QUAL vs. SPXM

Last updated Apr 3, 2026

Compare and contrast key facts about iShares MSCI USA Quality Factor ETF (QUAL) and Azoria 500 Meritocracy ETF (SPXM).

QUAL and SPXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QUAL is a passively managed fund by iShares that tracks the performance of the MSCI USA Sector Neutral Quality Index. It was launched on Jul 18, 2013. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025.

Performance

QUAL vs. SPXM - Performance Comparison

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

QUAL vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
QUAL iShares MSCI USA Quality Factor ETF	-2.54%	8.65%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Returns By Period

QUAL

• 1D: 0.20%
• 1M: -4.31%
• YTD: -2.54%
• 6M: -1.12%
• 1Y: 13.24%
• 3Y*: 17.00%
• 5Y*: 10.75%
• 10Y*: 13.06%

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 1.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QUAL vs. SPXM - Expense Ratio Comparison

QUAL has a 0.15% expense ratio, which is lower than SPXM's 0.47% expense ratio.

SPXM

Azoria 500 Meritocracy ETF

QUAL

iShares MSCI USA Quality Factor ETF

Return for Risk

QUAL vs. SPXM — Risk / Return Rank

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

QUAL

QUAL Risk / Return Rank: 40
QUAL Sharpe Ratio Rank: 36
QUAL Sortino Ratio Rank: 38
QUAL Omega Ratio Rank: 39
QUAL Calmar Ratio Rank: 38
QUAL Martin Ratio Rank: 48

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.

QUAL vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.

	QUAL	SPXM	Difference
Sharpe ratio Return per unit of total volatility	0.76	—	—
Sortino ratio Return per unit of downside risk	1.21	—	—
Omega ratio Gain probability vs. loss probability	1.17	—	—
Calmar ratio Return relative to maximum drawdown	1.21	—	—
Martin ratio Return relative to average drawdown	5.43	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QUAL	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.82	-1.07

Correlation

The correlation between QUAL and SPXM is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QUAL vs. SPXM - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.98%, more than SPXM's 0.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QUAL iShares MSCI USA Quality Factor ETF	0.98%	0.94%	1.02%	1.23%	1.59%	1.20%	1.39%	1.60%	2.00%	1.76%	1.96%	1.63%
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%

Drawdowns

QUAL vs. SPXM - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for QUAL and SPXM.

Drawdown Indicators

	QUAL	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-34.06%	-5.08%	-28.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.06%	—	—
Current Drawdown Current decline from peak	-5.78%	-0.75%	-5.03%
Average Drawdown Average peak-to-trough decline	-4.15%	-0.80%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	—	—

Volatility

Volatility by Period

	QUAL	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.27%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.46%	9.34%	+8.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	9.34%	+7.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	9.34%	+8.74%