The source analyzed the 58 SPACs that completed mergers between 2016 and 2019, and compared their returns with those of equally timed investments in the S&P 500.
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Pre- and post-merger performance of S&P vs SPAC returns 2016-2019
Between 2016 and 2019, the S&P strategy was more successful than the SPAC strategy in improving share performance value after a merger has taken place. During this time period, S&P shares increased by ** percent in value post-merger, as opposed to the significantly lower ** percent of growth pre-merger. On the other hand, SPAC share values were negatively affected by mergers, as they dropped by ** percent post-merger as opposed to the significantly higher ** percent of growth pre-merger. However, the opposite was true in 2020 when the S&P strategy outperformed the SPAC strategy.
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Bain & Company. (March 1, 2021). S&P and SPAC share performance pre-merger compared to post-merger from 2016 to 2019 [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 22, 2026, from /statistics/1246681/s-and-p-and-spac-share-performance-pre-merger-vs-post-merger/
Bain & Company. "S&P and SPAC share performance pre-merger compared to post-merger from 2016 to 2019." Chart. March 1, 2021. ÌÇÐÄÆƽâ°æ. Accessed July 22, 2026. /statistics/1246681/s-and-p-and-spac-share-performance-pre-merger-vs-post-merger/
Bain & Company. (2021). S&P and SPAC share performance pre-merger compared to post-merger from 2016 to 2019. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 22, 2026. /statistics/1246681/s-and-p-and-spac-share-performance-pre-merger-vs-post-merger/
Bain & Company. "S&p and Spac Share Performance Pre-merger Compared to Post-merger from 2016 to 2019." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 1 Mar 2021, /statistics/1246681/s-and-p-and-spac-share-performance-pre-merger-vs-post-merger/
Bain & Company, S&P and SPAC share performance pre-merger compared to post-merger from 2016 to 2019 ÌÇÐÄÆƽâ°æ, /statistics/1246681/s-and-p-and-spac-share-performance-pre-merger-vs-post-merger/ (last visited July 22, 2026)
S&P and SPAC share performance pre-merger compared to post-merger from 2016 to 2019 [Graph], Bain & Company, March 1, 2021. [Online]. Available: /statistics/1246681/s-and-p-and-spac-share-performance-pre-merger-vs-post-merger/
