CFO vs. SPXM

Last updated Apr 1, 2026

Compare and contrast key facts about VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and Azoria 500 Meritocracy ETF (SPXM).

CFO and SPXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CFO is a passively managed fund by VictoryShares that tracks the performance of the Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index. It was launched on Jul 2, 2014. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025.

Performance

CFO vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

CFO vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	0.78%	3.26%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Returns By Period

CFO

• 1D: 1.81%
• 1M: -5.28%
• YTD: 0.78%
• 6M: 1.17%
• 1Y: 9.73%
• 3Y*: 7.64%
• 5Y*: 3.82%
• 10Y*: 8.98%

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 2.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CFO vs. SPXM - Expense Ratio Comparison

CFO has a 0.35% expense ratio, which is lower than SPXM's 0.47% expense ratio.

SPXM

Azoria 500 Meritocracy ETF

CFO

VictoryShares US 500 Enhanced Volatility Weighted ETF

Return for Risk

CFO vs. SPXM — Risk / Return Rank

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

CFO

CFO Risk / Return Rank: 36
CFO Sharpe Ratio Rank: 33
CFO Sortino Ratio Rank: 33
CFO Omega Ratio Rank: 34
CFO Calmar Ratio Rank: 35
CFO Martin Ratio Rank: 43

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.

CFO vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) 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.

	CFO	SPXM	Difference
Sharpe ratio Return per unit of total volatility	0.62	—	—
Sortino ratio Return per unit of downside risk	0.97	—	—
Omega ratio Gain probability vs. loss probability	1.14	—	—
Calmar ratio Return relative to maximum drawdown	0.90	—	—
Martin ratio Return relative to average drawdown	4.12	—	—
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

	CFO	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.83	-1.21

Correlation

The correlation between CFO and SPXM is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CFO vs. SPXM - Dividend Comparison

CFO's dividend yield for the trailing twelve months is around 1.34%, more than SPXM's 0.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	1.34%	1.32%	1.44%	1.72%	3.95%	1.06%	0.90%	1.44%	1.49%	1.18%	1.35%	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%

Drawdowns

CFO vs. SPXM - Drawdown Comparison

The maximum CFO drawdown since its inception was -24.35%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for CFO and SPXM.

Drawdown Indicators

	CFO	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-5.08%	-19.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.35%	—	—
Current Drawdown Current decline from peak	-5.42%	-0.75%	-4.67%
Average Drawdown Average peak-to-trough decline	-5.68%	-0.80%	-4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	—	—

Volatility

Volatility by Period

	CFO	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	9.38%	+6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.35%	9.38%	+3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.27%	9.38%	+3.89%