SMLV vs. SPY

Last updated Jun 4, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SMLV returned 10.05%/yr vs 15.49%/yr for SPY. A 0.71 correlation means they provide meaningful diversification when combined. SMLV charges 0.12%/yr vs 0.09%/yr for SPY.

Performance

SMLV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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, SMLV achieves a 12.88% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, SMLV has underperformed SPY with an annualized return of 10.05%, while SPY has yielded a comparatively higher 15.49% annualized return.

SMLV

• 1D: -1.48%
• 1M: 1.39%
• YTD: 12.88%
• 6M: 12.84%
• 1Y: 21.90%
• 3Y*: 15.66%
• 5Y*: 7.75%
• 10Y*: 10.05%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

SMLV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	12.88%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SMLV and SPY is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 22, 2013	0.71

The correlation between SMLV and SPY shifts across timeframes, from 0.60 (3 years) to 0.71 (all time), reflecting how their relationship changes across market environments.

SMLV vs. SPY - Sectors Allocation Comparison

Sectors	SMLV	SPY
Financial Services	30.5%	11.8%
Industrials	14.3%	7.8%
Real Estate	12.2%	1.9%
Technology	11.2%	35.9%
Consumer Cyclical	8.7%	10.3%
Healthcare	8.7%	8.4%
Consumer Defensive	4.3%	4.8%
Basic Materials	3.2%	1.8%
Utilities	2.9%	2.4%
Communication Services	2.2%	11.3%
Energy	1.8%	3.6%

Return for Risk

SMLV vs. SPY — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 45
SMLV Sharpe Ratio Rank: 39
SMLV Sortino Ratio Rank: 39
SMLV Omega Ratio Rank: 39
SMLV Calmar Ratio Rank: 60
SMLV Martin Ratio Rank: 49

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

SMLV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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.

	SMLV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.38	-0.98
Sortino ratio: Return per unit of downside risk	2.05	3.24	-1.19
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.17
Calmar ratio: Return relative to maximum drawdown	3.00	3.16	-0.17
Martin ratio: Return relative to average drawdown	8.20	14.72	-6.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLV vs. SPY - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.40, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SMLV 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.

Sharpe Ratios by Period

	SMLV	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.38	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.82	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.87	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.59	-0.04

Drawdowns

SMLV vs. SPY - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SMLV and SPY.

Drawdown Indicators

	SMLV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-55.19%	+12.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-8.88%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-18.76%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-24.50%	+4.10%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-33.72%	-8.73%
Current Drawdown Current decline from peak	-1.48%	-0.70%	-0.78%
Average Drawdown Average peak-to-trough decline	-5.46%	-9.05%	+3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	1.91%	+0.77%

Volatility

SMLV vs. SPY - Volatility Comparison

SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a higher volatility of 3.98% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that SMLV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	2.84%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	8.90%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	11.83%	+3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	17.05%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.95%	17.94%	+3.01%

SMLV vs. SPY - Expense Ratio Comparison

SMLV has a 0.12% 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

SMLV vs. SPY - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.35%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.35%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%
SPY State Street SPDR S&P 500 ETF	0.98%	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 SMLV and SPY in my portfolio?

SMLV and SPY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLV or SPY?

SMLV has higher volatility (3.98%) compared to SPY (2.84%). In terms of maximum drawdown, SMLV dropped -42.45% vs SPY's -55.19%.

Which ETF is better, SMLV or SPY?

On 10-year performance, SPY leads with 15.49% vs 10.05% for SMLV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.12% for SMLV.

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

SMLV has the higher dividend yield at 2.35%, compared with 0.98% for SPY.

What is the main difference between SMLV and SPY?

SMLV is categorized as Volatility Hedged Equity, while SPY is S&P 500. SMLV tracks SSGA US Small Cap Low Volatility Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.12% for SMLV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.40), 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.