SPXM vs. QUAL

Last updated Apr 1, 2026

Compare and contrast key facts about Azoria 500 Meritocracy ETF (SPXM) and iShares MSCI USA Quality Factor ETF (QUAL).

SPXM and QUAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025. QUAL is a passively managed fund by iShares that tracks the performance of the MSCI USA Sector Neutral Quality Index. It was launched on Jul 18, 2013.

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.

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	-3.22%	8.65%

Returns By Period

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 2.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QUAL

• 1D: 2.85%
• 1M: -6.17%
• YTD: -3.22%
• 6M: -0.87%
• 1Y: 13.35%
• 3Y*: 16.91%
• 5Y*: 10.60%
• 10Y*: 12.94%

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

SPXM vs. QUAL - Expense Ratio Comparison

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

SPXM

Azoria 500 Meritocracy ETF

QUAL

iShares MSCI USA Quality Factor ETF

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: 51
QUAL Sharpe Ratio Rank: 45
QUAL Sortino Ratio Rank: 48
QUAL Omega Ratio Rank: 48
QUAL Calmar Ratio Rank: 54
QUAL Martin Ratio Rank: 62

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	—	0.77	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.83	0.75	+1.08

Correlation

The correlation between SPXM and QUAL is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPXM vs. QUAL - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than QUAL's 0.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QUAL iShares MSCI USA Quality Factor ETF	0.98%	0.94%	1.02%	1.23%	1.59%	1.20%	1.39%	1.60%	2.00%	1.76%	1.96%	1.63%

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	—	-11.52%	—
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%	-6.44%	+5.69%
Average Drawdown Average peak-to-trough decline	-0.80%	-4.15%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.50%	—

Volatility

Volatility by Period

	SPXM	QUAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.38%	17.47%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.38%	17.34%	-7.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.38%	18.08%	-8.70%