IBMQ vs. SPXM
IBMQ (iShares iBonds Dec 2028 Term Muni Bond ETF) and SPXM (Azoria 500 Meritocracy ETF) are both exchange-traded funds - IBMQ is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index, while SPXM is a Large Cap Blend Equities fund actively managed by Azoria. IBMQ is passively managed, while SPXM is actively managed. Over the past year, IBMQ returned 2.85% vs 8.67% for SPXM. At a correlation of -0.06, they often move in opposite directions. IBMQ charges 0.18%/yr vs 0.47%/yr for SPXM.
Performance
IBMQ vs. SPXM - Performance Comparison
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Returns By Period
IBMQ
- 1D
- -0.08%
- 1M
- 0.23%
- 6M
- 0.78%
- YTD
- 1.08%
- 1Y
- 2.85%
- 3Y*
- 2.85%
- 5Y*
- 0.43%
- 10Y*
- —
SPXM
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 8.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBMQ vs. SPXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 1.08% | 1.88% |
SPXM Azoria 500 Meritocracy ETF | 0.00% | 9.27% |
Correlation
The correlation between IBMQ and SPXM is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025 | -0.06 |
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Return for Risk
IBMQ vs. SPXM — Risk / Return Rank
IBMQ
SPXM
IBMQ vs. SPXM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) 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.
| IBMQ | SPXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.38 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.10 | +0.44 |
| Martin ratioReturn relative to average drawdown | 6.68 | 9.84 | -3.16 |
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Drawdowns
IBMQ vs. SPXM - Drawdown Comparison
The maximum IBMQ drawdown since its inception was -15.85%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for IBMQ and SPXM.
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Drawdown Indicators
| IBMQ | SPXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -5.08% | -10.77% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -5.08% | +3.95% |
Max Drawdown (3Y)Largest decline over 3 years | -3.57% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.51% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.75% | +0.67% |
Average DrawdownAverage peak-to-trough decline | -3.21% | -0.78% | -2.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | — | — |
Volatility
IBMQ vs. SPXM - Volatility Comparison
iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) has a higher volatility of 0.25% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that IBMQ'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
| IBMQ | SPXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.25% | 0.00% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.86% | 3.99% | -3.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.19% | 7.68% | -6.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.95% | 7.64% | -4.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.51% | 7.64% | -2.13% |
IBMQ vs. SPXM - Expense Ratio Comparison
IBMQ has a 0.18% expense ratio, which is lower than SPXM's 0.47% expense ratio.
Dividends
IBMQ vs. SPXM - Dividend Comparison
IBMQ's dividend yield for the trailing twelve months is around 2.44%, more than SPXM's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 2.44% | 2.43% | 2.33% | 1.93% | 1.25% | 1.05% | 1.24% | 1.03% |
SPXM Azoria 500 Meritocracy ETF | 0.24% | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBMQ and SPXM have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBMQ has higher volatility (0.25%) compared to SPXM (0.00%). In terms of maximum drawdown, IBMQ dropped -15.85% vs SPXM's -5.08%.
On 1-year performance, SPXM leads with 8.67% vs 2.85% for IBMQ. On fees, IBMQ is cheaper at 0.18% 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 2.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMQ is cheaper with a 0.18% expense ratio, compared with 0.47% for SPXM.
IBMQ has the higher dividend yield at 2.44%, compared with 0.24% for SPXM.
IBMQ is categorized as Municipal Bonds, while SPXM is Large Cap Blend Equities. They also come from different issuers: iShares and Azoria. Their fees differ too: 0.18% for IBMQ and 0.47% for SPXM.
IBMQ currently has the higher Sharpe Ratio (2.41 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.
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