QUAL vs. SPXM
QUAL (iShares MSCI USA Quality Factor ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. QUAL is passively managed, while SPXM is actively managed. Over the past year, QUAL returned 20.35% vs 8.61% for SPXM. A 0.53 correlation means they provide meaningful diversification when combined. QUAL charges 0.15%/yr vs 0.47%/yr for SPXM.
Performance
QUAL vs. SPXM - Performance Comparison
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Returns By Period
QUAL
- 1D
- 0.27%
- 1M
- 1.25%
- 6M
- 8.14%
- YTD
- 10.81%
- 1Y
- 20.35%
- 3Y*
- 18.14%
- 5Y*
- 11.48%
- 10Y*
- 14.14%
SPXM
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 8.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QUAL vs. SPXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 10.81% | 8.78% |
SPXM Azoria 500 Meritocracy ETF | 0.00% | 9.27% |
Correlation
The correlation between QUAL and SPXM is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025 | 0.53 |
The correlation between QUAL and SPXM has been stable across timeframes, ranging from 0.53 to 0.53 - a consistent structural relationship.
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Return for Risk
QUAL vs. SPXM — Risk / Return Rank
QUAL
SPXM
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.
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.
| QUAL | SPXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.38 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 2.09 | +0.18 |
| Martin ratioReturn relative to average drawdown | 10.17 | 9.77 | +0.40 |
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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.
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Drawdown Indicators
| QUAL | SPXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.06% | -5.08% | -28.98% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -5.08% | -3.95% |
Max Drawdown (3Y)Largest decline over 3 years | -18.00% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.06% | — | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.75% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -0.78% | -3.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | — | — |
Volatility
QUAL vs. SPXM - Volatility Comparison
iShares MSCI USA Quality Factor ETF (QUAL) has a higher volatility of 3.53% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that QUAL'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.
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Volatility by Period
| QUAL | SPXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.53% | 0.00% | +3.53% |
Volatility (6M)Calculated over the trailing 6-month period | 9.70% | 3.96% | +5.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.15% | 7.66% | +4.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.39% | 7.63% | +9.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 7.63% | +10.45% |
QUAL vs. SPXM - Expense Ratio Comparison
QUAL has a 0.15% expense ratio, which is lower than SPXM's 0.47% expense ratio.
Dividends
QUAL vs. SPXM - Dividend Comparison
QUAL's dividend yield for the trailing twelve months is around 0.86%, more than SPXM's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 0.86% | 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% |
Frequently Asked Questions
QUAL and SPXM have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QUAL has higher volatility (3.53%) compared to SPXM (0.00%). In terms of maximum drawdown, QUAL dropped -34.06% vs SPXM's -5.08%.
On 1-year performance, QUAL leads with 20.35% vs 8.61% for SPXM. On fees, QUAL is cheaper at 0.15% per year. 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.
Over the 1-year period, QUAL has performed better with a 20.35% return vs 8.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QUAL is cheaper with a 0.15% expense ratio, compared with 0.47% for SPXM.
QUAL has the higher dividend yield at 0.86%, compared with 0.24% for SPXM.
They also come from different issuers: iShares and Azoria. Their fees differ too: 0.15% for QUAL and 0.47% for SPXM.
QUAL currently has the higher Sharpe Ratio (1.68 vs 1.38), 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.
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