CFA vs. SPXM
CFA (VictoryShares US 500 Volatility Weighted ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. CFA is passively managed, while SPXM is actively managed. At a 0.44 correlation, their price movements are largely independent. CFA charges 0.35%/yr vs 0.47%/yr for SPXM.
Performance
CFA vs. SPXM - Performance Comparison
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Returns By Period
CFA
- 1D
- -0.30%
- 1M
- 1.81%
- YTD
- 6.66%
- 6M
- 6.96%
- 1Y
- 13.49%
- 3Y*
- 13.78%
- 5Y*
- 7.77%
- 10Y*
- 11.41%
SPXM
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- -0.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CFA vs. SPXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CFA VictoryShares US 500 Volatility Weighted ETF | 6.66% | 3.31% |
SPXM Azoria 500 Meritocracy ETF | 0.00% | 9.16% |
Correlation
The correlation between CFA and SPXM is 0.44, 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 9, 2025 | 0.44 |
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Return for Risk
CFA vs. SPXM — Risk / Return Rank
CFA
SPXM
CFA vs. SPXM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Volatility Weighted ETF (CFA) 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.
| CFA | SPXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.22 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | — | — |
| Martin ratioReturn relative to average drawdown | 7.03 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CFA | SPXM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 1.56 | -0.94 |
Drawdowns
CFA vs. SPXM - Drawdown Comparison
The maximum CFA drawdown since its inception was -37.74%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for CFA and SPXM.
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Drawdown Indicators
| CFA | SPXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.74% | -5.08% | -32.66% |
Max Drawdown (1Y)Largest decline over 1 year | -7.13% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -17.28% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.74% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -0.75% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -0.79% | -3.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | — | — |
Volatility
CFA vs. SPXM - Volatility Comparison
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Volatility by Period
| CFA | SPXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 7.82% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 10.70% | 8.18% | +2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.06% | 8.18% | +6.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.21% | 8.18% | +9.03% |
CFA vs. SPXM - Expense Ratio Comparison
CFA has a 0.35% expense ratio, which is lower than SPXM's 0.47% expense ratio.
Dividends
CFA vs. SPXM - Dividend Comparison
CFA's dividend yield for the trailing twelve months is around 1.24%, more than SPXM's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CFA VictoryShares US 500 Volatility Weighted ETF | 1.24% | 1.29% | 1.32% | 1.42% | 1.59% | 1.04% | 1.21% | 1.35% | 1.50% | 1.15% | 1.37% | 1.31% |
SPXM Azoria 500 Meritocracy ETF | 0.24% | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CFA and SPXM have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CFA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CFA is cheaper with a 0.35% expense ratio, compared with 0.47% for SPXM.
CFA has the higher dividend yield at 1.24%, compared with 0.24% for SPXM.
They also come from different issuers: VictoryShares and Azoria. Their fees differ too: 0.35% for CFA and 0.47% for SPXM.
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