FMKT vs. SPXM
FMKT (The Free Markets ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, FMKT returned 6.48% vs 8.67% for SPXM. At a 0.43 correlation, their price movements are largely independent. FMKT charges 0.76%/yr vs 0.47%/yr for SPXM.
Performance
FMKT vs. SPXM - Performance Comparison
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Returns By Period
FMKT
- 1D
- -0.33%
- 1M
- 0.05%
- 6M
- -3.05%
- YTD
- 1.44%
- 1Y
- 6.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXM
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 8.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMKT vs. SPXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMKT The Free Markets ETF | 1.44% | 4.82% |
SPXM Azoria 500 Meritocracy ETF | 0.00% | 9.27% |
Correlation
The correlation between FMKT and SPXM is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025 | 0.43 |
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Return for Risk
FMKT vs. SPXM — Risk / Return Rank
FMKT
SPXM
FMKT vs. SPXM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Free Markets ETF (FMKT) 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.
| FMKT | SPXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.38 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 2.10 | -1.73 |
| Martin ratioReturn relative to average drawdown | 0.92 | 9.84 | -8.92 |
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Drawdowns
FMKT vs. SPXM - Drawdown Comparison
The maximum FMKT drawdown since its inception was -17.79%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for FMKT and SPXM.
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Drawdown Indicators
| FMKT | SPXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.79% | -5.08% | -12.71% |
Max Drawdown (1Y)Largest decline over 1 year | -17.79% | -5.08% | -12.71% |
Current DrawdownCurrent decline from peak | -7.96% | -0.75% | -7.21% |
Average DrawdownAverage peak-to-trough decline | -5.48% | -0.78% | -4.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.04% | — | — |
Volatility
FMKT vs. SPXM - Volatility Comparison
The Free Markets ETF (FMKT) has a higher volatility of 3.41% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that FMKT'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.
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Volatility by Period
| FMKT | SPXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.41% | 0.00% | +3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 14.83% | 3.99% | +10.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.59% | 7.68% | +11.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.23% | 7.64% | +11.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.23% | 7.64% | +11.59% |
FMKT vs. SPXM - Expense Ratio Comparison
FMKT has a 0.76% expense ratio, which is higher than SPXM's 0.47% expense ratio.
Dividends
FMKT vs. SPXM - Dividend Comparison
FMKT's dividend yield for the trailing twelve months is around 2.12%, more than SPXM's 0.24% yield.
| Position | TTM | 2025 |
|---|---|---|
FMKT The Free Markets ETF | 2.12% | 2.15% |
SPXM Azoria 500 Meritocracy ETF | 0.24% | 0.24% |
Frequently Asked Questions
FMKT and SPXM have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMKT has higher volatility (3.41%) compared to SPXM (0.00%). In terms of maximum drawdown, FMKT dropped -17.79% vs SPXM's -5.08%.
On 1-year performance, SPXM leads with 8.67% vs 6.48% for FMKT. On fees, SPXM is cheaper at 0.47% 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.
Over the 1-year period, SPXM has performed better with a 8.67% return vs 6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXM is cheaper with a 0.47% expense ratio, compared with 0.76% for FMKT.
FMKT has the higher dividend yield at 2.12%, compared with 0.24% for SPXM.
Their fees differ too: 0.76% for FMKT and 0.47% for SPXM.
SPXM currently has the higher Sharpe Ratio (1.39 vs 0.33), 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.
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