MOAT vs. SPXM

Last updated Jul 15, 2026

MOAT (VanEck Morningstar Wide Moat ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. MOAT is passively managed, while SPXM is actively managed. Over the past year, MOAT returned 11.60% vs 8.61% for SPXM. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.47% expense ratio.

Performance

MOAT vs. SPXM - Performance Comparison

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

Returns By Period

MOAT

• 1D: -0.55%
• 1M: 2.85%
• 6M: -0.93%
• YTD: 2.17%
• 1Y: 11.60%
• 3Y*: 10.36%
• 5Y*: 8.59%
• 10Y*: 13.50%

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MOAT vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
MOAT VanEck Morningstar Wide Moat ETF	2.17%	9.37%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between MOAT and SPXM is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.42

Return for Risk

MOAT vs. SPXM — Risk / Return Rank

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

MOAT

MOAT Risk / Return Rank: 26
MOAT Sharpe Ratio Rank: 28
MOAT Sortino Ratio Rank: 28
MOAT Omega Ratio Rank: 25
MOAT Calmar Ratio Rank: 24
MOAT Martin Ratio Rank: 26

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 49
SPXM Sortino Ratio Rank: 48
SPXM Omega Ratio Rank: 81
SPXM Calmar Ratio Rank: 52
SPXM Martin Ratio Rank: 68

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.

MOAT vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Wide Moat ETF (MOAT) 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.

	MOAT	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.38	-0.54
Sortino ratio: Return per unit of downside risk	1.28	1.95	-0.67
Omega ratio: Gain probability vs. loss probability	1.15	1.38	-0.23
Calmar ratio: Return relative to maximum drawdown	0.94	2.09	-1.15
Martin ratio: Return relative to average drawdown	2.78	9.77	-6.99

MOAT vs. SPXM - Sharpe Ratio Comparison

The current MOAT Sharpe Ratio is 0.84, which is lower than the SPXM Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of MOAT 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

MOAT vs. SPXM - Drawdown Comparison

The maximum MOAT drawdown since its inception was -33.31%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for MOAT and SPXM.

Drawdown Indicators

	MOAT	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-33.31%	-5.08%	-28.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-5.08%	-7.35%
Max Drawdown (3Y) Largest decline over 3 years	-21.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	—	—
Current Drawdown Current decline from peak	-1.73%	-0.75%	-0.98%
Average Drawdown Average peak-to-trough decline	-3.83%	-0.78%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	—	—

Volatility

MOAT vs. SPXM - Volatility Comparison

VanEck Morningstar Wide Moat ETF (MOAT) has a higher volatility of 4.09% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that MOAT'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

	MOAT	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	0.00%	+4.09%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	3.96%	+6.30%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	7.66%	+6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	7.63%	+10.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	7.63%	+10.97%

MOAT vs. SPXM - Expense Ratio Comparison

Both MOAT and SPXM have an expense ratio of 0.47%.

Dividends

MOAT vs. SPXM - Dividend Comparison

MOAT's dividend yield for the trailing twelve months is around 1.33%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOAT VanEck Morningstar Wide Moat ETF	1.33%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%
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 MOAT and SPXM in my portfolio?

MOAT and SPXM have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MOAT or SPXM?

MOAT has higher volatility (4.09%) compared to SPXM (0.00%). In terms of maximum drawdown, MOAT dropped -33.31% vs SPXM's -5.08%.

Which ETF is better, MOAT or SPXM?

On 1-year performance, MOAT leads with 11.60% vs 8.61% for SPXM. Both ETFs have the same 0.47% expense ratio. 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, MOAT or SPXM?

Over the 1-year period, MOAT has performed better with a 11.60% return vs 8.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MOAT or SPXM?

MOAT and SPXM have the same expense ratio: 0.47% per year.

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

MOAT has the higher dividend yield at 1.33%, compared with 0.24% for SPXM.

What is the main difference between MOAT and SPXM?

They also come from different issuers: VanEck and Azoria.

Which has better risk-adjusted returns?

SPXM currently has the higher Sharpe Ratio (1.38 vs 0.84), 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.