APUE vs. SPXM

Last updated Jun 4, 2026

APUE (ActivePassive U.S. Equity ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. APUE charges 0.33%/yr vs 0.47%/yr for SPXM.

Performance

APUE vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive U.S. Equity ETF (APUE) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

APUE

• 1D: -0.58%
• 1M: 4.97%
• YTD: 10.99%
• 6M: 11.14%
• 1Y: 29.02%
• 3Y*: 22.12%
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -0.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APUE vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
APUE ActivePassive U.S. Equity ETF	10.99%	11.21%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Correlation

The correlation between APUE and SPXM is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.57

Return for Risk

APUE vs. SPXM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APUE

APUE Risk / Return Rank: 73
APUE Sharpe Ratio Rank: 74
APUE Sortino Ratio Rank: 73
APUE Omega Ratio Rank: 73
APUE Calmar Ratio Rank: 66
APUE Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APUE vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive U.S. Equity ETF (APUE) and Azoria 500 Meritocracy ETF (SPXM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APUE	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	2.39	—	—
Sortino ratio: Return per unit of downside risk	3.29	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	3.24	—	—
Martin ratio: Return relative to average drawdown	15.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	APUE	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	1.56	+0.05

Drawdowns

APUE vs. SPXM - Drawdown Comparison

The maximum APUE drawdown since its inception was -18.83%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for APUE and SPXM.

Drawdown Indicators

	APUE	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-5.08%	-13.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.83%	—	—
Current Drawdown Current decline from peak	-0.58%	-0.75%	+0.17%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.79%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	—	—

Volatility

Volatility by Period

	APUE	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	8.18%	+4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	8.18%	+6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	8.18%	+6.47%

APUE vs. SPXM - Expense Ratio Comparison

APUE has a 0.33% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

APUE vs. SPXM - Dividend Comparison

APUE's dividend yield for the trailing twelve months is around 0.75%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023
APUE ActivePassive U.S. Equity ETF	0.75%	0.83%	0.79%	0.41%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APUE and SPXM in my portfolio?

APUE and SPXM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, APUE or SPXM?

On fees, APUE is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, APUE or SPXM?

APUE is cheaper with a 0.33% expense ratio, compared with 0.47% for SPXM.

Which ETF pays a higher dividend yield, APUE or SPXM?

APUE has the higher dividend yield at 0.75%, compared with 0.24% for SPXM.

What is the main difference between APUE and SPXM?

They also come from different issuers: ActivePassive and Azoria. Their fees differ too: 0.33% for APUE and 0.47% for SPXM.