SPSM vs. AVUV

Last updated Jun 24, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and AVUV (Avantis US Small Cap Value ETF) are both exchange-traded funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. SPSM is passively managed, while AVUV is actively managed. Over the past 5 years, SPSM returned 6.36%/yr vs 11.59%/yr for AVUV. With a 0.96 correlation, they move nearly in lockstep. SPSM charges 0.03%/yr vs 0.25%/yr for AVUV.

Performance

SPSM vs. AVUV - Performance Comparison

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

Returns By Period

In the year-to-date period, SPSM achieves a 19.33% return, which is significantly lower than AVUV's 20.76% return.

SPSM

• 1D: -0.34%
• 1M: 4.27%
• YTD: 19.33%
• 6M: 16.91%
• 1Y: 34.61%
• 3Y*: 16.26%
• 5Y*: 6.36%
• 10Y*: 11.47%

AVUV

• 1D: 0.00%
• 1M: 2.33%
• YTD: 20.76%
• 6M: 18.72%
• 1Y: 38.38%
• 3Y*: 20.03%
• 5Y*: 11.59%
• 10Y*: —

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

SPSM vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	19.33%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	7.69%
AVUV Avantis US Small Cap Value ETF	20.76%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.54%

Correlation

The correlation between SPSM and AVUV is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.96

The correlation between SPSM and AVUV has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

SPSM vs. AVUV - Sectors Allocation Comparison

Sectors	SPSM	AVUV
Technology	17.1%	7.4%
Financial Services	16.5%	26.1%
Industrials	15.2%	13.6%
Consumer Cyclical	13.1%	18.7%
Healthcare	11.0%	4.8%
Real Estate	7.6%	0.7%
Energy	5.4%	15.8%
Basic Materials	5.0%	5.1%
Communication Services	3.7%	3.1%
Consumer Defensive	3.6%	4.7%
Utilities	1.9%	0.1%

Return for Risk

SPSM vs. AVUV — Risk / Return Rank

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

SPSM

SPSM Risk / Return Rank: 67
SPSM Sharpe Ratio Rank: 62
SPSM Sortino Ratio Rank: 64
SPSM Omega Ratio Rank: 57
SPSM Calmar Ratio Rank: 79
SPSM Martin Ratio Rank: 74

AVUV

AVUV Risk / Return Rank: 75
AVUV Sharpe Ratio Rank: 70
AVUV Sortino Ratio Rank: 73
AVUV Omega Ratio Rank: 65
AVUV Calmar Ratio Rank: 87
AVUV Martin Ratio Rank: 77

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.

SPSM vs. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and Avantis US Small Cap Value ETF (AVUV). 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.

	SPSM	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.19	-0.21
Sortino ratio: Return per unit of downside risk	2.85	3.13	-0.28
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	3.99	4.85	-0.86
Martin ratio: Return relative to average drawdown	13.45	14.37	-0.92

SPSM vs. AVUV - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.97, which is comparable to the AVUV Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SPSM and AVUV, 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

SPSM vs. AVUV - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, smaller than the maximum AVUV drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for SPSM and AVUV.

Drawdown Indicators

	SPSM	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-49.42%	+6.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-7.95%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-28.79%	+0.85%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-28.79%	+0.85%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	—	—
Current Drawdown Current decline from peak	-0.41%	-1.61%	+1.20%
Average Drawdown Average peak-to-trough decline	-7.89%	-7.89%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.68%	-0.10%

Volatility

SPSM vs. AVUV - Volatility Comparison

State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 4.93% compared to Avantis US Small Cap Value ETF (AVUV) at 4.28%. This indicates that SPSM's price experiences larger fluctuations and is considered to be riskier than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	4.28%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	11.39%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	17.63%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	22.65%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	28.22%	-5.23%

SPSM vs. AVUV - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than AVUV's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPSM vs. AVUV - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.41%, less than AVUV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVUV Avantis US Small Cap Value ETF	1.63%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%	0.00%	0.00%	0.00%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.41%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%

Frequently Asked Questions

Can I hold both SPSM and AVUV in my portfolio?

With a correlation of 0.94, SPSM and AVUV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPSM or AVUV?

SPSM has higher volatility (4.93%) compared to AVUV (4.28%). In terms of maximum drawdown, SPSM dropped -42.89% vs AVUV's -49.42%.

Which ETF is better, SPSM or AVUV?

On 5-year performance, AVUV leads with 11.59% vs 6.36% for SPSM. On fees, SPSM is cheaper at 0.03% per year. On volatility, AVUV has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSM or AVUV?

Over the 5-year period, AVUV has performed better with a 11.59% return vs 6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or AVUV?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.25% for AVUV.

Which ETF pays a higher dividend yield, SPSM or AVUV?

AVUV has the higher dividend yield at 1.63%, compared with 1.41% for SPSM.

What is the main difference between SPSM and AVUV?

SPSM is categorized as Small Cap Blend Equities, while AVUV is Small Cap Value Equities. They also come from different issuers: State Street and Avantis. Their fees differ too: 0.03% for SPSM and 0.25% for AVUV.

Which has better risk-adjusted returns?

AVUV currently has the higher Sharpe Ratio (2.19 vs 1.97), 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.