DUBS vs. SPXM

Last updated Jul 17, 2026

DUBS (Aptus Large Cap Enhanced Yield ETF) and SPXM (Azoria 500 Meritocracy ETF) are both exchange-traded funds - DUBS is a Derivative Income fund actively managed by Aptus, while SPXM is a Large Cap Blend Equities fund actively managed by Azoria. Both are actively managed. Over the past year, DUBS returned 25.29% vs 8.72% for SPXM. A 0.52 correlation means they provide meaningful diversification when combined. DUBS charges 0.39%/yr vs 0.47%/yr for SPXM.

Performance

DUBS vs. SPXM - Performance Comparison

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

Returns By Period

DUBS

• 1D: -0.77%
• 1M: 0.36%
• 6M: 10.95%
• YTD: 12.20%
• 1Y: 25.29%
• 3Y*: 20.03%
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DUBS vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
DUBS Aptus Large Cap Enhanced Yield ETF	12.20%	12.42%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between DUBS and SPXM is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.52

The correlation between DUBS and SPXM has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

Return for Risk

DUBS vs. SPXM — Risk / Return Rank

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

DUBS

DUBS Risk / Return Rank: 75
DUBS Sharpe Ratio Rank: 74
DUBS Sortino Ratio Rank: 70
DUBS Omega Ratio Rank: 74
DUBS Calmar Ratio Rank: 75
DUBS Martin Ratio Rank: 85

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 50
SPXM Sortino Ratio Rank: 48
SPXM Omega Ratio Rank: 82
SPXM Calmar Ratio Rank: 52
SPXM Martin Ratio Rank: 69

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.

DUBS vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Large Cap Enhanced Yield ETF (DUBS) 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.

	DUBS	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.40	+0.48
Sortino ratio: Return per unit of downside risk	2.54	1.98	+0.56
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	3.06	2.11	+0.95
Martin ratio: Return relative to average drawdown	13.43	9.87	+3.55

DUBS vs. SPXM - Sharpe Ratio Comparison

The current DUBS Sharpe Ratio is 1.88, which is higher than the SPXM Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of DUBS 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

DUBS vs. SPXM - Drawdown Comparison

The maximum DUBS drawdown since its inception was -18.48%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for DUBS and SPXM.

Drawdown Indicators

	DUBS	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-18.48%	-5.08%	-13.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-5.08%	-3.21%
Max Drawdown (3Y) Largest decline over 3 years	-18.48%	—	—
Current Drawdown Current decline from peak	-0.89%	-0.75%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.94%	-0.78%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	—	—

Volatility

DUBS vs. SPXM - Volatility Comparison

Aptus Large Cap Enhanced Yield ETF (DUBS) has a higher volatility of 3.52% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that DUBS'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

	DUBS	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	0.00%	+3.52%
Volatility (6M) Calculated over the trailing 6-month period	10.77%	3.78%	+6.99%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	7.65%	+5.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.63%	7.59%	+7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	7.59%	+7.04%

DUBS vs. SPXM - Expense Ratio Comparison

DUBS has a 0.39% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

DUBS vs. SPXM - Dividend Comparison

DUBS's dividend yield for the trailing twelve months is around 1.99%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023
DUBS Aptus Large Cap Enhanced Yield ETF	1.99%	2.06%	2.52%	1.14%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DUBS and SPXM in my portfolio?

DUBS and SPXM have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUBS or SPXM?

DUBS has higher volatility (3.52%) compared to SPXM (0.00%). In terms of maximum drawdown, DUBS dropped -18.48% vs SPXM's -5.08%.

Which ETF is better, DUBS or SPXM?

On 1-year performance, DUBS leads with 25.29% vs 8.72% for SPXM. On fees, DUBS is cheaper at 0.39% 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, DUBS or SPXM?

Over the 1-year period, DUBS has performed better with a 25.29% return vs 8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUBS or SPXM?

DUBS is cheaper with a 0.39% expense ratio, compared with 0.47% for SPXM.

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

DUBS has the higher dividend yield at 1.99%, compared with 0.24% for SPXM.

What is the main difference between DUBS and SPXM?

DUBS is categorized as Derivative Income, while SPXM is Large Cap Blend Equities. They also come from different issuers: Aptus and Azoria. Their fees differ too: 0.39% for DUBS and 0.47% for SPXM.

Which has better risk-adjusted returns?

DUBS currently has the higher Sharpe Ratio (1.88 vs 1.40), 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.