BWTG vs. SPXM

Last updated Jun 25, 2026

BWTG (Brendan Wood TopGun ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. At a 0.46 correlation, their price movements are largely independent. BWTG charges 0.95%/yr vs 0.47%/yr for SPXM.

Performance

BWTG vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brendan Wood TopGun ETF (BWTG) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BWTG

• 1D: -0.21%
• 1M: 2.32%
• YTD: 6.30%
• 6M: 5.50%
• 1Y: 17.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

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

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

BWTG vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
BWTG Brendan Wood TopGun ETF	6.30%	9.40%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

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

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.46

Return for Risk

BWTG vs. SPXM — Risk / Return Rank

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

BWTG

BWTG Risk / Return Rank: 46
BWTG Sharpe Ratio Rank: 47
BWTG Sortino Ratio Rank: 46
BWTG Omega Ratio Rank: 45
BWTG Calmar Ratio Rank: 40
BWTG Martin Ratio Rank: 52

SPXM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

BWTG vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brendan Wood TopGun ETF (BWTG) 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.

	BWTG	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.45	—	—
Sortino ratio: Return per unit of downside risk	2.07	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.78	—	—
Martin ratio: Return relative to average drawdown	7.91	—	—

Drawdowns

BWTG vs. SPXM - Drawdown Comparison

The maximum BWTG drawdown since its inception was -13.18%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for BWTG and SPXM.

Drawdown Indicators

	BWTG	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-13.18%	-5.08%	-8.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.93%	—	—
Current Drawdown Current decline from peak	-1.84%	-0.75%	-1.09%
Average Drawdown Average peak-to-trough decline	-1.75%	-0.78%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	—	—

Volatility

Volatility by Period

	BWTG	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	7.87%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.10%	7.87%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.10%	7.87%	+6.23%

BWTG vs. SPXM - Expense Ratio Comparison

BWTG has a 0.95% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

BWTG vs. SPXM - Dividend Comparison

BWTG's dividend yield for the trailing twelve months is around 0.33%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023
BWTG Brendan Wood TopGun ETF	0.33%	0.35%	0.25%	0.19%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BWTG and SPXM in my portfolio?

BWTG 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 ETF is better, BWTG or SPXM?

On fees, SPXM is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWTG or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.95% for BWTG.

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

BWTG has the higher dividend yield at 0.33%, compared with 0.24% for SPXM.

What is the main difference between BWTG and SPXM?

They also come from different issuers: Brendan Wood and Azoria. Their fees differ too: 0.95% for BWTG and 0.47% for SPXM.