VPX vs. SPXM

Last updated Jul 30, 2026

VPX (Variant Perception Cycle Aware US Equity ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. VPX charges 0.75%/yr vs 0.47%/yr for SPXM.

Performance

VPX vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Variant Perception Cycle Aware US Equity ETF (VPX) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VPX

• 1D: -1.52%
• 1M: -0.60%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 6.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.75%

*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
VPX Variant Perception Cycle Aware US Equity ETF	$182.48K	$205.20K	$111.23K

VPX vs. SPXM - Yearly Performance Comparison

	2026 (YTD)
VPX Variant Perception Cycle Aware US Equity ETF	18.21%
SPXM Azoria 500 Meritocracy ETF	0.00%

Return for Risk

VPX vs. SPXM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VPX

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

SPXM

SPXM Risk / Return Rank: 55
SPXM Sharpe Ratio Rank: 46
SPXM Sortino Ratio Rank: 43
SPXM Omega Ratio Rank: 76
SPXM Calmar Ratio Rank: 47
SPXM Martin Ratio Rank: 65

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.

VPX vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Variant Perception Cycle Aware US Equity ETF (VPX) 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.

	VPX	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.09	—
Sortino ratio: Return per unit of downside risk	—	1.56	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	1.63	—
Martin ratio: Return relative to average drawdown	—	7.62	—

Drawdowns

VPX vs. SPXM - Drawdown Comparison

The maximum VPX drawdown since its inception was -5.91%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for VPX and SPXM.

Drawdown Indicators

	VPX	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-5.91%	-5.08%	-0.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.08%	—
Current Drawdown Current decline from peak	-2.39%	-0.75%	-1.64%
Average Drawdown Average peak-to-trough decline	-0.87%	-0.78%	-0.09%

Volatility

Volatility by Period

	VPX	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.28%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.79%	7.58%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	7.44%	+8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	7.44%	+8.35%

VPX vs. SPXM - Expense Ratio Comparison

VPX has a 0.75% expense ratio, which is higher than SPXM's 0.47% expense ratio.

Dividends

VPX vs. SPXM - Dividend Comparison

VPX has not paid dividends to shareholders, while SPXM's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%
VPX Variant Perception Cycle Aware US Equity ETF	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, VPX or SPXM?

On fees, SPXM is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VPX or SPXM?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.75% for VPX.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.00% for VPX.

What is the main difference between VPX and SPXM?

They also come from different issuers: Variant Perception and Azoria. Their fees differ too: 0.75% for VPX and 0.47% for SPXM.