KAT vs. SPXM

Last updated Aug 2, 2026

KAT (Scharf ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Their 0.34 correlation means their historical movements had little consistent relationship. 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: 1.14%
• 1M: 2.91%
• 6M: 2.43%
• YTD: 3.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.70%

*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)
KAT Scharf ETF	$571.01K	$654.17K	$709.38K
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00

KAT vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
KAT Scharf ETF	3.63%	0.85%
SPXM Azoria 500 Meritocracy ETF	0.00%	5.44%

Correlation

The correlation between KAT and SPXM is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 25, 2025	0.34

Return for Risk

KAT vs. SPXM — Risk / Return Rank

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

KAT

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

SPXM

SPXM Risk / Return Rank: 58
SPXM Sharpe Ratio Rank: 47
SPXM Sortino Ratio Rank: 46
SPXM Omega Ratio Rank: 80
SPXM Calmar Ratio Rank: 49
SPXM Martin Ratio Rank: 67

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.

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.

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.

	KAT	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.17	—
Sortino ratio: Return per unit of downside risk	—	1.67	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	1.75	—
Martin ratio: Return relative to average drawdown	—	8.21	—

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%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.08%	—
Current Drawdown Current decline from peak	-1.89%	-0.75%	-1.14%
Average Drawdown Average peak-to-trough decline	-3.46%	-0.78%	-2.68%

Volatility

Volatility by Period

	KAT	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	7.57%	+2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	7.40%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	7.40%	+3.08%

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's dividend yield for the trailing twelve months is around 0.08%, less than SPXM's 0.24% yield.

Position	TTM	2025
KAT Scharf ETF	0.08%	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 0.34, 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 0.08% 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.