KAT vs. SPXM

Last updated Jun 4, 2026

KAT (Scharf ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. At a 0.38 correlation, their price movements are largely independent. KAT charges 0.75%/yr vs 0.47%/yr for SPXM.

Performance

KAT vs. SPXM - Performance Comparison

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

Returns By Period

KAT

• 1D: -0.74%
• 1M: 0.22%
• YTD: 0.37%
• 6M: 2.21%
• 1Y: —
• 3Y*: —
• 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)

KAT vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
KAT Scharf ETF	0.37%	0.98%
SPXM Azoria 500 Meritocracy ETF	0.00%	5.70%

Correlation

The correlation between KAT and SPXM is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 26, 2025	0.38

Return for Risk

KAT vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Scharf ETF (KAT) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KAT	SPXM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	1.56	-1.40

Drawdowns

KAT vs. SPXM - Drawdown Comparison

The maximum KAT drawdown since its inception was -9.25%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for KAT and SPXM.

Drawdown Indicators

	KAT	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-9.25%	-5.08%	-4.17%
Current Drawdown Current decline from peak	-4.98%	-0.75%	-4.23%
Average Drawdown Average peak-to-trough decline	-3.20%	-0.79%	-2.41%

Volatility

Volatility by Period

	KAT	SPXM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	8.18%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	8.18%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	8.18%	+2.30%

KAT vs. SPXM - Expense Ratio Comparison

KAT has a 0.75% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

KAT vs. SPXM - Dividend Comparison

KAT has not paid dividends to shareholders, while SPXM's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
KAT Scharf ETF	0.00%	0.00%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both KAT and SPXM in my portfolio?

KAT and SPXM have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KAT or SPXM?

On fees, SPXM is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KAT or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.75% for KAT.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.00% for KAT.

What is the main difference between KAT and SPXM?

They also come from different issuers: Scharf Investments and Azoria. Their fees differ too: 0.75% for KAT and 0.47% for SPXM.