ERNZ vs. SPXM

Last updated Apr 1, 2026

Compare and contrast key facts about TrueShares Active Yield ETF (ERNZ) and Azoria 500 Meritocracy ETF (SPXM).

ERNZ and SPXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERNZ is an actively managed fund by TrueShares. It was launched on Apr 30, 2024. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025.

Performance

ERNZ vs. SPXM - Performance Comparison

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

ERNZ vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
ERNZ TrueShares Active Yield ETF	4.89%	-7.10%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Returns By Period

ERNZ

• 1D: 0.00%
• 1M: -1.57%
• YTD: 4.89%
• 6M: -1.10%
• 1Y: -0.33%
• 3Y*: —
• 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)

ERNZ vs. SPXM - Expense Ratio Comparison

ERNZ has a 0.75% expense ratio, which is higher than SPXM's 0.47% expense ratio.

ERNZ

TrueShares Active Yield ETF

SPXM

Azoria 500 Meritocracy ETF

Return for Risk

ERNZ vs. SPXM — Risk / Return Rank

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

ERNZ

ERNZ Risk / Return Rank: 11
ERNZ Sharpe Ratio Rank: 11
ERNZ Sortino Ratio Rank: 10
ERNZ Omega Ratio Rank: 10
ERNZ Calmar Ratio Rank: 12
ERNZ Martin Ratio Rank: 12

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.

ERNZ vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Active Yield ETF (ERNZ) 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.

	ERNZ	SPXM	Difference
Sharpe ratio Return per unit of total volatility	-0.02	—	—
Sortino ratio Return per unit of downside risk	0.06	—	—
Omega ratio Gain probability vs. loss probability	1.01	—	—
Calmar ratio Return relative to maximum drawdown	0.02	—	—
Martin ratio Return relative to average drawdown	0.04	—	—
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

	ERNZ	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	1.83	-1.77

Correlation

The correlation between ERNZ and SPXM is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ERNZ vs. SPXM - Dividend Comparison

ERNZ's dividend yield for the trailing twelve months is around 7.91%, more than SPXM's 0.24% yield.

	TTM	2025	2024
ERNZ TrueShares Active Yield ETF	7.91%	9.90%	5.51%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%

Drawdowns

ERNZ vs. SPXM - Drawdown Comparison

The maximum ERNZ drawdown since its inception was -14.16%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for ERNZ and SPXM.

Drawdown Indicators

	ERNZ	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-14.16%	-5.08%	-9.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.61%	—	—
Current Drawdown Current decline from peak	-5.59%	-0.75%	-4.84%
Average Drawdown Average peak-to-trough decline	-4.49%	-0.80%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.94%	—	—

Volatility

Volatility by Period

	ERNZ	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	9.38%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.30%	9.38%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.30%	9.38%	+2.92%