SPXM vs. SPYM

Last updated Jul 11, 2026

SPXM (Azoria 500 Meritocracy ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - SPXM is a Large Cap Blend Equities fund actively managed by Azoria, while SPYM is a S&P 500 fund tracking the S&P 500 Index. SPXM is actively managed, while SPYM is passively managed. Over the past year, SPXM returned 8.67% vs 21.58% for SPYM. A 0.53 correlation means they provide meaningful diversification when combined. SPXM charges 0.47%/yr vs 0.02%/yr for SPYM.

Performance

SPXM vs. SPYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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*: —

SPYM

• 1D: -0.75%
• 1M: 1.29%
• 6M: 8.37%
• YTD: 10.50%
• 1Y: 21.58%
• 3Y*: 20.18%
• 5Y*: 13.01%
• 10Y*: 15.18%

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

SPXM vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
SPYM State Street SPDR Portfolio S&P 500 ETF	10.50%	10.51%

Correlation

The correlation between SPXM and SPYM is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.53

The correlation between SPXM and SPYM has been stable across timeframes, ranging from 0.53 to 0.53 - a consistent structural relationship.

Return for Risk

SPXM vs. SPYM — 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

SPYM

SPYM Risk / Return Rank: 66
SPYM Sharpe Ratio Rank: 67
SPYM Sortino Ratio Rank: 65
SPYM Omega Ratio Rank: 66
SPYM Calmar Ratio Rank: 61
SPYM Martin Ratio Rank: 72

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. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.73	-0.40
Sortino ratio: Return per unit of downside risk	1.88	2.39	-0.51
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	2.01	2.43	-0.43
Martin ratio: Return relative to average drawdown	9.42	10.62	-1.20

SPXM vs. SPYM - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.33, which is comparable to the SPYM Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SPXM and SPYM, 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. SPYM - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SPXM and SPYM.

Drawdown Indicators

	SPXM	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-54.46%	+49.38%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-8.90%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.87%	—
Current Drawdown Current decline from peak	-0.75%	-1.09%	+0.34%
Average Drawdown Average peak-to-trough decline	-0.78%	-7.13%	+6.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.04%	—

Volatility

SPXM vs. SPYM - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while State Street SPDR Portfolio S&P 500 ETF (SPYM) has a volatility of 4.22%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	4.22%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	4.13%	9.99%	-5.86%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	12.55%	-4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	16.92%	-9.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	18.00%	-10.34%

SPXM vs. SPYM - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is higher than SPYM's 0.02% expense ratio.

Dividends

SPXM vs. SPYM - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than SPYM's 1.03% yield.

Position	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%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.03%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPXM and SPYM in my portfolio?

SPXM and SPYM have a correlation of 0.53, 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 SPYM?

SPYM has higher volatility (4.22%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs SPYM's -54.46%.

Which ETF is better, SPXM or SPYM?

On 1-year performance, SPYM leads with 21.58% vs 8.67% for SPXM. On fees, SPYM is cheaper at 0.02% 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 SPYM?

Over the 1-year period, SPYM has performed better with a 21.58% 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 SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.47% for SPXM.

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

SPYM has the higher dividend yield at 1.03%, compared with 0.24% for SPXM.

What is the main difference between SPXM and SPYM?

SPXM is categorized as Large Cap Blend Equities, while SPYM is S&P 500. They also come from different issuers: Azoria and State Street. Their fees differ too: 0.47% for SPXM and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (1.73 vs 1.33), 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.