TEXN vs. SPXM

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Texas Equity ETF (TEXN) and Azoria 500 Meritocracy ETF (SPXM).

TEXN and SPXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TEXN is a passively managed fund by iShares that tracks the performance of the Russell Texas Equity Index. It was launched on Jun 23, 2025. SPXM is an actively managed fund by Azoria. It was launched on Jul 7, 2025.

Performance

TEXN vs. SPXM - Performance Comparison

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

TEXN vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
TEXN iShares Texas Equity ETF	12.67%	6.58%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.16%

Returns By Period

TEXN

• 1D: 1.53%
• 1M: 0.90%
• YTD: 12.67%
• 6M: 10.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 2.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEXN vs. SPXM - Expense Ratio Comparison

TEXN has a 0.20% expense ratio, which is lower than SPXM's 0.47% expense ratio.

SPXM

Azoria 500 Meritocracy ETF

TEXN

iShares Texas Equity ETF

Return for Risk

TEXN vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Texas Equity ETF (TEXN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TEXN	SPXM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.99	1.83	+0.16

Correlation

The correlation between TEXN and SPXM is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TEXN vs. SPXM - Dividend Comparison

TEXN's dividend yield for the trailing twelve months is around 1.13%, more than SPXM's 0.24% yield.

	TTM	2025
TEXN iShares Texas Equity ETF	1.13%	0.86%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Drawdowns

TEXN vs. SPXM - Drawdown Comparison

The maximum TEXN drawdown since its inception was -6.34%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for TEXN and SPXM.

Drawdown Indicators

	TEXN	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-6.34%	-5.08%	-1.26%
Current Drawdown Current decline from peak	-0.54%	-0.75%	+0.21%
Average Drawdown Average peak-to-trough decline	-1.27%	-0.80%	-0.47%

Volatility

Volatility by Period

	TEXN	SPXM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	14.82%	9.38%	+5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.82%	9.38%	+5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.82%	9.38%	+5.44%