DFUS vs. SPXM

Last updated Jul 15, 2026

DFUS (Dimensional U.S. Equity Market ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, DFUS returned 22.36% vs 8.61% for SPXM. A 0.53 correlation means they provide meaningful diversification when combined. DFUS charges 0.09%/yr vs 0.47%/yr for SPXM.

Performance

DFUS vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Equity Market ETF (DFUS) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFUS

• 1D: 0.39%
• 1M: 1.62%
• 6M: 9.17%
• YTD: 11.37%
• 1Y: 22.36%
• 3Y*: 20.26%
• 5Y*: 12.93%
• 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)

DFUS vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
DFUS Dimensional U.S. Equity Market ETF	11.37%	10.48%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between DFUS and SPXM is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.53

The correlation between DFUS and SPXM has been stable across timeframes, ranging from 0.53 to 0.53 - a consistent structural relationship.

Return for Risk

DFUS vs. SPXM — Risk / Return Rank

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

DFUS

DFUS Risk / Return Rank: 67
DFUS Sharpe Ratio Rank: 67
DFUS Sortino Ratio Rank: 65
DFUS Omega Ratio Rank: 66
DFUS Calmar Ratio Rank: 63
DFUS Martin Ratio Rank: 75

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.

DFUS vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Equity Market ETF (DFUS) 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.

	DFUS	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.38	+0.35
Sortino ratio: Return per unit of downside risk	2.39	1.95	+0.44
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.07
Calmar ratio: Return relative to maximum drawdown	2.51	2.09	+0.42
Martin ratio: Return relative to average drawdown	10.92	9.77	+1.15

DFUS vs. SPXM - Sharpe Ratio Comparison

The current DFUS Sharpe Ratio is 1.73, which is comparable to the SPXM Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of DFUS 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

DFUS vs. SPXM - Drawdown Comparison

The maximum DFUS drawdown since its inception was -24.62%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for DFUS and SPXM.

Drawdown Indicators

	DFUS	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-24.62%	-5.08%	-19.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-5.08%	-3.88%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.62%	—	—
Current Drawdown Current decline from peak	-0.55%	-0.75%	+0.20%
Average Drawdown Average peak-to-trough decline	-5.73%	-0.78%	-4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

DFUS vs. SPXM - Volatility Comparison

Dimensional U.S. Equity Market ETF (DFUS) has a higher volatility of 3.81% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that DFUS'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

	DFUS	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	0.00%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	3.96%	+6.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	7.66%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	7.63%	+9.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	7.63%	+9.56%

DFUS vs. SPXM - Expense Ratio Comparison

DFUS has a 0.09% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

DFUS vs. SPXM - Dividend Comparison

DFUS's dividend yield for the trailing twelve months is around 0.86%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021
DFUS Dimensional U.S. Equity Market ETF	0.86%	0.88%	1.04%	1.33%	1.48%	0.85%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFUS and SPXM in my portfolio?

DFUS and SPXM have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFUS or SPXM?

DFUS has higher volatility (3.81%) compared to SPXM (0.00%). In terms of maximum drawdown, DFUS dropped -24.62% vs SPXM's -5.08%.

Which ETF is better, DFUS or SPXM?

On 1-year performance, DFUS leads with 22.36% vs 8.61% for SPXM. On fees, DFUS is cheaper at 0.09% 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, DFUS or SPXM?

Over the 1-year period, DFUS has performed better with a 22.36% return vs 8.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFUS or SPXM?

DFUS is cheaper with a 0.09% expense ratio, compared with 0.47% for SPXM.

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

DFUS has the higher dividend yield at 0.86%, compared with 0.24% for SPXM.

What is the main difference between DFUS and SPXM?

They also come from different issuers: Dimensional and Azoria. Their fees differ too: 0.09% for DFUS and 0.47% for SPXM.

Which has better risk-adjusted returns?

DFUS currently has the higher Sharpe Ratio (1.73 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.