FTCE vs. SPXM

Last updated Jul 14, 2026

FTCE (First Trust New Constructs Core Earnings Leaders ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. FTCE is passively managed, while SPXM is actively managed. Over the past year, FTCE returned 23.07% vs 8.67% for SPXM. At a 0.48 correlation, their price movements are largely independent. FTCE charges 0.60%/yr vs 0.47%/yr for SPXM.

Performance

FTCE vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust New Constructs Core Earnings Leaders ETF (FTCE) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FTCE

• 1D: -0.68%
• 1M: 0.48%
• 6M: 7.64%
• YTD: 10.31%
• 1Y: 23.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTCE vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
FTCE First Trust New Constructs Core Earnings Leaders ETF	10.31%	11.91%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between FTCE and SPXM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.48

Return for Risk

FTCE vs. SPXM — Risk / Return Rank

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

FTCE

FTCE Risk / Return Rank: 61
FTCE Sharpe Ratio Rank: 65
FTCE Sortino Ratio Rank: 64
FTCE Omega Ratio Rank: 63
FTCE Calmar Ratio Rank: 57
FTCE Martin Ratio Rank: 56

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 51
SPXM Sortino Ratio Rank: 49
SPXM Omega Ratio Rank: 81
SPXM Calmar Ratio Rank: 53
SPXM Martin Ratio Rank: 68

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.

FTCE vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust New Constructs Core Earnings Leaders ETF (FTCE) 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.

	FTCE	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.39	+0.30
Sortino ratio: Return per unit of downside risk	2.35	1.97	+0.38
Omega ratio: Gain probability vs. loss probability	1.30	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.28	2.10	+0.18
Martin ratio: Return relative to average drawdown	7.70	9.84	-2.14

FTCE vs. SPXM - Sharpe Ratio Comparison

The current FTCE Sharpe Ratio is 1.69, which is comparable to the SPXM Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of FTCE and SPXM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FTCE vs. SPXM - Drawdown Comparison

The maximum FTCE drawdown since its inception was -18.11%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for FTCE and SPXM.

Drawdown Indicators

	FTCE	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-5.08%	-13.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-5.08%	-5.08%
Current Drawdown Current decline from peak	-3.82%	-0.75%	-3.07%
Average Drawdown Average peak-to-trough decline	-2.60%	-0.78%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	—	—

Volatility

FTCE vs. SPXM - Volatility Comparison

First Trust New Constructs Core Earnings Leaders ETF (FTCE) has a higher volatility of 3.79% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that FTCE'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.

Volatility by Period

	FTCE	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	0.00%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	3.99%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.72%	7.68%	+6.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	7.64%	+9.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	7.64%	+9.08%

FTCE vs. SPXM - Expense Ratio Comparison

FTCE has a 0.60% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

FTCE vs. SPXM - Dividend Comparison

FTCE's dividend yield for the trailing twelve months is around 0.66%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024
FTCE First Trust New Constructs Core Earnings Leaders ETF	0.66%	0.96%	0.28%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%

Frequently Asked Questions

Can I hold both FTCE and SPXM in my portfolio?

FTCE and SPXM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTCE or SPXM?

FTCE has higher volatility (3.79%) compared to SPXM (0.00%). In terms of maximum drawdown, FTCE dropped -18.11% vs SPXM's -5.08%.

Which ETF is better, FTCE or SPXM?

On 1-year performance, FTCE leads with 23.07% vs 8.67% for SPXM. 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.

Which ETF has performed better, FTCE or SPXM?

Over the 1-year period, FTCE has performed better with a 23.07% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTCE or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.60% for FTCE.

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

FTCE has the higher dividend yield at 0.66%, compared with 0.24% for SPXM.

What is the main difference between FTCE and SPXM?

They also come from different issuers: First Trust and Azoria. Their fees differ too: 0.60% for FTCE and 0.47% for SPXM.

Which has better risk-adjusted returns?

FTCE currently has the higher Sharpe Ratio (1.69 vs 1.39), 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.