SPSM vs. DFSV

Last updated Jun 24, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and DFSV (Dimensional 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 DFSV is a Small Cap Value Equities fund actively managed by Dimensional. SPSM is passively managed, while DFSV is actively managed. Over the past 3 years, SPSM returned 16.26%/yr vs 17.20%/yr for DFSV. With a 0.97 correlation, they move nearly in lockstep. SPSM charges 0.03%/yr vs 0.31%/yr for DFSV.

Performance

SPSM vs. DFSV - 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 Dimensional US Small Cap Value ETF (DFSV). 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 higher than DFSV's 16.11% 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%

DFSV

• 1D: -0.44%
• 1M: 1.71%
• YTD: 16.11%
• 6M: 14.47%
• 1Y: 33.13%
• 3Y*: 17.20%
• 5Y*: —
• 10Y*: —

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

SPSM vs. DFSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	19.33%	6.11%	8.55%	16.11%	-6.87%
DFSV Dimensional US Small Cap Value ETF	16.11%	8.59%	7.13%	19.26%	2.68%

Correlation

The correlation between SPSM and DFSV 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 (All Time) Calculated using the full available price history since Feb 24, 2022	0.97

The correlation between SPSM and DFSV has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

SPSM vs. DFSV - Sectors Allocation Comparison

Sectors	SPSM	DFSV
Technology	17.1%	8.5%
Financial Services	16.5%	27.5%
Industrials	15.2%	15.3%
Consumer Cyclical	13.1%	14.7%
Healthcare	11.0%	6.9%
Real Estate	7.6%	0.8%
Energy	5.4%	12.1%
Basic Materials	5.0%	5.2%
Communication Services	3.7%	2.7%
Consumer Defensive	3.6%	5.7%
Utilities	1.9%	0.7%

Return for Risk

SPSM vs. DFSV — 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

DFSV

DFSV Risk / Return Rank: 63
DFSV Sharpe Ratio Rank: 59
DFSV Sortino Ratio Rank: 62
DFSV Omega Ratio Rank: 56
DFSV Calmar Ratio Rank: 73
DFSV Martin Ratio Rank: 65

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. DFSV - 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 Dimensional US Small Cap Value ETF (DFSV). 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	DFSV	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.89	+0.08
Sortino ratio: Return per unit of downside risk	2.85	2.77	+0.08
Omega ratio: Gain probability vs. loss probability	1.34	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	3.99	3.54	+0.44
Martin ratio: Return relative to average drawdown	13.45	11.27	+2.19

SPSM vs. DFSV - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.97, which is comparable to the DFSV Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SPSM and DFSV, 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. DFSV - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, which is greater than DFSV's maximum drawdown of -28.02%. Use the drawdown chart below to compare losses from any high point for SPSM and DFSV.

Drawdown Indicators

	SPSM	DFSV	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-28.02%	-14.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-9.39%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-28.02%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	—	—
Current Drawdown Current decline from peak	-0.41%	-2.39%	+1.98%
Average Drawdown Average peak-to-trough decline	-7.89%	-6.64%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.95%	-0.37%

Volatility

SPSM vs. DFSV - Volatility Comparison

State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 4.93% compared to Dimensional US Small Cap Value ETF (DFSV) at 4.08%. This indicates that SPSM's price experiences larger fluctuations and is considered to be riskier than DFSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	DFSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	4.08%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	11.28%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	17.61%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	22.19%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	22.19%	+0.80%

SPSM vs. DFSV - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than DFSV's 0.31% expense ratio.

Dividends

SPSM vs. DFSV - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.41%, which matches DFSV's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSV Dimensional US Small Cap Value ETF	1.41%	1.53%	1.31%	1.29%	0.90%	0.00%	0.00%	0.00%	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 DFSV in my portfolio?

With a correlation of 0.94, SPSM and DFSV 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 DFSV?

SPSM has higher volatility (4.93%) compared to DFSV (4.08%). In terms of maximum drawdown, SPSM dropped -42.89% vs DFSV's -28.02%.

Which ETF is better, SPSM or DFSV?

On 3-year performance, DFSV leads with 17.20% vs 16.26% for SPSM. On fees, SPSM is cheaper at 0.03% per year. On volatility, DFSV has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSM or DFSV?

Over the 3-year period, DFSV has performed better with a 17.20% return vs 16.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or DFSV?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.31% for DFSV.

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

SPSM and DFSV have nearly identical dividend yields, around 1.41%.

What is the main difference between SPSM and DFSV?

SPSM is categorized as Small Cap Blend Equities, while DFSV is Small Cap Value Equities. They also come from different issuers: State Street and Dimensional. Their fees differ too: 0.03% for SPSM and 0.31% for DFSV.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (1.97 vs 1.89), 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.