The Nasdaq 100 NDX, +0.40% has dropped 13.2% since CNBC commentator Jim Cramer made his "the bear market is over" call, according to the Inverse Cramer newsletter that tracks the Wall Street icon. Cramer's comments, made in late March, were in particular directed at SPACs. Companies that de-SPACed - that is, merged with a target - have seen an average return of -43.9%, according to data from Tuttle Capital Management.