EQTY vs. SPXM

Last updated Jun 4, 2026

EQTY (Kovitz Core Equity ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. EQTY is passively managed, while SPXM is actively managed. A 0.53 correlation means they provide meaningful diversification when combined. EQTY charges 0.99%/yr vs 0.47%/yr for SPXM.

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.

Returns By Period

EQTY

• 1D: -0.36%
• 1M: 1.29%
• YTD: 1.88%
• 6M: 3.56%
• 1Y: 14.80%
• 3Y*: 15.88%
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -0.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EQTY vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
EQTY Kovitz Core Equity ETF	1.88%	7.14%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Correlation

The correlation between EQTY 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 (All Time) Calculated using the full available price history since Jul 9, 2025	0.53

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: 33
EQTY Sortino Ratio Rank: 32
EQTY Omega Ratio Rank: 31
EQTY Calmar Ratio Rank: 27
EQTY Martin Ratio Rank: 32

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	1.16	—	—
Sortino ratio: Return per unit of downside risk	1.71	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.25	—	—
Martin ratio: Return relative to average drawdown	4.66	—	—
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	1.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	1.56	-0.46

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%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.28%	—	—
Current Drawdown Current decline from peak	-2.26%	-0.75%	-1.51%
Average Drawdown Average peak-to-trough decline	-2.71%	-0.79%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	—	—

Volatility

Volatility by Period

	EQTY	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	8.18%	+4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	8.18%	+6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.95%	8.18%	+6.77%

EQTY vs. SPXM - Expense Ratio Comparison

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

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.

Position	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%

Frequently Asked Questions

Can I hold both EQTY and SPXM in my portfolio?

EQTY 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 ETF is better, EQTY or SPXM?

On fees, SPXM is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EQTY or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.99% for EQTY.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.02% for EQTY.

What is the main difference between EQTY and SPXM?

They also come from different issuers: Kovitz and Azoria. Their fees differ too: 0.99% for EQTY and 0.47% for SPXM.