EQTY vs. SPXM

Last updated Apr 1, 2026

Compare and contrast key facts about Kovitz Core Equity ETF (EQTY) and Azoria 500 Meritocracy ETF (SPXM).

EQTY and SPXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EQTY is a passively managed fund by Kovitz that tracks the performance of the NONE. It was launched on Dec 28, 2011. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025.

Performance

EQTY vs. SPXM - Performance Comparison

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

EQTY vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
EQTY Kovitz Core Equity ETF	-5.72%	7.14%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Returns By Period

EQTY

• 1D: 2.54%
• 1M: -7.72%
• YTD: -5.72%
• 6M: -0.83%
• 1Y: 9.77%
• 3Y*: 14.26%
• 5Y*: —
• 10Y*: —

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)

EQTY vs. SPXM - Expense Ratio Comparison

EQTY has a 0.99% expense ratio, which is higher than SPXM's 0.47% expense ratio.

EQTY

Kovitz Core Equity ETF

SPXM

Azoria 500 Meritocracy ETF

Return for Risk

EQTY vs. SPXM — Risk / Return Rank

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

EQTY

EQTY Risk / Return Rank: 31
EQTY Sharpe Ratio Rank: 30
EQTY Sortino Ratio Rank: 30
EQTY Omega Ratio Rank: 30
EQTY Calmar Ratio Rank: 34
EQTY Martin Ratio Rank: 34

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.

EQTY vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kovitz Core Equity ETF (EQTY) 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.

	EQTY	SPXM	Difference
Sharpe ratio Return per unit of total volatility	0.55	—	—
Sortino ratio Return per unit of downside risk	0.90	—	—
Omega ratio Gain probability vs. loss probability	1.13	—	—
Calmar ratio Return relative to maximum drawdown	0.86	—	—
Martin ratio Return relative to average drawdown	3.08	—	—
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

	EQTY	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	1.83	-0.85

Correlation

The correlation between EQTY and SPXM is 0.61, 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

EQTY vs. SPXM - Dividend Comparison

EQTY's dividend yield for the trailing twelve months is around 0.02%, less than SPXM's 0.24% yield.

	TTM	2025	2024	2023	2022
EQTY Kovitz Core Equity ETF	0.02%	0.02%	0.33%	0.26%	0.08%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%

Drawdowns

EQTY vs. SPXM - Drawdown Comparison

The maximum EQTY drawdown since its inception was -17.28%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for EQTY and SPXM.

Drawdown Indicators

	EQTY	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-17.28%	-5.08%	-12.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	—	—
Current Drawdown Current decline from peak	-9.54%	-0.75%	-8.79%
Average Drawdown Average peak-to-trough decline	-2.67%	-0.80%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	—	—

Volatility

Volatility by Period

	EQTY	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.76%	9.38%	+8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.08%	9.38%	+5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.08%	9.38%	+5.70%