SPXM vs. SPD

Last updated Jul 11, 2026

SPXM (Azoria 500 Meritocracy ETF) and SPD (Simplify US Equity PLUS Downside Convexity ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, SPXM returned 8.67% vs 11.80% for SPD. A 0.56 correlation means they provide meaningful diversification when combined. SPXM charges 0.47%/yr vs 0.53%/yr for SPD.

Performance

SPXM vs. SPD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Simplify US Equity PLUS Downside Convexity ETF (SPD). 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: 8.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPD

• 1D: 0.34%
• 1M: 1.62%
• 6M: 5.27%
• YTD: 7.12%
• 1Y: 11.80%
• 3Y*: 16.79%
• 5Y*: 7.78%
• 10Y*: —

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

SPXM vs. SPD - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
SPD Simplify US Equity PLUS Downside Convexity ETF	7.12%	4.03%

Correlation

The correlation between SPXM and SPD is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.56

The correlation between SPXM and SPD has been stable across timeframes, ranging from 0.56 to 0.56 - a consistent structural relationship.

Return for Risk

SPXM vs. SPD — Risk / Return Rank

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

SPXM

SPXM Risk / Return Rank: 57
SPXM Sharpe Ratio Rank: 47
SPXM Sortino Ratio Rank: 46
SPXM Omega Ratio Rank: 77
SPXM Calmar Ratio Rank: 50
SPXM Martin Ratio Rank: 66

SPD

SPD Risk / Return Rank: 26
SPD Sharpe Ratio Rank: 27
SPD Sortino Ratio Rank: 27
SPD Omega Ratio Rank: 25
SPD Calmar Ratio Rank: 23
SPD Martin Ratio Rank: 26

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. SPD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and Simplify US Equity PLUS Downside Convexity ETF (SPD). 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	SPD	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.83	+0.50
Sortino ratio: Return per unit of downside risk	1.88	1.25	+0.63
Omega ratio: Gain probability vs. loss probability	1.36	1.15	+0.21
Calmar ratio: Return relative to maximum drawdown	2.01	0.90	+1.10
Martin ratio: Return relative to average drawdown	9.42	2.87	+6.56

SPXM vs. SPD - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.33, which is higher than the SPD Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of SPXM and SPD, 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. SPD - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum SPD drawdown of -27.38%. Use the drawdown chart below to compare losses from any high point for SPXM and SPD.

Drawdown Indicators

	SPXM	SPD	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-27.38%	+22.30%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-11.90%	+6.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.38%	—
Current Drawdown Current decline from peak	-0.75%	-0.30%	-0.45%
Average Drawdown Average peak-to-trough decline	-0.78%	-7.62%	+6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.75%	—

Volatility

SPXM vs. SPD - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Simplify US Equity PLUS Downside Convexity ETF (SPD) has a volatility of 4.21%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than SPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	SPD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	4.21%	-4.21%
Volatility (6M) Calculated over the trailing 6-month period	4.13%	9.36%	-5.23%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	13.02%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	16.14%	-8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	15.97%	-8.31%

SPXM vs. SPD - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is lower than SPD's 0.53% expense ratio.

Dividends

SPXM vs. SPD - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than SPD's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SPD Simplify US Equity PLUS Downside Convexity ETF	0.96%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXM and SPD in my portfolio?

SPXM and SPD have a correlation of 0.56, 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 SPD?

SPD has higher volatility (4.21%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs SPD's -27.38%.

Which ETF is better, SPXM or SPD?

On 1-year performance, SPD leads with 11.80% vs 8.67% 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 SPD?

Over the 1-year period, SPD has performed better with a 11.80% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or SPD?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.53% for SPD.

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

SPD has the higher dividend yield at 0.96%, compared with 0.24% for SPXM.

What is the main difference between SPXM and SPD?

They also come from different issuers: Azoria and Simplify. Their fees differ too: 0.47% for SPXM and 0.53% for SPD.

Which has better risk-adjusted returns?

SPXM currently has the higher Sharpe Ratio (1.33 vs 0.83), 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.