SPXM vs. BDRY

Last updated Jul 17, 2026

SPXM (Azoria 500 Meritocracy ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - SPXM is a Large Cap Blend Equities fund actively managed by Azoria, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. SPXM is actively managed, while BDRY is passively managed. Over the past year, SPXM returned 8.72% vs 74.48% for BDRY. At a correlation of -0.09, they often move in opposite directions. SPXM charges 0.47%/yr vs 3.76%/yr for BDRY.

Performance

SPXM vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDRY

• 1D: -1.48%
• 1M: 4.29%
• 6M: 33.44%
• YTD: 44.24%
• 1Y: 74.48%
• 3Y*: 37.75%
• 5Y*: -12.39%
• 10Y*: —

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

SPXM vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
BDRY Breakwave Dry Bulk Shipping ETF	44.24%	44.48%

Correlation

The correlation between SPXM and BDRY is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	-0.09

Return for Risk

SPXM vs. BDRY — Risk / Return Rank

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

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 50
SPXM Sortino Ratio Rank: 48
SPXM Omega Ratio Rank: 82
SPXM Calmar Ratio Rank: 52
SPXM Martin Ratio Rank: 69

BDRY

BDRY Risk / Return Rank: 68
BDRY Sharpe Ratio Rank: 72
BDRY Sortino Ratio Rank: 63
BDRY Omega Ratio Rank: 58
BDRY Calmar Ratio Rank: 82
BDRY Martin Ratio Rank: 66

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.

SPXM vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	SPXM	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.84	-0.44
Sortino ratio: Return per unit of downside risk	1.98	2.37	-0.39
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.10
Calmar ratio: Return relative to maximum drawdown	2.11	3.47	-1.35
Martin ratio: Return relative to average drawdown	9.87	9.43	+0.44

SPXM vs. BDRY - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.40, which is comparable to the BDRY Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SPXM and BDRY, 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

SPXM vs. BDRY - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for SPXM and BDRY.

Drawdown Indicators

	SPXM	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-89.16%	+84.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-21.60%	+16.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-0.75%	-69.53%	+68.78%
Average Drawdown Average peak-to-trough decline	-0.78%	-58.52%	+57.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.92%	—

Volatility

SPXM vs. BDRY - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 10.05%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	10.05%	-10.05%
Volatility (6M) Calculated over the trailing 6-month period	3.78%	29.47%	-25.69%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	41.13%	-33.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	59.91%	-52.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.59%	62.24%	-54.65%

SPXM vs. BDRY - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

SPXM vs. BDRY - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, while BDRY has not paid dividends to shareholders.

Position	TTM	2025
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both SPXM and BDRY in my portfolio?

SPXM and BDRY have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXM or BDRY?

BDRY has higher volatility (10.05%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs BDRY's -89.16%.

Which ETF is better, SPXM or BDRY?

On 1-year performance, BDRY leads with 74.48% vs 8.72% for SPXM. On fees, SPXM is cheaper at 0.47% 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, SPXM or BDRY?

Over the 1-year period, BDRY has performed better with a 74.48% return vs 8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or BDRY?

SPXM is cheaper with a 0.47% expense ratio, compared with 3.76% for BDRY.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.00% for BDRY.

What is the main difference between SPXM and BDRY?

SPXM is categorized as Large Cap Blend Equities, while BDRY is Commodities. They also come from different issuers: Azoria and ETFMG. Their fees differ too: 0.47% for SPXM and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (1.84 vs 1.40), 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.