SPXM vs. XOEX

Last updated Jul 11, 2026

SPXM (Azoria 500 Meritocracy ETF) and XOEX (Xtrackers S&P 100 Ex Top 20 ETF) are both Large Cap Blend Equities funds. SPXM is actively managed, while XOEX is passively managed. Over the past year, SPXM returned 8.67% vs 24.01% for XOEX. At a 0.46 correlation, their price movements are largely independent. SPXM charges 0.47%/yr vs 0.15%/yr for XOEX.

Performance

SPXM vs. XOEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Xtrackers S&P 100 Ex Top 20 ETF (XOEX). 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*: —

XOEX

• 1D: 0.29%
• 1M: 1.03%
• 6M: 8.94%
• YTD: 11.33%
• 1Y: 24.01%
• 3Y*: 17.21%
• 5Y*: —
• 10Y*: —

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

SPXM vs. XOEX - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
XOEX Xtrackers S&P 100 Ex Top 20 ETF	11.33%	11.90%

Correlation

The correlation between SPXM and XOEX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.46

Return for Risk

SPXM vs. XOEX — 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

XOEX

XOEX Risk / Return Rank: 81
XOEX Sharpe Ratio Rank: 82
XOEX Sortino Ratio Rank: 85
XOEX Omega Ratio Rank: 81
XOEX Calmar Ratio Rank: 78
XOEX Martin Ratio Rank: 82

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. XOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) and Xtrackers S&P 100 Ex Top 20 ETF (XOEX). 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	XOEX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.09	-0.76
Sortino ratio: Return per unit of downside risk	1.88	3.01	-1.13
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	2.01	3.22	-1.21
Martin ratio: Return relative to average drawdown	9.42	12.68	-3.26

SPXM vs. XOEX - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.33, which is lower than the XOEX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of SPXM and XOEX, 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. XOEX - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum XOEX drawdown of -14.68%. Use the drawdown chart below to compare losses from any high point for SPXM and XOEX.

Drawdown Indicators

	SPXM	XOEX	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-14.68%	+9.60%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-7.31%	+2.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.68%	—
Current Drawdown Current decline from peak	-0.75%	-0.75%	0.00%
Average Drawdown Average peak-to-trough decline	-0.78%	-2.59%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.86%	—

Volatility

SPXM vs. XOEX - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Xtrackers S&P 100 Ex Top 20 ETF (XOEX) has a volatility of 3.38%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than XOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	XOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	3.38%	-3.38%
Volatility (6M) Calculated over the trailing 6-month period	4.13%	8.85%	-4.72%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	11.29%	-3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	13.40%	-5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	13.40%	-5.74%

SPXM vs. XOEX - Expense Ratio Comparison

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

Dividends

SPXM vs. XOEX - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than XOEX's 1.45% yield.

Position	TTM	2025	2024	2023	2022
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%
XOEX Xtrackers S&P 100 Ex Top 20 ETF	1.45%	1.95%	2.09%	1.72%	0.42%

Frequently Asked Questions

Can I hold both SPXM and XOEX in my portfolio?

SPXM and XOEX have a correlation of 0.46, 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 XOEX?

XOEX has higher volatility (3.38%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs XOEX's -14.68%.

Which ETF is better, SPXM or XOEX?

On 1-year performance, XOEX leads with 24.01% vs 8.67% for SPXM. On fees, XOEX is cheaper at 0.15% 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 XOEX?

Over the 1-year period, XOEX has performed better with a 24.01% 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 XOEX?

XOEX is cheaper with a 0.15% expense ratio, compared with 0.47% for SPXM.

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

XOEX has the higher dividend yield at 1.45%, compared with 0.24% for SPXM.

What is the main difference between SPXM and XOEX?

They also come from different issuers: Azoria and Xtrackers. Their fees differ too: 0.47% for SPXM and 0.15% for XOEX.

Which has better risk-adjusted returns?

XOEX currently has the higher Sharpe Ratio (2.09 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.