SPXM vs. SKRE

Last updated Aug 4, 2026

SPXM (Azoria 500 Meritocracy ETF) and SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) are both exchange-traded funds - SPXM is a Large Cap Blend Equities fund actively managed by Azoria, while SKRE is a Inverse Equities fund tracking the S&P Regional Banks Select Industry. SPXM is actively managed, while SKRE is passively managed. Over the past year, SPXM returned 8.90% vs -50.55% for SKRE. Their -0.26 correlation means they have often moved in opposite directions in the past. SPXM charges 0.47%/yr vs 0.75%/yr for SKRE.

Performance

SPXM vs. SKRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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%

SKRE

• 1D: -2.27%
• 1M: -5.74%
• 6M: -23.25%
• YTD: -35.15%
• 1Y: -50.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -41.81%

*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)
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	$121.93K	$143.27K	$245.32K
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00

SPXM vs. SKRE - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	-35.15%	-14.52%

Correlation

The correlation between SPXM and SKRE is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	-0.26

Return for Risk

SPXM vs. SKRE — 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

SKRE

SKRE Risk / Return Rank: 1
SKRE Sharpe Ratio Rank: 1
SKRE Sortino Ratio Rank: 1
SKRE Omega Ratio Rank: 1
SKRE Calmar Ratio Rank: 0
SKRE Martin Ratio Rank: 0

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. SKRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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	SKRE	Difference
Sharpe ratio: Return per unit of total volatility	1.49	-1.11	+2.59
Sortino ratio: Return per unit of downside risk	2.14	-1.79	+3.93
Omega ratio: Gain probability vs. loss probability	1.44	0.80	+0.64
Calmar ratio: Return relative to maximum drawdown	2.16	-0.99	+3.14
Martin ratio: Return relative to average drawdown	10.12	-1.65	+11.77

SPXM vs. SKRE - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.49, which is higher than the SKRE Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of SPXM and SKRE, 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. SKRE - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum SKRE drawdown of -79.33%. Use the drawdown chart below to compare losses from any high point for SPXM and SKRE.

Drawdown Indicators

	SPXM	SKRE	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-79.33%	+74.25%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-51.44%	+46.36%
Current Drawdown Current decline from peak	-0.75%	-78.96%	+78.21%
Average Drawdown Average peak-to-trough decline	-0.78%	-49.09%	+48.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.75%	—

Volatility

SPXM vs. SKRE - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) has a volatility of 10.82%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than SKRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	SKRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	10.82%	-10.82%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	30.42%	-29.20%
Volatility (1Y) Calculated over the trailing 1-year period	7.38%	45.86%	-38.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.39%	54.75%	-47.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.39%	54.75%	-47.36%

SPXM vs. SKRE - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is lower than SKRE's 0.75% expense ratio.

Dividends

SPXM vs. SKRE - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than SKRE's 0.39% yield.

Position	TTM	2025	2024
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	0.39%	0.26%	3.16%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%

Frequently Asked Questions

Can I hold both SPXM and SKRE in my portfolio?

SPXM and SKRE have a correlation of -0.22, 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 SKRE?

SKRE has higher volatility (10.82%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs SKRE's -79.33%.

Which ETF is better, SPXM or SKRE?

On 1-year performance, SPXM leads with 8.90% vs -50.55% for SKRE. 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 SKRE?

Over the 1-year period, SPXM has performed better with a 8.90% return vs -50.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or SKRE?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.75% for SKRE.

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

SKRE has the higher dividend yield at 0.39%, compared with 0.24% for SPXM.

What is the main difference between SPXM and SKRE?

SPXM is categorized as Large Cap Blend Equities, while SKRE is Inverse Equities. They also come from different issuers: Azoria and Tuttle. Their fees differ too: 0.47% for SPXM and 0.75% for SKRE.

Which has better risk-adjusted returns?

SPXM currently has the higher Sharpe Ratio (1.49 vs -1.11), 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.