BUFX vs. SPXM

Last updated Jul 15, 2026

BUFX (FT Vest Laddered Enhance & Moderate Buffer ETF) and SPXM (Azoria 500 Meritocracy ETF) are both exchange-traded funds - BUFX is a Defined Outcome fund managed by First Trust, while SPXM is a Large Cap Blend Equities fund actively managed by Azoria. Over the past year, BUFX returned 9.47% vs 8.61% for SPXM. At a 0.47 correlation, their price movements are largely independent. BUFX charges 0.96%/yr vs 0.47%/yr for SPXM.

Performance

BUFX vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BUFX

• 1D: 0.09%
• 1M: 0.86%
• 6M: 4.31%
• YTD: 4.76%
• 1Y: 9.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFX vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
BUFX FT Vest Laddered Enhance & Moderate Buffer ETF	4.76%	4.89%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between BUFX and SPXM is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.47

Return for Risk

BUFX vs. SPXM — Risk / Return Rank

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

BUFX

BUFX Risk / Return Rank: 90
BUFX Sharpe Ratio Rank: 90
BUFX Sortino Ratio Rank: 93
BUFX Omega Ratio Rank: 93
BUFX Calmar Ratio Rank: 80
BUFX Martin Ratio Rank: 93

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 49
SPXM Sortino Ratio Rank: 48
SPXM Omega Ratio Rank: 81
SPXM Calmar Ratio Rank: 52
SPXM Martin Ratio Rank: 68

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.

BUFX vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BUFX	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.38	+0.99
Sortino ratio: Return per unit of downside risk	3.72	1.95	+1.77
Omega ratio: Gain probability vs. loss probability	1.52	1.38	+0.14
Calmar ratio: Return relative to maximum drawdown	3.31	2.09	+1.23
Martin ratio: Return relative to average drawdown	19.50	9.77	+9.72

BUFX vs. SPXM - Sharpe Ratio Comparison

The current BUFX Sharpe Ratio is 2.37, which is higher than the SPXM Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of BUFX and SPXM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BUFX vs. SPXM - Drawdown Comparison

The maximum BUFX drawdown since its inception was -2.87%, smaller than the maximum SPXM drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for BUFX and SPXM.

Drawdown Indicators

	BUFX	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-2.87%	-5.08%	+2.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-5.08%	+2.21%
Current Drawdown Current decline from peak	-0.02%	-0.75%	+0.73%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.78%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	—	—

Volatility

BUFX vs. SPXM - Volatility Comparison

FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX) has a higher volatility of 0.96% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that BUFX's price experiences larger fluctuations and is considered to be riskier than SPXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFX	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.00%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	3.96%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	4.02%	7.66%	-3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.97%	7.63%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	7.63%	-3.66%

BUFX vs. SPXM - Expense Ratio Comparison

BUFX has a 0.96% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

BUFX vs. SPXM - Dividend Comparison

BUFX has not paid dividends to shareholders, while SPXM's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
BUFX FT Vest Laddered Enhance & Moderate Buffer ETF	0.00%	0.00%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both BUFX and SPXM in my portfolio?

BUFX and SPXM have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFX or SPXM?

BUFX has higher volatility (0.96%) compared to SPXM (0.00%). In terms of maximum drawdown, BUFX dropped -2.87% vs SPXM's -5.08%.

Which ETF is better, BUFX or SPXM?

On 1-year performance, BUFX leads with 9.47% vs 8.61% for SPXM. On fees, SPXM is cheaper at 0.47% per year. On volatility, SPXM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFX or SPXM?

Over the 1-year period, BUFX has performed better with a 9.47% return vs 8.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFX or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.96% for BUFX.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.00% for BUFX.

What is the main difference between BUFX and SPXM?

BUFX is categorized as Defined Outcome, while SPXM is Large Cap Blend Equities. They also come from different issuers: First Trust and Azoria. Their fees differ too: 0.96% for BUFX and 0.47% for SPXM.

Which has better risk-adjusted returns?

BUFX currently has the higher Sharpe Ratio (2.37 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.