SPD vs. SPXM

Last updated Jun 4, 2026

SPD (Simplify US Equity PLUS Downside Convexity ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined. SPD charges 0.53%/yr vs 0.47%/yr for SPXM.

Performance

SPD vs. SPXM - Performance Comparison

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

Returns By Period

SPD

• 1D: -0.70%
• 1M: 5.09%
• YTD: 6.70%
• 6M: 5.81%
• 1Y: 14.01%
• 3Y*: 17.87%
• 5Y*: 8.36%
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPD vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
SPD Simplify US Equity PLUS Downside Convexity ETF	6.70%	4.61%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Correlation

The correlation between SPD and SPXM is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.60

Return for Risk

SPD vs. SPXM — Risk / Return Rank

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

SPD

SPD Risk / Return Rank: 27
SPD Sharpe Ratio Rank: 29
SPD Sortino Ratio Rank: 29
SPD Omega Ratio Rank: 27
SPD Calmar Ratio Rank: 25
SPD Martin Ratio Rank: 27

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.

SPD vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) 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.

	SPD	SPXM	Difference
Sharpe ratio Return per unit of total volatility	1.07	—	—
Sortino ratio Return per unit of downside risk	1.58	—	—
Omega ratio Gain probability vs. loss probability	1.18	—	—
Calmar ratio Return relative to maximum drawdown	1.18	—	—
Martin ratio Return relative to average drawdown	3.67	—	—
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

	SPD	SPXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	1.57	-0.88

Drawdowns

SPD vs. SPXM - Drawdown Comparison

The maximum SPD drawdown since its inception was -27.38%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for SPD and SPXM.

Drawdown Indicators

	SPD	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-27.38%	-5.08%	-22.30%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.38%	—	—
Current Drawdown Current decline from peak	-0.70%	-0.75%	+0.05%
Average Drawdown Average peak-to-trough decline	-7.72%	-0.79%	-6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	—	—

Volatility

Volatility by Period

	SPD	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	8.21%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	8.21%	+7.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	8.21%	+7.77%

SPD vs. SPXM - Expense Ratio Comparison

SPD has a 0.53% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

SPD vs. SPXM - Dividend Comparison

SPD's dividend yield for the trailing twelve months is around 0.96%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SPD Simplify US Equity PLUS Downside Convexity ETF	0.96%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%
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 SPD and SPXM in my portfolio?

SPD and SPXM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPD or SPXM?

On fees, SPXM is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPD or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.53% for SPD.

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

SPD has the higher dividend yield at 0.96%, compared with 0.24% for SPXM.

What is the main difference between SPD and SPXM?

They also come from different issuers: Simplify and Azoria. Their fees differ too: 0.53% for SPD and 0.47% for SPXM.