SPXM vs. XMAG

Last updated Aug 4, 2026

SPXM (Azoria 500 Meritocracy ETF) and XMAG (Defiance Large Cap ex-Mag 7 ETF) are both Large Cap Blend Equities funds. SPXM is actively managed, while XMAG is passively managed. Over the past year, SPXM returned 8.90% vs 22.05% for XMAG. Their 0.45 correlation means their historical movements had little consistent relationship. SPXM charges 0.47%/yr vs 0.35%/yr for XMAG.

Performance

SPXM vs. XMAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Defiance Large Cap ex-Mag 7 ETF (XMAG). 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%

XMAG

• 1D: 0.57%
• 1M: -0.85%
• 6M: 10.53%
• YTD: 13.00%
• 1Y: 22.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.22%

*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)
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00
XMAG Defiance Large Cap ex-Mag 7 ETF	$1.33M	$2.48M	$1.96M

SPXM vs. XMAG - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
XMAG Defiance Large Cap ex-Mag 7 ETF	13.00%	6.36%

Correlation

The correlation between SPXM and XMAG is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.45

Return for Risk

SPXM vs. XMAG — 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

XMAG

XMAG Risk / Return Rank: 80
XMAG Sharpe Ratio Rank: 79
XMAG Sortino Ratio Rank: 81
XMAG Omega Ratio Rank: 75
XMAG Calmar Ratio Rank: 81
XMAG Martin Ratio Rank: 86

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. XMAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and Defiance Large Cap ex-Mag 7 ETF (XMAG). 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	XMAG	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.85	-0.37
Sortino ratio: Return per unit of downside risk	2.14	2.66	-0.52
Omega ratio: Gain probability vs. loss probability	1.44	1.32	+0.12
Calmar ratio: Return relative to maximum drawdown	2.16	3.04	-0.88
Martin ratio: Return relative to average drawdown	10.12	12.63	-2.51

SPXM vs. XMAG - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.49, which is comparable to the XMAG Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SPXM and XMAG, 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. XMAG - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum XMAG drawdown of -16.17%. Use the drawdown chart below to compare losses from any high point for SPXM and XMAG.

Drawdown Indicators

	SPXM	XMAG	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-16.17%	+11.09%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-7.29%	+2.21%
Current Drawdown Current decline from peak	-0.75%	-2.20%	+1.45%
Average Drawdown Average peak-to-trough decline	-0.78%	-2.07%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.75%	—

Volatility

SPXM vs. XMAG - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Defiance Large Cap ex-Mag 7 ETF (XMAG) has a volatility of 3.59%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than XMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	XMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	3.59%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	9.62%	-8.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.38%	11.99%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.39%	15.02%	-7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.39%	15.02%	-7.63%

SPXM vs. XMAG - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is higher than XMAG's 0.35% expense ratio.

Dividends

SPXM vs. XMAG - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than XMAG's 0.46% yield.

Position	TTM	2025	2024
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.46%	0.51%	0.24%

Frequently Asked Questions

Can I hold both SPXM and XMAG in my portfolio?

SPXM and XMAG have a correlation of 0.42, 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 XMAG?

XMAG has higher volatility (3.59%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs XMAG's -16.17%.

Which ETF is better, SPXM or XMAG?

On 1-year performance, XMAG leads with 22.05% vs 8.90% for SPXM. On fees, XMAG is cheaper at 0.35% 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 XMAG?

Over the 1-year period, XMAG has performed better with a 22.05% return vs 8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or XMAG?

XMAG is cheaper with a 0.35% expense ratio, compared with 0.47% for SPXM.

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

XMAG has the higher dividend yield at 0.46%, compared with 0.24% for SPXM.

What is the main difference between SPXM and XMAG?

They also come from different issuers: Azoria and Defiance. Their fees differ too: 0.47% for SPXM and 0.35% for XMAG.

Which has better risk-adjusted returns?

XMAG currently has the higher Sharpe Ratio (1.85 vs 1.49), 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.