RAFE vs. SPXM

Last updated Jul 14, 2026

RAFE (PIMCO RAFI ESG U.S. ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. RAFE is passively managed, while SPXM is actively managed. Over the past year, RAFE returned 28.06% vs 8.67% for SPXM. At a 0.48 correlation, their price movements are largely independent. RAFE charges 0.30%/yr vs 0.47%/yr for SPXM.

Performance

RAFE vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI ESG U.S. ETF (RAFE) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RAFE

• 1D: -0.06%
• 1M: 1.59%
• 6M: 13.30%
• YTD: 15.70%
• 1Y: 28.06%
• 3Y*: 18.76%
• 5Y*: 11.46%
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAFE vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
RAFE PIMCO RAFI ESG U.S. ETF	15.70%	10.76%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between RAFE and SPXM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.48

Return for Risk

RAFE vs. SPXM — Risk / Return Rank

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

RAFE

RAFE Risk / Return Rank: 89
RAFE Sharpe Ratio Rank: 91
RAFE Sortino Ratio Rank: 91
RAFE Omega Ratio Rank: 89
RAFE Calmar Ratio Rank: 86
RAFE Martin Ratio Rank: 88

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 51
SPXM Sortino Ratio Rank: 49
SPXM Omega Ratio Rank: 81
SPXM Calmar Ratio Rank: 53
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.

RAFE vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI ESG U.S. ETF (RAFE) 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.

	RAFE	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.39	+1.10
Sortino ratio: Return per unit of downside risk	3.48	1.97	+1.52
Omega ratio: Gain probability vs. loss probability	1.45	1.38	+0.07
Calmar ratio: Return relative to maximum drawdown	3.78	2.10	+1.68
Martin ratio: Return relative to average drawdown	14.72	9.84	+4.88

RAFE vs. SPXM - Sharpe Ratio Comparison

The current RAFE Sharpe Ratio is 2.49, which is higher than the SPXM Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of RAFE 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

RAFE vs. SPXM - Drawdown Comparison

The maximum RAFE drawdown since its inception was -35.74%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for RAFE and SPXM.

Drawdown Indicators

	RAFE	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-35.74%	-5.08%	-30.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-5.08%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-16.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.28%	—	—
Current Drawdown Current decline from peak	-0.06%	-0.75%	+0.69%
Average Drawdown Average peak-to-trough decline	-6.13%	-0.78%	-5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	—	—

Volatility

RAFE vs. SPXM - Volatility Comparison

PIMCO RAFI ESG U.S. ETF (RAFE) has a higher volatility of 2.78% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that RAFE'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

	RAFE	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	0.00%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	8.59%	3.99%	+4.60%
Volatility (1Y) Calculated over the trailing 1-year period	11.34%	7.68%	+3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.07%	7.64%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	7.64%	+11.69%

RAFE vs. SPXM - Expense Ratio Comparison

RAFE has a 0.30% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

RAFE vs. SPXM - Dividend Comparison

RAFE's dividend yield for the trailing twelve months is around 1.49%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
RAFE PIMCO RAFI ESG U.S. ETF	1.49%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAFE and SPXM in my portfolio?

RAFE and SPXM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAFE or SPXM?

RAFE has higher volatility (2.78%) compared to SPXM (0.00%). In terms of maximum drawdown, RAFE dropped -35.74% vs SPXM's -5.08%.

Which ETF is better, RAFE or SPXM?

On 1-year performance, RAFE leads with 28.06% vs 8.67% for SPXM. On fees, RAFE is cheaper at 0.30% 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.

Which ETF has performed better, RAFE or SPXM?

Over the 1-year period, RAFE has performed better with a 28.06% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAFE or SPXM?

RAFE is cheaper with a 0.30% expense ratio, compared with 0.47% for SPXM.

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

RAFE has the higher dividend yield at 1.49%, compared with 0.24% for SPXM.

What is the main difference between RAFE and SPXM?

They also come from different issuers: PIMCO and Azoria. Their fees differ too: 0.30% for RAFE and 0.47% for SPXM.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.49 vs 1.39), 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.