SPAM vs BPI

Comparison between THEMES CYBERSECURITY ETF (SPAM, ETF) and GRAYSCALE BITCOIN PREMIUM INCOME ETF (BPI, ETF).

SPAM vs BPI - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SPAM(ETF)	BPI(ETF)
Net Assets	$3.20M	$3.20M
Expense Ratio	0.35%	0.65%
Max Drawdown	24.39%	26.45%
Sharpe Ratio	0.62	-3.55
5Y Beta	1.04	1.26
P/E Ratio	192.35	N/A
Forward P/E	28.09	N/A
5Y EPS CAGR	10.58%	N/A
Debt to Equity	31.97%	N/A

Net Assets

SPAM

$3.20M

BPI

$3.20M

Expense Ratio

Winner

SPAM

0.35%

BPI

0.65%

Max Drawdown

Winner

SPAM

24.39%

BPI

26.45%

Sharpe Ratio

Winner

SPAM

0.62

BPI

-3.55

5Y Beta

Winner

SPAM

1.04

BPI

1.26

P/E Ratio

SPAM

192.35

BPI

N/A

Forward P/E

SPAM

28.09

BPI

N/A

5Y EPS CAGR

SPAM

10.58%

BPI

N/A

Debt to Equity

SPAM

31.97%

BPI

N/A

SPAM vs BPI - Holdings Comparison

SPAM and BPI have 0 common holdings. Overlap is 0.00%

SPAM's top 25 holdings weight is 94.65%. BPI's top 25 holdings weight is 0.75%.

Rank	SPAM	BPI
#1	OKTA INC CLASS A (OKTA) - 6.16%	FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX) - 0.75%
#2	FORTINET INC (FTNT) - 5.97%	N/A
#3	CROWDSTRIKE HOLDINGS INC CLASS A (CRWD) - 5.65%	N/A
#4	NEBIUS GROUP NV SHS CLASS-A- (NBIS) - 5.62%	N/A
#5	PALO ALTO NETWORKS INC (PANW) - 5.43%	N/A
#6	RUBRIK INC CLASS A SHARES (RBRK) - 5.41%	N/A
#7	F5 INC (FFIV) - 4.67%	N/A
#8	AKAMAI TECHNOLOGIES INC (AKAM) - 4.38%	N/A
#9	NEXTDC LTD (n/a) - 4.36%	N/A
#10	BLACKBERRY LTD (n/a) - 4.23%	N/A
#11	TREND MICRO INC (n/a) - 4.00%	N/A
#12	SENTINELONE INC CLASS A (S) - 3.95%	N/A
#13	CLEAR SECURE INC ORDINARY SHARES CLASS A (YOU) - 3.78%	N/A
#14	ZSCALER INC (ZS) - 3.58%	N/A
#15	BOOZ ALLEN HAMILTON HOLDING CORP CLASS A (BAH) - 3.45%	N/A
#16	CACI INTERNATIONAL INC CLASS A (CACI) - 3.23%	N/A
#17	QUALYS INC (QLYS) - 3.20%	N/A
#18	CHECK POINT SOFTWARE TECHNOLOGIES LTD (CHKP) - 3.12%	N/A
#19	VARONIS SYSTEMS INC (VRNS) - 3.01%	N/A
#20	TENABLE HOLDINGS INC (TENB) - 2.50%	N/A
#21	FASTLY INC CLASS A (FSLY) - 2.17%	N/A
#22	A10 NETWORKS INC (ATEN) - 1.77%	N/A
#23	NETCOMPANY GROUP AS (n/a) - 1.77%	N/A
#24	ALARM.COM HOLDINGS INC (ALRM) - 1.77%	N/A
#25	NETSKOPE INC ORDINARY SHARES CLASS A (NTSK) - 1.47%	N/A
Total Holdings	46	1

SPAM vs BPI - Historical Returns

Returns include dividend reinvestment.

Period	SPAM	BPI
1 month	+3.95%	-17.44%
3 months	+26.03%	N/A
6 months	+21.67%	N/A
1 year	+18.90%	N/A
Max(CAGR)	+18.04%	-74.58%

Winner

SPAM

+3.95%

BPI

-17.44%

SPAM

+26.03%

BPI

N/A

SPAM

+21.67%

BPI

N/A

SPAM

+18.90%

BPI

N/A

Max(CAGR)

Winner

SPAM

+18.04%

BPI

-74.58%

SPAM vs BPI - Annual Returns (2023 - 2026)

Returns include dividend reinvestment.

Year	SPAM	BPI
2026	+25.66%	-16.78%
2025	+4.91%	N/A
2024	+13.62%	N/A
2023	+5.42%	N/A

SPAM vs BPI Drawdown Comparison

The maximum drawdown for SPAM was -24.02%, occurring on Feb 23, 2026. Recovery took 151 trading sessions.

The maximum drawdown for BPI was -25.50%, occurring on Jun 5, 2026. This drawdown has not yet recovered.

The current SPAM drawdown is -10.63%. The current BPI drawdown is -22.17%.

Rank	SPAM	BPI
#1	-24.02% Oct 9, 2025 - May 18, 2026	-25.50% May 11, 2026 - Jun 5, 2026
#2	-22.21% Feb 18, 2025 - Jun 26, 2025	-2.08% May 5, 2026 - May 11, 2026
#3	-13.19% Feb 9, 2024 - Oct 9, 2024	N/A
#4	-12.04% Jun 1, 2026 - Jun 10, 2026	N/A
#5	-7.63% Jun 30, 2025 - Sep 9, 2025	N/A
#6	-6.53% Dec 4, 2024 - Feb 4, 2025	N/A
#7	-6.00% Dec 26, 2023 - Jan 12, 2024	N/A
#8	-4.77% Nov 11, 2024 - Nov 26, 2024	N/A
#9	-4.49% Oct 14, 2024 - Nov 6, 2024	N/A
#10	-3.89% May 26, 2026 - May 29, 2026	N/A
#11	-2.31% Jan 29, 2024 - Feb 7, 2024	N/A
#12	-2.01% Sep 22, 2025 - Oct 2, 2025	N/A
#13	-1.95% Dec 19, 2023 - Dec 26, 2023	N/A
#14	-1.93% Oct 6, 2025 - Oct 8, 2025	N/A
#15	-1.76% Jan 12, 2024 - Jan 22, 2024	N/A

Correlation

Correlation between SPAM and BPI is -0.47 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.47

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