Themes Cybersecurity ETF (SPAM) Performance
SPAM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +56.4% since Dec 31, 2025
- 1 year
- +37.0% total return
- Since first price
- +91.2% since 2023
SPAM trailing returns vs SPY, QQQ, AGG
| Period | SPAM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.2% | −0.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +19.7% | +19.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +52.4% | +52.4% | +7.8% | +8.4% | −1.5% |
| YTD | +56.4% | +56.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +37.0% | +36.3% | +14.4% | +15.9% | −1.1% |
| Since inceptionDec 8, 2023 | +91.2% | +90.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SPAM vs SPY
From Dec 8, 2023: SPAM grew to $19,119, SPY to $17,123.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SPAM returns by calendar year
2 of 2 full years positive. Best 2024 (+10.6%), worst 2025 (+4.9%). 2026 is year to date.
SPAM annual returns table
| Year | SPAM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +56.4% | −14.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +4.9% | −22.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.6% | −13.2% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SPAM largest drawdowns
Now 4.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 9, 2025 | −24.0% | Feb 23, 2026 | May 18, 2026 | 5 months | 7 months |
| Feb 18, 2025 | −22.2% | Apr 8, 2025 | Jun 26, 2025 | 49 days | 4 months |
| Feb 9, 2024 | −13.2% | Aug 5, 2024 | Oct 9, 2024 | 6 months | 8 months |
| Jun 1, 2026 | −12.0% | Jun 10, 2026 | Jul 6, 2026 | 9 days | 35 days |
| Oct 9, 2026 | −11.4% | Oct 16, 2026 | not yet | 7 days | 14 days so far |
| Aug 13, 2026 | −11.4% | Aug 25, 2026 | Sep 23, 2026 | 12 days | 41 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SPAM risk statistics
| Statistic | Since 2023 |
|---|---|
| Annualized return | +23.4% |
| Volatility (annualized) | 23.1% |
| Sharpe ratio | 0.84 |
| Sortino ratio | 1.97 |
| Best month | +28.3% |
| Worst month | −7.6% |
| Best 12 months | +38.2% |
| Worst 12 months | −4.8% |
| Positive months | 58% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SPAM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 23 | −4.8% | +14.9% | +38.2% | 91% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
SPAM performance overview
Themes Cybersecurity ETF (SPAM) returned +37.0% over the past year, with distributions reinvested. Since its first recorded price on Dec 8, 2023 it has returned +91.2%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −24.0%, from Oct 9, 2025 to Feb 23, 2026, and it took 3 months to get back to the old high. Volatility has been 23.1% a year.
Related: SPAM chart, SPAM holdings, SPAM dividends, SPAM valuation. See the SPAM overview for the latest quote and fund facts.
SPAM performance FAQ
What is the SPAM return over the past year?
SPAM returned +37.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 36.3%.
How much would $10,000 invested in SPAM be worth?
$10,000 invested in SPAM at its first recorded close on December 8, 2023 would be worth about $19,119 on October 23, 2026 with distributions reinvested.
What was the worst year for SPAM?
The worst calendar year was 2025, with a total return of +4.9%. The best was 2024 at +10.6%.
What is the biggest drawdown of SPAM?
The largest peak-to-trough decline was −24.0% between October 9, 2025 and February 23, 2026. It recovered to the old high on May 18, 2026, 3 months after the bottom.
How volatile is SPAM?
Over the past history SPAM had an annualized volatility of 23.1% and a Sharpe ratio of 0.84 (excess return over 1–3 month T-bills per unit of risk).