GUSA vs. SPXM

Last updated Jun 5, 2026

GUSA (Goldman Sachs MarketBeta U.S. 1000 Equity ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. GUSA is passively managed, while SPXM is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. GUSA charges 0.11%/yr vs 0.47%/yr for SPXM.

Performance

GUSA vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GUSA

• 1D: 0.40%
• 1M: 4.73%
• YTD: 11.29%
• 6M: 11.21%
• 1Y: 28.15%
• 3Y*: 22.50%
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -0.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GUSA vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF	11.29%	10.14%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Correlation

The correlation between GUSA and SPXM is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.57

Return for Risk

GUSA vs. SPXM — Risk / Return Rank

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

GUSA

GUSA Risk / Return Rank: 71
GUSA Sharpe Ratio Rank: 72
GUSA Sortino Ratio Rank: 71
GUSA Omega Ratio Rank: 71
GUSA Calmar Ratio Rank: 64
GUSA Martin Ratio Rank: 76

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.

GUSA vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) 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.

	GUSA	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	2.32	—	—
Sortino ratio: Return per unit of downside risk	3.17	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	3.14	—	—
Martin ratio: Return relative to average drawdown	14.45	—	—
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

	GUSA	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.56	-0.67

Drawdowns

GUSA vs. SPXM - Drawdown Comparison

The maximum GUSA drawdown since its inception was -19.61%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for GUSA and SPXM.

Drawdown Indicators

	GUSA	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-19.61%	-5.08%	-14.53%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.61%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.75%	+0.53%
Average Drawdown Average peak-to-trough decline	-4.38%	-0.79%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	—	—

Volatility

Volatility by Period

	GUSA	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	8.16%	+4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	8.16%	+9.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	8.16%	+9.10%

GUSA vs. SPXM - Expense Ratio Comparison

GUSA has a 0.11% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

GUSA vs. SPXM - Dividend Comparison

GUSA's dividend yield for the trailing twelve months is around 0.96%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.96%	0.99%	1.16%	1.36%	1.00%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GUSA and SPXM in my portfolio?

GUSA and SPXM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GUSA or SPXM?

On fees, GUSA is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GUSA or SPXM?

GUSA is cheaper with a 0.11% expense ratio, compared with 0.47% for SPXM.

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

GUSA has the higher dividend yield at 0.96%, compared with 0.24% for SPXM.

What is the main difference between GUSA and SPXM?

They also come from different issuers: Goldman Sachs and Azoria. Their fees differ too: 0.11% for GUSA and 0.47% for SPXM.