GOP vs. SPXM

Last updated Jul 21, 2026

GOP (Unusual Whales Subversive Republican Trading ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, GOP returned 27.58% vs 8.13% for SPXM. At a 0.38 correlation, their price movements are largely independent. GOP charges 0.73%/yr vs 0.47%/yr for SPXM.

Performance

GOP vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unusual Whales Subversive Republican Trading ETF (GOP) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GOP

• 1D: 0.09%
• 1M: -2.43%
• 6M: 13.23%
• YTD: 18.70%
• 1Y: 27.58%
• 3Y*: 19.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.06%

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.96%

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

GOP vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
GOP Unusual Whales Subversive Republican Trading ETF	18.70%	8.66%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between GOP and SPXM is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.38

Return for Risk

GOP vs. SPXM — Risk / Return Rank

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

GOP

GOP Risk / Return Rank: 79
GOP Sharpe Ratio Rank: 76
GOP Sortino Ratio Rank: 74
GOP Omega Ratio Rank: 70
GOP Calmar Ratio Rank: 90
GOP Martin Ratio Rank: 88

SPXM

SPXM Risk / Return Rank: 61
SPXM Sharpe Ratio Rank: 51
SPXM Sortino Ratio Rank: 49
SPXM Omega Ratio Rank: 82
SPXM Calmar Ratio Rank: 52
SPXM Martin Ratio Rank: 70

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.

GOP vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Republican Trading ETF (GOP) 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.

	GOP	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.31	+0.49
Sortino ratio: Return per unit of downside risk	2.50	1.86	+0.65
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	4.03	1.97	+2.06
Martin ratio: Return relative to average drawdown	13.90	9.18	+4.72

GOP vs. SPXM - Sharpe Ratio Comparison

The current GOP Sharpe Ratio is 1.80, which is higher than the SPXM Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of GOP 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

GOP vs. SPXM - Drawdown Comparison

The maximum GOP drawdown since its inception was -15.42%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for GOP and SPXM.

Drawdown Indicators

	GOP	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-5.08%	-10.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-5.08%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	—	—
Current Drawdown Current decline from peak	-3.78%	-0.75%	-3.03%
Average Drawdown Average peak-to-trough decline	-2.51%	-0.78%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	—	—

Volatility

GOP vs. SPXM - Volatility Comparison

Unusual Whales Subversive Republican Trading ETF (GOP) has a higher volatility of 4.81% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that GOP'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

	GOP	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	0.00%	+4.81%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	3.41%	+9.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	7.65%	+7.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	7.56%	+6.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	7.56%	+6.73%

GOP vs. SPXM - Expense Ratio Comparison

GOP has a 0.73% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

GOP vs. SPXM - Dividend Comparison

GOP's dividend yield for the trailing twelve months is around 0.58%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023
GOP Unusual Whales Subversive Republican Trading ETF	0.58%	0.69%	0.57%	1.01%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GOP and SPXM in my portfolio?

GOP and SPXM have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOP or SPXM?

GOP has higher volatility (4.81%) compared to SPXM (0.00%). In terms of maximum drawdown, GOP dropped -15.42% vs SPXM's -5.08%.

Which ETF is better, GOP or SPXM?

On 1-year performance, GOP leads with 27.58% vs 8.13% 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, GOP or SPXM?

Over the 1-year period, GOP has performed better with a 27.58% return vs 8.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOP or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.73% for GOP.

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

GOP has the higher dividend yield at 0.58%, compared with 0.24% for SPXM.

What is the main difference between GOP and SPXM?

They also come from different issuers: Tidal Investments and Azoria. Their fees differ too: 0.73% for GOP and 0.47% for SPXM.

Which has better risk-adjusted returns?

GOP currently has the higher Sharpe Ratio (1.80 vs 1.31), 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.