DEMZ vs. SPXM

Last updated Jun 25, 2026

DEMZ (Democratic Large Cap Core ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. DEMZ is passively managed, while SPXM is actively managed. At a 0.48 correlation, their price movements are largely independent. DEMZ charges 0.45%/yr vs 0.47%/yr for SPXM.

Performance

DEMZ vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Democratic Large Cap Core ETF (DEMZ) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DEMZ

• 1D: 0.20%
• 1M: 1.96%
• YTD: 8.22%
• 6M: 6.93%
• 1Y: 21.76%
• 3Y*: 21.28%
• 5Y*: 12.36%
• 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)

DEMZ vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
DEMZ Democratic Large Cap Core ETF	8.22%	10.16%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between DEMZ and SPXM is 0.48, 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	0.48

Return for Risk

DEMZ vs. SPXM — Risk / Return Rank

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

DEMZ

DEMZ Risk / Return Rank: 44
DEMZ Sharpe Ratio Rank: 48
DEMZ Sortino Ratio Rank: 47
DEMZ Omega Ratio Rank: 44
DEMZ Calmar Ratio Rank: 39
DEMZ Martin Ratio Rank: 44

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.

DEMZ vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Democratic Large Cap Core ETF (DEMZ) 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.

	DEMZ	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.50	—	—
Sortino ratio: Return per unit of downside risk	2.11	—	—
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	6.58	—	—

Drawdowns

DEMZ vs. SPXM - Drawdown Comparison

The maximum DEMZ drawdown since its inception was -27.17%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for DEMZ and SPXM.

Drawdown Indicators

	DEMZ	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-5.08%	-22.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	—	—
Current Drawdown Current decline from peak	-2.26%	-0.75%	-1.51%
Average Drawdown Average peak-to-trough decline	-6.06%	-0.78%	-5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	—	—

Volatility

Volatility by Period

	DEMZ	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.67%	7.89%	+6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	7.89%	+10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	7.89%	+9.60%

DEMZ vs. SPXM - Expense Ratio Comparison

DEMZ has a 0.45% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

DEMZ vs. SPXM - Dividend Comparison

DEMZ's dividend yield for the trailing twelve months is around 0.90%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DEMZ Democratic Large Cap Core ETF	0.90%	0.98%	0.53%	0.90%	0.98%	2.46%	0.27%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEMZ and SPXM in my portfolio?

DEMZ and SPXM have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DEMZ or SPXM?

On fees, DEMZ is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DEMZ or SPXM?

DEMZ is cheaper with a 0.45% expense ratio, compared with 0.47% for SPXM.

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

DEMZ has the higher dividend yield at 0.90%, compared with 0.24% for SPXM.

What is the main difference between DEMZ and SPXM?

They also come from different issuers: Reflection Asset Management, LLC and Azoria. Their fees differ too: 0.45% for DEMZ and 0.47% for SPXM.