MNZL vs. SPXM

Last updated Apr 1, 2026

Compare and contrast key facts about Manzil Russell Halal USA Broad Market ETF (MNZL) and Azoria 500 Meritocracy ETF (SPXM).

MNZL and SPXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MNZL is a passively managed fund by Manzil that tracks the performance of the Russell IdealRatings Manzil Halal USA Broad Market Index. It was launched on Nov 18, 2025. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025.

Performance

MNZL vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manzil Russell Halal USA Broad Market ETF (MNZL) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

MNZL vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
MNZL Manzil Russell Halal USA Broad Market ETF	-2.36%	2.90%
SPXM Azoria 500 Meritocracy ETF	0.00%	3.09%

Returns By Period

MNZL

• 1D: 2.91%
• 1M: -6.18%
• YTD: -2.36%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 2.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNZL vs. SPXM - Expense Ratio Comparison

MNZL has a 0.40% expense ratio, which is lower than SPXM's 0.47% expense ratio.

SPXM

Azoria 500 Meritocracy ETF

MNZL

Manzil Russell Halal USA Broad Market ETF

Return for Risk

MNZL vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manzil Russell Halal USA Broad Market ETF (MNZL) 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

	MNZL	SPXM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	1.83	-1.74

Correlation

The correlation between MNZL and SPXM is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MNZL vs. SPXM - Dividend Comparison

MNZL's dividend yield for the trailing twelve months is around 0.04%, less than SPXM's 0.24% yield.

	TTM	2025
MNZL Manzil Russell Halal USA Broad Market ETF	0.04%	0.04%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Drawdowns

MNZL vs. SPXM - Drawdown Comparison

The maximum MNZL drawdown since its inception was -9.66%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for MNZL and SPXM.

Drawdown Indicators

	MNZL	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-9.66%	-5.08%	-4.58%
Current Drawdown Current decline from peak	-7.03%	-0.75%	-6.28%
Average Drawdown Average peak-to-trough decline	-2.01%	-0.80%	-1.21%

Volatility

Volatility by Period

	MNZL	SPXM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	9.38%	+6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	9.38%	+6.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.58%	9.38%	+6.20%