INRO vs. SPXM

Last updated Jul 17, 2026

INRO (Blackrock U.S. Industry Rotation ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, INRO returned 24.09% vs 8.72% for SPXM. At a 0.50 correlation, their price movements are largely independent. INRO charges 0.42%/yr vs 0.47%/yr for SPXM.

Performance

INRO vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock U.S. Industry Rotation ETF (INRO) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INRO

• 1D: -0.81%
• 1M: -1.03%
• 6M: 11.03%
• YTD: 12.49%
• 1Y: 24.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INRO vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
INRO Blackrock U.S. Industry Rotation ETF	12.49%	10.97%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between INRO and SPXM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.50

Return for Risk

INRO vs. SPXM — Risk / Return Rank

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

INRO

INRO Risk / Return Rank: 68
INRO Sharpe Ratio Rank: 66
INRO Sortino Ratio Rank: 65
INRO Omega Ratio Rank: 64
INRO Calmar Ratio Rank: 65
INRO Martin Ratio Rank: 77

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 50
SPXM Sortino Ratio Rank: 48
SPXM Omega Ratio Rank: 82
SPXM Calmar Ratio Rank: 52
SPXM Martin Ratio Rank: 69

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.

INRO vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock U.S. Industry Rotation ETF (INRO) 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.

	INRO	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.40	+0.33
Sortino ratio: Return per unit of downside risk	2.40	1.98	+0.42
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.58	2.11	+0.47
Martin ratio: Return relative to average drawdown	11.47	9.87	+1.59

INRO vs. SPXM - Sharpe Ratio Comparison

The current INRO Sharpe Ratio is 1.73, which is comparable to the SPXM Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of INRO 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

INRO vs. SPXM - Drawdown Comparison

The maximum INRO drawdown since its inception was -20.02%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for INRO and SPXM.

Drawdown Indicators

	INRO	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-20.02%	-5.08%	-14.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-5.08%	-4.28%
Current Drawdown Current decline from peak	-1.66%	-0.75%	-0.91%
Average Drawdown Average peak-to-trough decline	-2.55%	-0.78%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	—	—

Volatility

INRO vs. SPXM - Volatility Comparison

Blackrock U.S. Industry Rotation ETF (INRO) has a higher volatility of 4.30% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that INRO'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

	INRO	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	0.00%	+4.30%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	3.78%	+7.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	7.65%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	7.59%	+9.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.18%	7.59%	+9.59%

INRO vs. SPXM - Expense Ratio Comparison

INRO has a 0.42% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

INRO vs. SPXM - Dividend Comparison

INRO's dividend yield for the trailing twelve months is around 0.60%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024
INRO Blackrock U.S. Industry Rotation ETF	0.60%	0.68%	0.50%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%

Frequently Asked Questions

Can I hold both INRO and SPXM in my portfolio?

INRO and SPXM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INRO or SPXM?

INRO has higher volatility (4.30%) compared to SPXM (0.00%). In terms of maximum drawdown, INRO dropped -20.02% vs SPXM's -5.08%.

Which ETF is better, INRO or SPXM?

On 1-year performance, INRO leads with 24.09% vs 8.72% for SPXM. On fees, INRO is cheaper at 0.42% 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, INRO or SPXM?

Over the 1-year period, INRO has performed better with a 24.09% return vs 8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INRO or SPXM?

INRO is cheaper with a 0.42% expense ratio, compared with 0.47% for SPXM.

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

INRO has the higher dividend yield at 0.60%, compared with 0.24% for SPXM.

What is the main difference between INRO and SPXM?

They also come from different issuers: BlackRock and Azoria. Their fees differ too: 0.42% for INRO and 0.47% for SPXM.

Which has better risk-adjusted returns?

INRO currently has the higher Sharpe Ratio (1.73 vs 1.40), 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.