SPXM vs. IBMQ

Last updated Jul 9, 2026

SPXM (Azoria 500 Meritocracy ETF) and IBMQ (iShares iBonds Dec 2028 Term Muni Bond ETF) are both exchange-traded funds - SPXM is a Large Cap Blend Equities fund actively managed by Azoria, while IBMQ is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index. SPXM is actively managed, while IBMQ is passively managed. Over the past year, SPXM returned 9.16% vs 2.95% for IBMQ. At a correlation of -0.06, they often move in opposite directions. SPXM charges 0.47%/yr vs 0.18%/yr for IBMQ.

Performance

SPXM vs. IBMQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ). 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*: —

IBMQ

• 1D: -0.04%
• 1M: 0.29%
• 6M: 0.88%
• YTD: 1.06%
• 1Y: 2.95%
• 3Y*: 3.00%
• 5Y*: 0.40%
• 10Y*: —

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

SPXM vs. IBMQ - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF	1.06%	1.88%

Correlation

The correlation between SPXM and IBMQ is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	-0.06

Return for Risk

SPXM vs. IBMQ — 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

IBMQ

IBMQ Risk / Return Rank: 79
IBMQ Sharpe Ratio Rank: 92
IBMQ Sortino Ratio Rank: 93
IBMQ Omega Ratio Rank: 93
IBMQ Calmar Ratio Rank: 66
IBMQ Martin Ratio Rank: 51

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. IBMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ). 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	IBMQ	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.50	-1.03
Sortino ratio: Return per unit of downside risk	2.06	3.75	-1.69
Omega ratio: Gain probability vs. loss probability	1.39	1.51	-0.12
Calmar ratio: Return relative to maximum drawdown	2.22	2.63	-0.42
Martin ratio: Return relative to average drawdown	10.42	6.92	+3.51

SPXM vs. IBMQ - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.46, which is lower than the IBMQ Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of SPXM and IBMQ, 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. IBMQ - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum IBMQ drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for SPXM and IBMQ.

Drawdown Indicators

	SPXM	IBMQ	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-15.85%	+10.77%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-1.13%	-3.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.51%	—
Current Drawdown Current decline from peak	-0.75%	-0.08%	-0.67%
Average Drawdown Average peak-to-trough decline	-0.78%	-3.21%	+2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.43%	—

Volatility

SPXM vs. IBMQ - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) has a volatility of 0.22%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than IBMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	IBMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.22%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	0.86%	+3.30%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	1.19%	+6.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.70%	2.95%	+4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	5.51%	+2.19%

SPXM vs. IBMQ - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is higher than IBMQ's 0.18% expense ratio.

Dividends

SPXM vs. IBMQ - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than IBMQ's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF	2.44%	2.43%	2.33%	1.93%	1.25%	1.05%	1.24%	1.03%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXM and IBMQ in my portfolio?

SPXM and IBMQ have a correlation of -0.06, 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 IBMQ?

IBMQ has higher volatility (0.22%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs IBMQ's -15.85%.

Which ETF is better, SPXM or IBMQ?

On 1-year performance, SPXM leads with 9.16% vs 2.95% for IBMQ. On fees, IBMQ is cheaper at 0.18% 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 IBMQ?

Over the 1-year period, SPXM has performed better with a 9.16% return vs 2.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or IBMQ?

IBMQ is cheaper with a 0.18% expense ratio, compared with 0.47% for SPXM.

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

IBMQ has the higher dividend yield at 2.44%, compared with 0.24% for SPXM.

What is the main difference between SPXM and IBMQ?

SPXM is categorized as Large Cap Blend Equities, while IBMQ is Municipal Bonds. They also come from different issuers: Azoria and iShares. Their fees differ too: 0.47% for SPXM and 0.18% for IBMQ.

Which has better risk-adjusted returns?

IBMQ currently has the higher Sharpe Ratio (2.50 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.