SPXM vs. QUAL

Last updated Jun 3, 2026

SPXM (Azoria 500 Meritocracy ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both Large Cap Blend Equities funds. SPXM is actively managed, while QUAL is passively managed. A 0.57 correlation means they provide meaningful diversification when combined. SPXM charges 0.47%/yr vs 0.15%/yr for QUAL.

Performance

SPXM vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and iShares MSCI USA Quality Factor ETF (QUAL). 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: 0.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QUAL

• 1D: -0.09%
• 1M: 4.16%
• YTD: 8.87%
• 6M: 9.31%
• 1Y: 22.53%
• 3Y*: 19.68%
• 5Y*: 12.20%
• 10Y*: 14.28%

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

SPXM vs. QUAL - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%
QUAL iShares MSCI USA Quality Factor ETF	8.87%	8.65%

Correlation

The correlation between SPXM and QUAL is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.57

Return for Risk

SPXM vs. QUAL — Risk / Return Rank

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

QUAL

QUAL Risk / Return Rank: 56
QUAL Sharpe Ratio Rank: 55
QUAL Sortino Ratio Rank: 56
QUAL Omega Ratio Rank: 54
QUAL Calmar Ratio Rank: 51
QUAL Martin Ratio Rank: 64

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. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and iShares MSCI USA Quality Factor ETF (QUAL). 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	QUAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.91	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	0.80	+0.77

Drawdowns

SPXM vs. QUAL - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for SPXM and QUAL.

Drawdown Indicators

	SPXM	QUAL	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-34.06%	+28.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.06%	—
Current Drawdown Current decline from peak	-0.75%	-0.09%	-0.66%
Average Drawdown Average peak-to-trough decline	-0.79%	-4.11%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.98%	—

Volatility

Volatility by Period

	SPXM	QUAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.60%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.21%	11.83%	-3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.21%	17.33%	-9.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.21%	18.10%	-9.89%

SPXM vs. QUAL - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

SPXM vs. QUAL - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than QUAL's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QUAL iShares MSCI USA Quality Factor ETF	0.87%	0.94%	1.02%	1.23%	1.59%	1.20%	1.39%	1.60%	2.00%	1.76%	1.96%	1.63%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXM and QUAL in my portfolio?

SPXM and QUAL have a correlation of 0.57, 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 QUAL?

On fees, QUAL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXM or QUAL?

QUAL is cheaper with a 0.15% expense ratio, compared with 0.47% for SPXM.

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

QUAL has the higher dividend yield at 0.87%, compared with 0.24% for SPXM.

What is the main difference between SPXM and QUAL?

They also come from different issuers: Azoria and iShares. Their fees differ too: 0.47% for SPXM and 0.15% for QUAL.