FNDX vs. SPXM

Last updated Apr 1, 2026

Compare and contrast key facts about Schwab Fundamental U.S. Large Company Index ETF (FNDX) and Azoria 500 Meritocracy ETF (SPXM).

FNDX and SPXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FNDX is a passively managed fund by Charles Schwab that tracks the performance of the Russell Fundamental U.S. Large Company Index. It was launched on Aug 15, 2013. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025.

Performance

FNDX vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Large Company Index ETF (FNDX) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

FNDX vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
FNDX Schwab Fundamental U.S. Large Company Index ETF	2.76%	10.45%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Returns By Period

FNDX

• 1D: 1.98%
• 1M: -3.68%
• YTD: 2.76%
• 6M: 6.80%
• 1Y: 19.99%
• 3Y*: 17.12%
• 5Y*: 11.99%
• 10Y*: 13.26%

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)

FNDX vs. SPXM - Expense Ratio Comparison

FNDX has a 0.25% expense ratio, which is lower than SPXM's 0.47% expense ratio.

SPXM

Azoria 500 Meritocracy ETF

FNDX

Schwab Fundamental U.S. Large Company Index ETF

Return for Risk

FNDX vs. SPXM — Risk / Return Rank

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

FNDX

FNDX Risk / Return Rank: 75
FNDX Sharpe Ratio Rank: 73
FNDX Sortino Ratio Rank: 75
FNDX Omega Ratio Rank: 77
FNDX Calmar Ratio Rank: 71
FNDX Martin Ratio Rank: 81

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.

FNDX vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Large Company Index ETF (FNDX) 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.

	FNDX	SPXM	Difference
Sharpe ratio Return per unit of total volatility	1.24	—	—
Sortino ratio Return per unit of downside risk	1.80	—	—
Omega ratio Gain probability vs. loss probability	1.28	—	—
Calmar ratio Return relative to maximum drawdown	1.73	—	—
Martin ratio Return relative to average drawdown	8.31	—	—
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

	FNDX	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.83	-1.09

Correlation

The correlation between FNDX and SPXM is 0.57, 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

FNDX vs. SPXM - Dividend Comparison

FNDX's dividend yield for the trailing twelve months is around 1.62%, more than SPXM's 0.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.62%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FNDX vs. SPXM - Drawdown Comparison

The maximum FNDX drawdown since its inception was -37.72%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for FNDX and SPXM.

Drawdown Indicators

	FNDX	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-37.72%	-5.08%	-32.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.72%	—	—
Current Drawdown Current decline from peak	-4.21%	-0.75%	-3.46%
Average Drawdown Average peak-to-trough decline	-3.59%	-0.80%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	—	—

Volatility

Volatility by Period

	FNDX	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	9.38%	+6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	9.38%	+5.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.51%	9.38%	+8.13%