XOEX vs. SPXM

Last updated Jun 23, 2026

XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. XOEX is passively managed, while SPXM is actively managed. At a 0.48 correlation, their price movements are largely independent. XOEX charges 0.15%/yr vs 0.47%/yr for SPXM.

Performance

XOEX vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 100 Ex Top 20 ETF (XOEX) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XOEX

• 1D: 0.10%
• 1M: 1.53%
• YTD: 10.16%
• 6M: 9.30%
• 1Y: 27.52%
• 3Y*: 18.17%
• 5Y*: —
• 10Y*: —

SPXM

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

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

XOEX vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
XOEX Xtrackers S&P 100 Ex Top 20 ETF	10.16%	11.90%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between XOEX and SPXM is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.48

Return for Risk

XOEX vs. SPXM — Risk / Return Rank

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

XOEX

XOEX Risk / Return Rank: 79
XOEX Sharpe Ratio Rank: 80
XOEX Sortino Ratio Rank: 82
XOEX Omega Ratio Rank: 77
XOEX Calmar Ratio Rank: 76
XOEX Martin Ratio Rank: 79

SPXM

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

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.

XOEX vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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.

	XOEX	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	2.45	—	—
Sortino ratio: Return per unit of downside risk	3.48	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	3.78	—	—
Martin ratio: Return relative to average drawdown	14.90	—	—

Drawdowns

XOEX vs. SPXM - Drawdown Comparison

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

Drawdown Indicators

	XOEX	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-14.68%	-5.08%	-9.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	—	—
Current Drawdown Current decline from peak	-0.90%	-0.75%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.62%	-0.78%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	—	—

Volatility

Volatility by Period

	XOEX	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	7.91%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.45%	7.91%	+5.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.45%	7.91%	+5.54%

XOEX vs. SPXM - Expense Ratio Comparison

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

Dividends

XOEX vs. SPXM - Dividend Comparison

XOEX's dividend yield for the trailing twelve months is around 1.47%, more than SPXM's 0.24% 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	1.47%	1.95%	2.09%	1.72%	0.42%

Frequently Asked Questions

Can I hold both XOEX and SPXM in my portfolio?

XOEX and SPXM have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XOEX or SPXM?

On fees, XOEX is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XOEX or SPXM?

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

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

XOEX has the higher dividend yield at 1.47%, compared with 0.24% for SPXM.

What is the main difference between XOEX and SPXM?

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