0.97 |
| ARKK: ARK Innovation ETF | 131% | 251% | 2.00 |

### 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).

- Moving a fifth of the money in SPCK into LVHI would have cut the portfolio's volatility by 11% over the past 5 years and raised its annual return (-1.8% for SPCK alone, +1.8% for the mix).
- MPC made money in two of the two calendar years in which SPCK lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of SPCK over the past 5 years, with correlations of 0.22 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with SPCK | 5Y return | Volatility | Sharpe | Rose in SPCK's 2 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.13 | +119% | 11.1% | 1.48 | 2 of 2 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.22 | +225% | 19.1% | 1.34 | 2 of 2 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.18 | +103% | 14.5% | 1.06 | 2 of 2 |
| HDV: iShares Core High Dividend ETF | 0.16 | +86.8% | 13.0% | 1.03 | 2 of 2 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.23 | +83.6% | 13.8% | 0.95 | 1 of 2 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.18 | +304% | 37.0% | 0.94 | 1 of 2 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.07 | +178% | 25.5% | 0.94 | 1 of 2 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 0.17 | +120% | 19.0% | 0.93 | 1 of 2 |

## 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%). Looking beyond its popular alternatives, EJUL (emerging markets equity) earned more for the risk it took than SPCK over the past 5 years, and its worst fall in 10 years was 21.6%, against 28.3% for SPCK.

### 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 17.2%. 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 -0.18, against 0.78 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 MCK (correlation 0.12). A correlation near zero means the two have moved largely independently.

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## Explore further

- Full page with charts: https://betterthanspy.com/research/spck
- All research pages: https://betterthanspy.com/llms.txt
- Compare the entire market against SPCK live: https://betterthanspy.com/?b=SPCK