SPXM vs. ESN

Last updated Aug 4, 2026

SPXM (Azoria 500 Meritocracy ETF) and ESN (Essential 40 Stock ETF) are both Large Cap Blend Equities funds. SPXM is actively managed, while ESN is passively managed. Over the past year, SPXM returned 8.90% vs 28.79% for ESN. Their 0.44 correlation means their historical movements had little consistent relationship. SPXM charges 0.47%/yr vs 0.70%/yr for ESN.

Performance

SPXM vs. ESN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Essential 40 Stock ETF (ESN). 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: 8.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.63%

ESN

• 1D: 0.90%
• 1M: 0.63%
• 6M: 12.36%
• YTD: 17.69%
• 1Y: 28.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ESN Essential 40 Stock ETF	$2.27M	$1.62M	$1.62M
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00

SPXM vs. ESN - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
ESN Essential 40 Stock ETF	17.69%	7.05%

Correlation

The correlation between SPXM and ESN is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.44

Return for Risk

SPXM vs. ESN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPXM

SPXM Risk / Return Rank: 68
SPXM Sharpe Ratio Rank: 59
SPXM Sortino Ratio Rank: 59
SPXM Omega Ratio Rank: 90
SPXM Calmar Ratio Rank: 57
SPXM Martin Ratio Rank: 75

ESN

ESN Risk / Return Rank: 94
ESN Sharpe Ratio Rank: 95
ESN Sortino Ratio Rank: 94
ESN Omega Ratio Rank: 93
ESN Calmar Ratio Rank: 92
ESN Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPXM vs. ESN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and Essential 40 Stock ETF (ESN). 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	ESN	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.91	-1.42
Sortino ratio: Return per unit of downside risk	2.14	4.00	-1.86
Omega ratio: Gain probability vs. loss probability	1.44	1.51	-0.07
Calmar ratio: Return relative to maximum drawdown	2.16	4.50	-2.35
Martin ratio: Return relative to average drawdown	10.12	18.06	-7.94

SPXM vs. ESN - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.49, which is lower than the ESN Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of SPXM and ESN, 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. ESN - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum ESN drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for SPXM and ESN.

Drawdown Indicators

	SPXM	ESN	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-13.60%	+8.52%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-6.42%	+1.34%
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-0.78%	-1.80%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.60%	—

Volatility

SPXM vs. ESN - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Essential 40 Stock ETF (ESN) has a volatility of 2.69%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than ESN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	ESN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.69%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	7.51%	-6.29%
Volatility (1Y) Calculated over the trailing 1-year period	7.38%	9.97%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.39%	13.04%	-5.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.39%	13.04%	-5.65%

SPXM vs. ESN - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is lower than ESN's 0.70% expense ratio.

Dividends

SPXM vs. ESN - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than ESN's 0.77% yield.

Position	TTM	2025	2024
ESN Essential 40 Stock ETF	0.77%	0.91%	0.76%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%

Frequently Asked Questions

Can I hold both SPXM and ESN in my portfolio?

SPXM and ESN 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 is riskier, SPXM or ESN?

ESN has higher volatility (2.69%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs ESN's -13.60%.

Which ETF is better, SPXM or ESN?

On 1-year performance, ESN leads with 28.79% vs 8.90% 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 ESN?

Over the 1-year period, ESN has performed better with a 28.79% return vs 8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or ESN?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.70% for ESN.

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

ESN has the higher dividend yield at 0.77%, compared with 0.24% for SPXM.

What is the main difference between SPXM and ESN?

They also come from different issuers: Azoria and KKM. Their fees differ too: 0.47% for SPXM and 0.70% for ESN.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.91 vs 1.49), 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.