SPXM vs. BWET

Last updated Jul 9, 2026

SPXM (Azoria 500 Meritocracy ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - SPXM is a Large Cap Blend Equities fund actively managed by Azoria, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. SPXM is actively managed, while BWET is passively managed. Over the past year, SPXM returned 9.16% vs 1813.42% for BWET. At a correlation of -0.11, they often move in opposite directions. SPXM charges 0.47%/yr vs 3.50%/yr for BWET.

Performance

SPXM vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Breakwave Tanker Shipping ETF (BWET). 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: 9.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 17.22%
• 1M: 5.92%
• 6M: 832.71%
• YTD: 980.63%
• 1Y: 1,813.42%
• 3Y*: 122.60%
• 5Y*: —
• 10Y*: —

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

SPXM vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
BWET Breakwave Tanker Shipping ETF	980.63%	72.31%

Correlation

The correlation between SPXM and BWET is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	-0.11

Return for Risk

SPXM vs. BWET — Risk / Return Rank

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

SPXM

SPXM Risk / Return Rank: 62
SPXM Sharpe Ratio Rank: 52
SPXM Sortino Ratio Rank: 50
SPXM Omega Ratio Rank: 83
SPXM Calmar Ratio Rank: 55
SPXM Martin Ratio Rank: 71

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 99
BWET Martin Ratio Rank: 99

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. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and Breakwave Tanker Shipping ETF (BWET). 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	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.46	17.54	-16.08
Sortino ratio: Return per unit of downside risk	2.06	6.14	-4.08
Omega ratio: Gain probability vs. loss probability	1.39	1.90	-0.51
Calmar ratio: Return relative to maximum drawdown	2.22	44.55	-42.33
Martin ratio: Return relative to average drawdown	10.42	168.47	-158.04

SPXM vs. BWET - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.46, which is lower than the BWET Sharpe Ratio of 17.54. The chart below compares the historical Sharpe Ratios of SPXM and BWET, 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. BWET - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for SPXM and BWET.

Drawdown Indicators

	SPXM	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-56.90%	+51.82%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-41.22%	+36.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	-0.75%	-4.39%	+3.64%
Average Drawdown Average peak-to-trough decline	-0.78%	-23.78%	+23.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.88%	—

Volatility

SPXM vs. BWET - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 42.71%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	42.71%	-42.71%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	96.18%	-92.02%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	104.76%	-97.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.70%	73.59%	-65.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	73.59%	-65.89%

SPXM vs. BWET - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

SPXM vs. BWET - Dividend Comparison

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

Position	TTM	2025
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both SPXM and BWET in my portfolio?

SPXM and BWET have a correlation of -0.10, 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 BWET?

BWET has higher volatility (42.71%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs BWET's -56.90%.

Which ETF is better, SPXM or BWET?

On 1-year performance, BWET leads with 1813.42% vs 9.16% 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 BWET?

Over the 1-year period, BWET has performed better with a 1813.42% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or BWET?

SPXM is cheaper with a 0.47% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between SPXM and BWET?

SPXM is categorized as Large Cap Blend Equities, while BWET is Commodities. They also come from different issuers: Azoria and Amplify. Their fees differ too: 0.47% for SPXM and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (17.54 vs 1.46), 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.