SMDV vs. SPY

Last updated Jun 23, 2026

SMDV (ProShares Russell 2000 Dividend Growers ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SMDV is a Small Cap Blend Equities fund tracking the Russell 2000 Dividend Growth Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SMDV returned 7.45%/yr vs 15.70%/yr for SPY. A 0.64 correlation means they provide meaningful diversification when combined. SMDV charges 0.40%/yr vs 0.09%/yr for SPY.

Performance

SMDV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell 2000 Dividend Growers ETF (SMDV) 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, SMDV achieves a 13.61% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, SMDV has underperformed SPY with an annualized return of 7.45%, while SPY has yielded a comparatively higher 15.70% annualized return.

SMDV

• 1D: 0.04%
• 1M: 3.61%
• YTD: 13.61%
• 6M: 11.16%
• 1Y: 20.83%
• 3Y*: 11.84%
• 5Y*: 5.77%
• 10Y*: 7.45%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SMDV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMDV ProShares Russell 2000 Dividend Growers ETF	13.61%	0.26%	7.03%	8.99%	-5.90%	18.98%	-4.74%	17.23%	-0.58%	4.63%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SMDV and SPY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015	0.64

The correlation between SMDV and SPY shifts across timeframes, from 0.47 (1 year) to 0.64 (10 years), reflecting how their relationship changes across market environments.

SMDV vs. SPY - Sectors Allocation Comparison

Sectors	SMDV	SPY
Financial Services	32.8%	11.1%
Industrials	21.9%	7.8%
Utilities	15.7%	2.1%
Basic Materials	8.3%	1.7%
Real Estate	7.5%	1.8%
Consumer Defensive	4.4%	4.5%
Consumer Cyclical	4.1%	9.9%
Technology	2.5%	39.0%
Healthcare	1.6%	8.3%
Communication Services	1.1%	10.6%
Energy	-	3.1%

Return for Risk

SMDV vs. SPY — Risk / Return Rank

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

SMDV

SMDV Risk / Return Rank: 40
SMDV Sharpe Ratio Rank: 38
SMDV Sortino Ratio Rank: 42
SMDV Omega Ratio Rank: 37
SMDV Calmar Ratio Rank: 44
SMDV Martin Ratio Rank: 41

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

SMDV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dividend Growers ETF (SMDV) 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.

	SMDV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.16	-0.83
Sortino ratio: Return per unit of downside risk	2.07	2.91	-0.84
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	2.14	3.01	-0.88
Martin ratio: Return relative to average drawdown	6.49	13.54	-7.04

SMDV vs. SPY - Sharpe Ratio Comparison

The current SMDV Sharpe Ratio is 1.33, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SMDV 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

SMDV vs. SPY - Drawdown Comparison

The maximum SMDV drawdown since its inception was -34.12%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SMDV and SPY.

Drawdown Indicators

	SMDV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.12%	-55.19%	+21.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-8.88%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-18.76%	-2.47%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-24.50%	+3.27%
Max Drawdown (10Y) Largest decline over 10 years	-34.12%	-33.72%	-0.40%
Current Drawdown Current decline from peak	-0.60%	-1.75%	+1.15%
Average Drawdown Average peak-to-trough decline	-5.91%	-9.04%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	1.97%	+1.25%

Volatility

SMDV vs. SPY - Volatility Comparison

The current volatility for ProShares Russell 2000 Dividend Growers ETF (SMDV) is 3.98%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that SMDV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.64%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.55%	9.75%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	15.81%	12.43%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	17.14%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.74%	17.99%	+2.75%

SMDV vs. SPY - Expense Ratio Comparison

SMDV has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SMDV vs. SPY - Dividend Comparison

SMDV's dividend yield for the trailing twelve months is around 2.32%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMDV ProShares Russell 2000 Dividend Growers ETF	2.32%	2.67%	2.68%	2.69%	2.51%	2.02%	2.13%	2.03%	1.97%	1.84%	1.35%	1.81%
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 SMDV and SPY in my portfolio?

SMDV and SPY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDV or SPY?

SPY has higher volatility (4.64%) compared to SMDV (3.98%). In terms of maximum drawdown, SMDV dropped -34.12% vs SPY's -55.19%.

Which ETF is better, SMDV or SPY?

On 10-year performance, SPY leads with 15.70% vs 7.45% for SMDV. On fees, SPY is cheaper at 0.09% per year. On volatility, SMDV has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDV or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for SMDV.

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

SMDV has the higher dividend yield at 2.32%, compared with 1.01% for SPY.

What is the main difference between SMDV and SPY?

SMDV is categorized as Small Cap Blend Equities, while SPY is S&P 500. SMDV tracks Russell 2000 Dividend Growth Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.40% for SMDV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.33), 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.