ITOT vs. SPXM

Last updated Aug 4, 2026

ITOT (iShares Core S&P Total U.S. Stock Market ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. ITOT is passively managed, while SPXM is actively managed. Over the past year, ITOT returned 23.59% vs 8.90% for SPXM. Their 0.51 correlation means they have sometimes moved together and sometimes differently. ITOT charges 0.03%/yr vs 0.47%/yr for SPXM.

Performance

ITOT vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Total U.S. Stock Market ETF (ITOT) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ITOT

• 1D: 1.46%
• 1M: 1.37%
• 6M: 9.88%
• YTD: 12.18%
• 1Y: 23.59%
• 3Y*: 20.38%
• 5Y*: 12.06%
• 10Y*: 14.61%
• ALL TIME*: 10.62%

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ITOT iShares Core S&P Total U.S. Stock Market ETF	$218.20M	$235.22M	$304.20M
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00

ITOT vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
ITOT iShares Core S&P Total U.S. Stock Market ETF	12.18%	10.16%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between ITOT and SPXM is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.51

The correlation between ITOT and SPXM has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

Return for Risk

ITOT vs. SPXM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ITOT

ITOT Risk / Return Rank: 78
ITOT Sharpe Ratio Rank: 78
ITOT Sortino Ratio Rank: 76
ITOT Omega Ratio Rank: 76
ITOT Calmar Ratio Rank: 75
ITOT Martin Ratio Rank: 83

SPXM

SPXM Risk / Return Rank: 68
SPXM Sharpe Ratio Rank: 59
SPXM Sortino Ratio Rank: 59
SPXM Omega Ratio Rank: 90
SPXM Calmar Ratio Rank: 57
SPXM Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ITOT vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Total U.S. Stock Market ETF (ITOT) 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.

	ITOT	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.49	+0.33
Sortino ratio: Return per unit of downside risk	2.50	2.14	+0.36
Omega ratio: Gain probability vs. loss probability	1.32	1.44	-0.12
Calmar ratio: Return relative to maximum drawdown	2.66	2.16	+0.51
Martin ratio: Return relative to average drawdown	11.42	10.12	+1.30

ITOT vs. SPXM - Sharpe Ratio Comparison

The current ITOT Sharpe Ratio is 1.81, which is comparable to the SPXM Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of ITOT 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

ITOT vs. SPXM - Drawdown Comparison

The maximum ITOT drawdown since its inception was -55.20%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for ITOT and SPXM.

Drawdown Indicators

	ITOT	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-55.20%	-5.08%	-50.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-5.08%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.00%	—	—
Current Drawdown Current decline from peak	0.00%	-0.75%	+0.75%
Average Drawdown Average peak-to-trough decline	-6.93%	-0.78%	-6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	—	—

Volatility

ITOT vs. SPXM - Volatility Comparison

iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a higher volatility of 3.80% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that ITOT'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

	ITOT	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	0.00%	+3.80%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	1.22%	+9.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	7.38%	+5.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	7.39%	+10.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	7.39%	+10.89%

ITOT vs. SPXM - Expense Ratio Comparison

ITOT has a 0.03% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

ITOT vs. SPXM - Dividend Comparison

ITOT's dividend yield for the trailing twelve months is around 0.99%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.99%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ITOT and SPXM in my portfolio?

ITOT and SPXM have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITOT or SPXM?

ITOT has higher volatility (3.80%) compared to SPXM (0.00%). In terms of maximum drawdown, ITOT dropped -55.20% vs SPXM's -5.08%.

Which ETF is better, ITOT or SPXM?

On 1-year performance, ITOT leads with 23.59% vs 8.90% for SPXM. On fees, ITOT is cheaper at 0.03% 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, ITOT or SPXM?

Over the 1-year period, ITOT has performed better with a 23.59% return vs 8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITOT or SPXM?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.47% for SPXM.

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

ITOT has the higher dividend yield at 0.99%, compared with 0.24% for SPXM.

What is the main difference between ITOT and SPXM?

They also come from different issuers: iShares and Azoria. Their fees differ too: 0.03% for ITOT and 0.47% for SPXM.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (1.81 vs 1.49), 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.