STOX vs. SPXM

Last updated Jul 9, 2026

STOX (Horizon Core Equity ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Over the past year, STOX returned 21.77% vs 9.16% for SPXM. A 0.52 correlation means they provide meaningful diversification when combined. STOX charges 0.70%/yr vs 0.47%/yr for SPXM.

Performance

STOX vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Core Equity ETF (STOX) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

STOX

• 1D: -0.10%
• 1M: 1.69%
• 6M: 8.22%
• YTD: 9.35%
• 1Y: 21.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 9.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STOX vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
STOX Horizon Core Equity ETF	9.35%	11.07%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between STOX and SPXM is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.52

The correlation between STOX and SPXM has been stable across timeframes, ranging from 0.52 to 0.52 - a consistent structural relationship.

Return for Risk

STOX vs. SPXM — Risk / Return Rank

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

STOX

STOX Risk / Return Rank: 66
STOX Sharpe Ratio Rank: 67
STOX Sortino Ratio Rank: 66
STOX Omega Ratio Rank: 67
STOX Calmar Ratio Rank: 59
STOX Martin Ratio Rank: 73

SPXM

SPXM Risk / Return Rank: 62
SPXM Sharpe Ratio Rank: 52
SPXM Sortino Ratio Rank: 50
SPXM Omega Ratio Rank: 83
SPXM Calmar Ratio Rank: 55
SPXM Martin Ratio Rank: 71

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.

STOX vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Core Equity ETF (STOX) and Azoria 500 Meritocracy ETF (SPXM). 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.

	STOX	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.46	+0.26
Sortino ratio: Return per unit of downside risk	2.41	2.06	+0.35
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.34	2.22	+0.13
Martin ratio: Return relative to average drawdown	10.62	10.42	+0.20

STOX vs. SPXM - Sharpe Ratio Comparison

The current STOX Sharpe Ratio is 1.72, which is comparable to the SPXM Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of STOX and SPXM, 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

STOX vs. SPXM - Drawdown Comparison

The maximum STOX drawdown since its inception was -9.33%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for STOX and SPXM.

Drawdown Indicators

	STOX	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-5.08%	-4.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-5.08%	-4.25%
Current Drawdown Current decline from peak	-0.78%	-0.75%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.20%	-0.78%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

STOX vs. SPXM - Volatility Comparison

Horizon Core Equity ETF (STOX) has a higher volatility of 4.15% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that STOX's price experiences larger fluctuations and is considered to be riskier than SPXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STOX	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	0.00%	+4.15%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	4.16%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	7.70%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.70%	7.70%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.70%	7.70%	+5.00%

STOX vs. SPXM - Expense Ratio Comparison

STOX has a 0.70% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

STOX vs. SPXM - Dividend Comparison

STOX's dividend yield for the trailing twelve months is around 0.17%, less than SPXM's 0.24% yield.

Position	TTM	2025
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%
STOX Horizon Core Equity ETF	0.17%	0.19%

Frequently Asked Questions

Can I hold both STOX and SPXM in my portfolio?

STOX and SPXM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STOX or SPXM?

STOX has higher volatility (4.15%) compared to SPXM (0.00%). In terms of maximum drawdown, STOX dropped -9.33% vs SPXM's -5.08%.

Which ETF is better, STOX or SPXM?

On 1-year performance, STOX leads with 21.77% vs 9.16% 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, STOX or SPXM?

Over the 1-year period, STOX has performed better with a 21.77% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STOX or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.70% for STOX.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.17% for STOX.

What is the main difference between STOX and SPXM?

They also come from different issuers: Horizon and Azoria. Their fees differ too: 0.70% for STOX and 0.47% for SPXM.

Which has better risk-adjusted returns?

STOX currently has the higher Sharpe Ratio (1.72 vs 1.46), 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.