SPSM vs. BKLC

Last updated Jun 4, 2026

SPSM (SPDR Portfolio S&P 600 Small Cap ETF) and BKLC (BNY Mellon US Large Cap Core Equity ETF) are both exchange-traded funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while BKLC is a Large Cap Growth Equities fund tracking the Morningstar US Large Cap Index. Both are passively managed. Over the past 5 years, SPSM returned 5.71%/yr vs 14.33%/yr for BKLC. A 0.73 correlation means they provide meaningful diversification when combined. SPSM charges 0.05%/yr vs 0.00%/yr for BKLC.

Performance

SPSM vs. BKLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and BNY Mellon US Large Cap Core Equity ETF (BKLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPSM achieves a 15.28% return, which is significantly higher than BKLC's 10.93% return.

SPSM

• 1D: -0.92%
• 1M: 1.62%
• YTD: 15.28%
• 6M: 14.19%
• 1Y: 31.50%
• 3Y*: 14.42%
• 5Y*: 5.71%
• 10Y*: 10.77%

BKLC

• 1D: -0.74%
• 1M: 5.19%
• YTD: 10.93%
• 6M: 10.81%
• 1Y: 28.05%
• 3Y*: 23.25%
• 5Y*: 14.33%
• 10Y*: —

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

SPSM vs. BKLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPSM SPDR Portfolio S&P 600 Small Cap ETF	15.28%	6.11%	8.55%	16.11%	-16.12%	26.67%	52.66%
BKLC BNY Mellon US Large Cap Core Equity ETF	10.93%	18.06%	25.56%	30.88%	-20.52%	27.41%	37.38%

Correlation

The correlation between SPSM and BKLC is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 13, 2020	0.73

The correlation between SPSM and BKLC has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

SPSM vs. BKLC - Sectors Allocation Comparison

Sectors	SPSM	BKLC
Financial Services	16.9%	10.9%
Industrials	15.5%	7.8%
Technology	15.5%	38.0%
Consumer Cyclical	13.4%	9.8%
Healthcare	11.0%	8.3%
Real Estate	7.7%	1.7%
Energy	5.9%	3.3%
Basic Materials	5.1%	1.6%
Communication Services	3.6%	10.8%
Consumer Defensive	3.5%	4.4%
Utilities	2.0%	2.5%

Return for Risk

SPSM vs. BKLC — Risk / Return Rank

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

SPSM

SPSM Risk / Return Rank: 58
SPSM Sharpe Ratio Rank: 52
SPSM Sortino Ratio Rank: 54
SPSM Omega Ratio Rank: 49
SPSM Calmar Ratio Rank: 72
SPSM Martin Ratio Rank: 65

BKLC

BKLC Risk / Return Rank: 68
BKLC Sharpe Ratio Rank: 69
BKLC Sortino Ratio Rank: 67
BKLC Omega Ratio Rank: 69
BKLC Calmar Ratio Rank: 61
BKLC Martin Ratio Rank: 73

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. BKLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and BNY Mellon US Large Cap Core Equity ETF (BKLC). 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.

	SPSM	BKLC	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.33	-0.51
Sortino ratio: Return per unit of downside risk	2.64	3.15	-0.51
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	3.63	3.10	+0.53
Martin ratio: Return relative to average drawdown	12.14	14.15	-2.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPSM vs. BKLC - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.82, which is comparable to the BKLC Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SPSM and BKLC, 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

	SPSM	BKLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.33	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.84	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.12	-0.67

Drawdowns

SPSM vs. BKLC - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, which is greater than BKLC's maximum drawdown of -26.14%. Use the drawdown chart below to compare losses from any high point for SPSM and BKLC.

Drawdown Indicators

	SPSM	BKLC	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-26.14%	-16.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-9.10%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-19.05%	-8.89%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-26.14%	-1.80%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	—	—
Current Drawdown Current decline from peak	-0.97%	-0.74%	-0.23%
Average Drawdown Average peak-to-trough decline	-7.93%	-5.27%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.99%	+0.61%

Volatility

SPSM vs. BKLC - Volatility Comparison

SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 4.44% compared to BNY Mellon US Large Cap Core Equity ETF (BKLC) at 3.00%. This indicates that SPSM's price experiences larger fluctuations and is considered to be riskier than BKLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	BKLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	3.00%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	9.12%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	12.11%	+5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.43%	17.16%	+4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	17.44%	+5.55%

SPSM vs. BKLC - Expense Ratio Comparison

SPSM has a 0.05% expense ratio, which is higher than BKLC's 0.00% 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

SPSM vs. BKLC - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.43%, more than BKLC's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLC BNY Mellon US Large Cap Core Equity ETF	1.01%	1.05%	1.22%	1.35%	1.64%	1.10%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%
SPSM SPDR Portfolio S&P 600 Small Cap ETF	1.43%	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 BKLC in my portfolio?

SPSM and BKLC have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPSM or BKLC?

SPSM has higher volatility (4.44%) compared to BKLC (3.00%). In terms of maximum drawdown, SPSM dropped -42.89% vs BKLC's -26.14%.

Which ETF is better, SPSM or BKLC?

On 5-year performance, BKLC leads with 14.33% vs 5.71% for SPSM. On fees, BKLC is cheaper at 0.00% per year. On volatility, BKLC has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSM or BKLC?

Over the 5-year period, BKLC has performed better with a 14.33% return vs 5.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or BKLC?

BKLC is cheaper with a 0.00% expense ratio, compared with 0.05% for SPSM.

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

SPSM has the higher dividend yield at 1.43%, compared with 1.01% for BKLC.

What is the main difference between SPSM and BKLC?

SPSM is categorized as Small Cap Blend Equities, while BKLC is Large Cap Growth Equities. SPSM tracks S&P SmallCap 600 Index, while BKLC tracks Morningstar US Large Cap Index. They also come from different issuers: State Street and BNY Mellon. Their fees differ too: 0.05% for SPSM and 0.00% for BKLC.

Which has better risk-adjusted returns?

BKLC currently has the higher Sharpe Ratio (2.33 vs 1.82), 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.