ETF Opportunities ETF (SPAX) Performance
SPAX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −54.0% since Dec 31, 2025
- 1 year
- −54.0% total return
- 5 years
- −12.3% a year
- Since first price
- −11.4% a year since 2021
SPAX trailing returns vs SPY, QQQ, AGG
| Period | SPAX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.5% | −5.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +31.5% | +31.5% | +3.2% | +1.9% | −0.4% |
| 6 months | −54.0% | −54.0% | — | — | — |
| YTD | −54.0% | −54.0% | +12.3% | +15.1% | −1.0% |
| 1 year | −54.0% | −54.0% | — | — | — |
| 3 years | −52.2%−21.8%/yr | −56.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −48.2%−12.3%/yr | −53.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 22, 2021 | −47.5%−11.4%/yr | −53.2% | — | — | — |
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: SPAX vs SPY
From Jun 22, 2021: SPAX grew to $5,255, SPY to $19,266.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SPAX returns by calendar year
4 of 4 full years positive. Best 2024 (+5.1%), worst 2025 (+0.4%). 2026 is year to date.
SPAX annual returns table
| Year | SPAX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −54.0% | −75.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +0.4% | −1.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.1% | −2.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +4.4% | −2.2% | +26.2% | +54.9% | +5.7% |
| 2022 | +1.2% | −8.9% | −18.2% | −32.6% | −13.0% |
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.
SPAX largest drawdowns
Now 59.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 16, 2026 | −75.3% | Aug 5, 2026 | not yet | 50 days | 4 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SPAX risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | −17.6% | −12.6% |
| Volatility (annualized) | 52.9% | 44.8% |
| Sharpe ratio | -0.13 | -0.10 |
| Sortino ratio | -0.17 | -0.13 |
| Best month | +60.9% | +60.9% |
| Worst month | −61.7% | −61.7% |
| Best 12 months | +6.5% | +6.5% |
| Worst 12 months | −69.9% | −69.9% |
| Positive months | 69% | 68% |
| Beta vs S&P 500 | 0.35 | — |
| Correlation with S&P 500 | 0.10 | — |
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.
SPAX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 40 | −69.9% | +3.2% | +6.5% | 88% |
| 3-year (a year) | 16 | −31.4% | +3.3% | +4.0% | 69% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
SPAX performance overview
ETF Opportunities ETF (SPAX) returned −54.0% over the past year and −12.3% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned −11.4% a year, turning $10,000 into about $5,255. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −75.3%, from Jun 16, 2026 to Aug 5, 2026; the fund has not yet regained that high. SPAX finished 4 of its 4 full calendar years with a gain; the best year was 2024 (+5.1%) and the worst 2025 (+0.4%). Volatility has been 44.8% a year.
Related: SPAX chart. See the SPAX overview for the latest quote and fund facts.
SPAX performance FAQ
What is the SPAX return over the past year?
SPAX returned −54.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 54.0%.
What is the average annual return of SPAX?
SPAX has returned −12.3% a year over 5 years, −11.4% a year since June 22, 2021 (total return, distributions reinvested).
How much would $10,000 invested in SPAX be worth?
$10,000 invested in SPAX at its first recorded close on June 22, 2021 would be worth about $5,255 on October 23, 2026 with distributions reinvested.
What was the worst year for SPAX?
The worst calendar year was 2025, with a total return of +0.4%. The best was 2024 at +5.1%.
What is the biggest drawdown of SPAX?
The largest peak-to-trough decline was −75.3% between June 16, 2026 and August 5, 2026. It has not yet recovered to that high; it is 59.2% below its peak.
How volatile is SPAX?
Over the past 3 years SPAX had an annualized volatility of 52.9% and a Sharpe ratio of -0.13 (excess return over 1–3 month T-bills per unit of risk).