NOEQ vs. SPXM

Last updated Jul 24, 2026

NOEQ (Northern Trust US Equity ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. NOEQ charges 0.12%/yr vs 0.47%/yr for SPXM.

Performance

NOEQ vs. SPXM - Performance Comparison

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

Returns By Period

NOEQ

• 1D: -1.12%
• 1M: 0.63%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 7.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.89%

*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)
NOEQ Northern Trust US Equity ETF	$462.73	$1.27K	$969.89
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00

NOEQ vs. SPXM - Yearly Performance Comparison

	2026 (YTD)
NOEQ Northern Trust US Equity ETF	12.28%
SPXM Azoria 500 Meritocracy ETF	0.00%

Return for Risk

NOEQ vs. SPXM — Risk / Return Rank

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

NOEQ

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

SPXM

SPXM Risk / Return Rank: 54
SPXM Sharpe Ratio Rank: 45
SPXM Sortino Ratio Rank: 43
SPXM Omega Ratio Rank: 73
SPXM Calmar Ratio Rank: 47
SPXM Martin Ratio Rank: 63

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.

NOEQ vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust US Equity ETF (NOEQ) 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.

	NOEQ	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.15	—
Sortino ratio: Return per unit of downside risk	—	1.64	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	1.72	—
Martin ratio: Return relative to average drawdown	—	8.00	—

Drawdowns

NOEQ vs. SPXM - Drawdown Comparison

The maximum NOEQ drawdown since its inception was -3.70%, smaller than the maximum SPXM drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for NOEQ and SPXM.

Drawdown Indicators

	NOEQ	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-5.08%	+1.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.08%	—
Current Drawdown Current decline from peak	-2.23%	-0.75%	-1.48%
Average Drawdown Average peak-to-trough decline	-0.82%	-0.78%	-0.04%

Volatility

Volatility by Period

	NOEQ	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.95%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	7.63%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	7.50%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.03%	7.50%	+5.53%

NOEQ vs. SPXM - Expense Ratio Comparison

NOEQ has a 0.12% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

NOEQ vs. SPXM - Dividend Comparison

NOEQ's dividend yield for the trailing twelve months is around 0.17%, less than SPXM's 0.24% yield.

Position	TTM	2025
NOEQ Northern Trust US Equity ETF	0.17%	0.00%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Which ETF is better, NOEQ or SPXM?

On fees, NOEQ is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NOEQ or SPXM?

NOEQ is cheaper with a 0.12% expense ratio, compared with 0.47% for SPXM.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.17% for NOEQ.

What is the main difference between NOEQ and SPXM?

They also come from different issuers: Northern Trust and Azoria. Their fees differ too: 0.12% for NOEQ and 0.47% for SPXM.