SMLV vs. SPYM

Last updated Jun 24, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and SPYM (State Street SPDR Portfolio 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 SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SMLV returned 10.81%/yr vs 15.61%/yr for SPYM. A 0.69 correlation means they provide meaningful diversification when combined. SMLV charges 0.12%/yr vs 0.02%/yr for SPYM.

Performance

SMLV vs. SPYM - 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 Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLV achieves a 17.79% return, which is significantly higher than SPYM's 8.21% return. Over the past 10 years, SMLV has underperformed SPYM with an annualized return of 10.81%, while SPYM has yielded a comparatively higher 15.61% annualized return.

SMLV

• 1D: 0.79%
• 1M: 3.94%
• YTD: 17.79%
• 6M: 16.16%
• 1Y: 26.57%
• 3Y*: 17.93%
• 5Y*: 8.90%
• 10Y*: 10.81%

SPYM

• 1D: -1.44%
• 1M: -1.32%
• YTD: 8.21%
• 6M: 7.24%
• 1Y: 23.73%
• 3Y*: 20.77%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

SMLV vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	17.79%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
SPYM State Street SPDR Portfolio S&P 500 ETF	8.21%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between SMLV and SPYM is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 21, 2013	0.69

The correlation between SMLV and SPYM shifts across timeframes, from 0.57 (1 year) to 0.69 (10 years), reflecting how their relationship changes across market environments.

SMLV vs. SPYM - Sectors Allocation Comparison

Sectors	SMLV	SPYM
Financial Services	30.4%	11.9%
Industrials	14.2%	8.0%
Real Estate	12.3%	1.8%
Technology	11.7%	38.0%
Consumer Cyclical	8.9%	9.4%
Healthcare	8.7%	8.5%
Consumer Defensive	4.0%	4.6%
Basic Materials	3.4%	1.8%
Utilities	2.8%	2.6%
Communication Services	2.2%	10.1%
Energy	1.6%	3.1%

Return for Risk

SMLV vs. SPYM — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 59
SMLV Sharpe Ratio Rank: 52
SMLV Sortino Ratio Rank: 53
SMLV Omega Ratio Rank: 53
SMLV Calmar Ratio Rank: 75
SMLV Martin Ratio Rank: 60

SPYM

SPYM Risk / Return Rank: 59
SPYM Sharpe Ratio Rank: 59
SPYM Sortino Ratio Rank: 56
SPYM Omega Ratio Rank: 58
SPYM Calmar Ratio Rank: 56
SPYM Martin Ratio Rank: 67

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. SPYM - 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 Portfolio S&P 500 ETF (SPYM). 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.

	SMLV	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.92	-0.21
Sortino ratio: Return per unit of downside risk	2.44	2.61	-0.16
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	3.64	2.68	+0.96
Martin ratio: Return relative to average drawdown	10.04	11.98	-1.94

SMLV vs. SPYM - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.71, which is comparable to the SPYM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SMLV and SPYM, 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

SMLV vs. SPYM - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SMLV and SPYM.

Drawdown Indicators

	SMLV	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-54.46%	+12.01%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-8.90%	+1.56%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-18.72%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-24.48%	+4.08%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-33.87%	-8.58%
Current Drawdown Current decline from peak	-0.45%	-3.14%	+2.69%
Average Drawdown Average peak-to-trough decline	-5.44%	-7.14%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	1.99%	+0.66%

Volatility

SMLV vs. SPYM - Volatility Comparison

The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 3.51%, while State Street SPDR Portfolio S&P 500 ETF (SPYM) has a volatility of 4.83%. This indicates that SMLV experiences smaller price fluctuations and is considered to be less risky than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	4.83%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	9.83%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.70%	12.46%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	16.90%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.94%	18.03%	+2.91%

SMLV vs. SPYM - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is higher than SPYM's 0.02% 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. SPYM - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.31%, more than SPYM's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.31%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.30%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SMLV and SPYM in my portfolio?

SMLV and SPYM have a correlation of 0.57, 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 SPYM?

SPYM has higher volatility (4.83%) compared to SMLV (3.51%). In terms of maximum drawdown, SMLV dropped -42.45% vs SPYM's -54.46%.

Which ETF is better, SMLV or SPYM?

On 10-year performance, SPYM leads with 15.61% vs 10.81% for SMLV. On fees, SPYM is cheaper at 0.02% per year. On volatility, SMLV has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or SPYM?

Over the 10-year period, SPYM has performed better with a 15.61% return vs 10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.12% for SMLV.

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

SMLV has the higher dividend yield at 2.31%, compared with 1.30% for SPYM.

What is the main difference between SMLV and SPYM?

SMLV is categorized as Volatility Hedged Equity, while SPYM is S&P 500. SMLV tracks SSGA US Small Cap Low Volatility Index, while SPYM tracks S&P 500 Index. Their fees differ too: 0.12% for SMLV and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (1.92 vs 1.71), 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.