SPAC and New Issue ETF (market value $1.85 trillion): how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns. Data as of Sep 30, 2026.
Over the 5 years to Sep 30, 2026, SPAC and New Issue ETF (SPCX) returned +523.4% including dividends, versus +89.1% for the S&P 500 (SPY). It beat the index by 434.3 percentage points, or +44.2% a year against +13.6%.
| Period | SPCX | S&P 500 | SPCX per year | S&P 500 per year | Result |
|---|---|---|---|---|---|
| 1 year | +588.2% | +15.1% | +588.2% | +15.1% | Beat |
| 3 years | +656.2% | +84.1% | +96.3% | +22.6% | Beat |
| 5 years | +523.4% | +89.1% | +44.2% | +13.6% | Beat |
| Period | 1 year | 3 years | 5 years |
|---|---|---|---|
| SPCX | +588.2% | +656.2% | +523.4% |
| S&P 500 | +15.1% | +84.1% | +89.1% |
| SPCX per year | +588.2% | +96.3% | +44.2% |
| S&P 500 per year | +15.1% | +22.6% | +13.6% |
| Result | Beat | Beat | Beat |
Total return with dividends reinvested, from month-end prices to Sep 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.
SPCX beat the S&P 500 in 1 of the 5 full calendar years shown.
| Year | SPCX | S&P 500 | Difference |
|---|---|---|---|
| 2026 (to Sep 30, 2026) | +592.3% | +12.1% | +580.2% |
| 2025 | +5.5% | +17.7% | −12.2% |
| 2024 | +2.8% | +24.9% | −22.1% |
| 2023 | −4.1% | +26.2% | −30.3% |
| 2022 | −12.3% | −18.2% | +5.9% |
| 2021 | +9.3% | +28.7% | −19.4% |
Over 5 years, SPCX had a Sharpe ratio of 0.43 against 0.69 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 298.2% and its beta −1.19: it tended to move about −1.2× as much as the market.
| Metric | SPCX | S&P 500 |
|---|---|---|
| Annual return | +44.2% | +13.6% |
| Volatility (annualized) | 298.2% | 15.7% |
| Sharpe ratio | 0.43 | 0.69 |
| Sortino ratio | 7.45 | 1.10 |
| Max drawdown (month-end) | −36.6% | −23.9% |
| Beta to the S&P 500 | −1.19 | 1.00 |
Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.
SPCX was not trading through the earlier crises, so only its recent drawdowns are shown.
| Window | SPCX max drawdown |
|---|---|
| Last 1 year | −7.7% |
| Last 3 years | −7.7% |
| Last 5 years | −20.6% |
| Last 10 years | — |
Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.
Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, SPCX’s correlation with the S&P 500 was −0.06, with the Nasdaq‑100 −0.02, with long Treasuries (TLT) 0.04 and with gold (GLD) −0.34.
Adding a 5% SPCX position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.7% to 20.4%.
| Least correlated large caps | Correlation | Most correlated large caps | Correlation |
|---|---|---|---|
| CME | −0.45 | KLAC | 0.56 |
| ORCL | −0.34 | AMAT | 0.54 |
| MSFT | −0.32 | GLW | 0.41 |
| ICE | −0.31 | LRCX | 0.32 |
| T | −0.31 | MRVL | 0.30 |
Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.
| Ticker | Name | 5‑year return | Volatility (5y) |
|---|---|---|---|
| VTI | Vanguard Total Stock Market Index Fund ETF Shares | +79.7% | 17.4% |
| VOO | Vanguard S&P 500 ETF | +89.6% | 16.8% |
| IVV | iShares Core S&P 500 ETF | +89.5% | 16.9% |
| SPY | State Street SPDR S&P 500 ETF Trust | +89.1% | 17.0% |
| 1557.T | SPDR S&P 500 ETF Trust | +82.0% | 20.7% |
| VXUS | Vanguard Total Intl Stock Idx Fund | +55.5% | 16.0% |
| QQQ | Invesco QQQ Trust | +112.5% | 22.3% |
Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Sep 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.
Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.
Yes. SPCX returned +523.4% (+44.2% a year) over the 5 years to Sep 30, 2026, versus +89.1% (+13.6% a year) for the S&P 500, including dividends.
Over the 5 years to Sep 30, 2026, SPCX’s Sharpe ratio was 0.43 and its Sortino ratio 7.45, versus 0.69 and 1.10 for the S&P 500.
SPCX’s 5‑year annualized volatility was 8.3%, lower than the S&P 500’s 17.0%, with a beta of −1.19.
Among large US stocks, the lowest correlations with SPCX over the last 60 months were CME (−0.45), ORCL (−0.34), MSFT (−0.32). Its correlation with long Treasuries (TLT) was 0.04 and with gold (GLD) −0.34.
Exent replays your whole portfolio through the same crashes, finds holdings that move together and compares you with a risk‑matched benchmark. Upload a screenshot; results in about a minute.
Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.