SPXM vs. AFOS

Last updated Jun 4, 2026

SPXM (Azoria 500 Meritocracy ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. At a 0.42 correlation, their price movements are largely independent. SPXM charges 0.47%/yr vs 0.45%/yr for AFOS.

Performance

SPXM vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -0.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXM vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	33.71%

Correlation

The correlation between SPXM and AFOS is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.42

Return for Risk

SPXM vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

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

Sharpe Ratios by Period

	SPXM	AFOS	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	4.35	-2.79

Drawdowns

SPXM vs. AFOS - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum AFOS drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for SPXM and AFOS.

Drawdown Indicators

	SPXM	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-11.52%	+6.44%
Current Drawdown Current decline from peak	-0.75%	-0.29%	-0.46%
Average Drawdown Average peak-to-trough decline	-0.79%	-1.37%	+0.58%

Volatility

Volatility by Period

	SPXM	AFOS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	20.19%	-12.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	20.19%	-12.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.18%	20.19%	-12.01%

SPXM vs. AFOS - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

SPXM vs. AFOS - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, more than AFOS's 0.22% yield.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both SPXM and AFOS in my portfolio?

SPXM and AFOS have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXM or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXM or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.47% for SPXM.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.22% for AFOS.

What is the main difference between SPXM and AFOS?

They also come from different issuers: Azoria and ARS Investment Partners. Their fees differ too: 0.47% for SPXM and 0.45% for AFOS.