SLYV vs. SPY

Last updated Aug 2, 2026

SLYV (SPDR S&P 600 Small Cap Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SLYV returned 10.28%/yr vs 15.07%/yr for SPY. Their 0.77 correlation means they have sometimes moved together and sometimes differently. SLYV charges 0.15%/yr vs 0.09%/yr for SPY.

Performance

SLYV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 600 Small Cap Value ETF (SLYV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLYV achieves a 20.36% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, SLYV has underperformed SPY with an annualized return of 10.28%, while SPY has yielded a comparatively higher 15.07% annualized return.

SLYV

• 1D: 0.14%
• 1M: 0.37%
• 6M: 12.96%
• YTD: 20.36%
• 1Y: 39.50%
• 3Y*: 12.50%
• 5Y*: 8.01%
• 10Y*: 10.28%
• ALL TIME*: 10.74%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
SLYV SPDR S&P 600 Small Cap Value ETF	$16.96M	$15.72M	$22.59M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

SLYV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLYV SPDR S&P 600 Small Cap Value ETF	20.36%	6.54%	7.28%	14.82%	-11.08%	30.57%	2.68%	24.26%	-12.77%	11.74%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SLYV and SPY is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (10Y) Provides a long-term view across more market conditions.	0.73
Correlation (All Time) Calculated using the full available price history since Oct 2, 2000	0.77

The correlation between SLYV and SPY shifts across timeframes, from 0.65 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

SLYV vs. SPY - Sectors Allocation Comparison

Sectors	SLYV	SPY
Financial Services	21.6%	12.5%
Consumer Cyclical	15.5%	8.9%
Industrials	12.3%	7.6%
Technology	11.3%	36.9%
Real Estate	8.2%	2.0%
Energy	7.3%	3.4%
Healthcare	6.3%	9.4%
Consumer Defensive	5.7%	4.8%
Basic Materials	5.7%	1.9%
Communication Services	3.8%	9.7%
Utilities	2.1%	2.6%

Return for Risk

SLYV vs. SPY — Risk / Return Rank

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

SLYV

SLYV Risk / Return Rank: 88
SLYV Sharpe Ratio Rank: 88
SLYV Sortino Ratio Rank: 89
SLYV Omega Ratio Rank: 85
SLYV Calmar Ratio Rank: 91
SLYV Martin Ratio Rank: 89

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

SLYV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 600 Small Cap Value ETF (SLYV) and State Street SPDR S&P 500 ETF (SPY). 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.

	SLYV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.52	+0.58
Sortino ratio: Return per unit of downside risk	3.05	2.11	+0.94
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	3.96	2.20	+1.76
Martin ratio: Return relative to average drawdown	13.69	9.40	+4.29

SLYV vs. SPY - Sharpe Ratio Comparison

The current SLYV Sharpe Ratio is 2.10, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SLYV and SPY, 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

SLYV vs. SPY - Drawdown Comparison

The maximum SLYV drawdown since its inception was -61.15%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SLYV and SPY.

Drawdown Indicators

	SLYV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-55.19%	-5.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-8.88%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-28.68%	-18.76%	-9.92%
Max Drawdown (5Y) Largest decline over 5 years	-28.68%	-24.50%	-4.18%
Max Drawdown (10Y) Largest decline over 10 years	-47.73%	-33.72%	-14.01%
Current Drawdown Current decline from peak	-1.54%	-1.40%	-0.14%
Average Drawdown Average peak-to-trough decline	-8.89%	-9.01%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.08%	+0.63%

Volatility

SLYV vs. SPY - Volatility Comparison

SPDR S&P 600 Small Cap Value ETF (SLYV) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.53% and 3.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLYV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	3.58%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	11.08%	10.14%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	12.89%	+4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.69%	17.18%	+4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.89%	17.95%	+5.94%

SLYV vs. SPY - Expense Ratio Comparison

SLYV has a 0.15% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SLYV vs. SPY - Dividend Comparison

SLYV's dividend yield for the trailing twelve months is around 1.82%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLYV SPDR S&P 600 Small Cap Value ETF	1.82%	2.02%	2.30%	2.11%	1.47%	1.94%	1.40%	1.67%	2.14%	5.53%	2.18%	6.55%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SLYV and SPY in my portfolio?

SLYV and SPY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLYV or SPY?

SPY has higher volatility (3.58%) compared to SLYV (3.53%). In terms of maximum drawdown, SLYV dropped -61.15% vs SPY's -55.19%.

Which ETF is better, SLYV or SPY?

On 10-year performance, SPY leads with 15.07% vs 10.28% for SLYV. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLYV or SPY?

Over the 10-year period, SPY has performed better with a 15.07% return vs 10.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLYV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for SLYV.

Which ETF pays a higher dividend yield, SLYV or SPY?

SLYV has the higher dividend yield at 1.82%, compared with 1.01% for SPY.

What is the main difference between SLYV and SPY?

SLYV is categorized as Small Cap Value Equities, while SPY is S&P 500. SLYV tracks S&P SmallCap 600 Value Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.15% for SLYV and 0.09% for SPY.

Which has better risk-adjusted returns?

SLYV currently has the higher Sharpe Ratio (2.10 vs 1.52), 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.