SPSM vs. FYX

Last updated Jun 24, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and FYX (First Trust Small Cap Core AlphaDEX Fund) are both Small Cap Blend Equities funds - SPSM tracks the S&P SmallCap 600 Index while FYX tracks the Nasdaq AlphaDEX Small Cap Core Index. Both are passively managed. Over the past 10 years, SPSM returned 11.47%/yr vs 13.06%/yr for FYX. With a 0.96 correlation, they move nearly in lockstep. SPSM charges 0.03%/yr vs 0.63%/yr for FYX.

Performance

SPSM vs. FYX - 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 First Trust Small Cap Core AlphaDEX Fund (FYX). 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 FYX's 22.94% return. Over the past 10 years, SPSM has underperformed FYX with an annualized return of 11.47%, while FYX has yielded a comparatively higher 13.06% annualized 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%

FYX

• 1D: -0.01%
• 1M: 4.51%
• YTD: 22.94%
• 6M: 20.86%
• 1Y: 47.16%
• 3Y*: 22.06%
• 5Y*: 9.19%
• 10Y*: 13.06%

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

SPSM vs. FYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	25.85%	-11.17%	15.44%
FYX First Trust Small Cap Core AlphaDEX Fund	22.94%	12.68%	12.22%	18.30%	-18.41%	27.43%	19.48%	21.32%	-10.64%	14.34%

Correlation

The correlation between SPSM and FYX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013	0.96

The correlation between SPSM and FYX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

SPSM vs. FYX - Sectors Allocation Comparison

Sectors	SPSM	FYX
Technology	17.1%	11.7%
Financial Services	16.5%	17.3%
Industrials	15.2%	16.6%
Consumer Cyclical	13.1%	11.7%
Healthcare	11.0%	14.0%
Real Estate	7.6%	8.6%
Energy	5.4%	5.7%
Basic Materials	5.0%	4.5%
Communication Services	3.7%	3.1%
Consumer Defensive	3.6%	5.3%
Utilities	1.9%	1.6%

Return for Risk

SPSM vs. FYX — 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

FYX

FYX Risk / Return Rank: 87
FYX Sharpe Ratio Rank: 85
FYX Sortino Ratio Rank: 87
FYX Omega Ratio Rank: 78
FYX Calmar Ratio Rank: 93
FYX Martin Ratio Rank: 91

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. FYX - 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 First Trust Small Cap Core AlphaDEX Fund (FYX). 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	FYX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.58	-0.61
Sortino ratio: Return per unit of downside risk	2.85	3.66	-0.81
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	3.99	6.27	-2.28
Martin ratio: Return relative to average drawdown	13.45	20.40	-6.95

SPSM vs. FYX - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.97, which is comparable to the FYX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of SPSM and FYX, 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. FYX - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, smaller than the maximum FYX drawdown of -61.80%. Use the drawdown chart below to compare losses from any high point for SPSM and FYX.

Drawdown Indicators

	SPSM	FYX	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-61.80%	+18.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-7.56%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-27.91%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-27.91%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	-48.82%	+5.93%
Current Drawdown Current decline from peak	-0.41%	-0.12%	-0.29%
Average Drawdown Average peak-to-trough decline	-7.89%	-10.86%	+2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.32%	+0.26%

Volatility

SPSM vs. FYX - Volatility Comparison

State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and First Trust Small Cap Core AlphaDEX Fund (FYX) have volatilities of 4.93% and 4.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	FYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	4.89%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	12.29%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	18.42%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	21.96%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	24.20%	-1.21%

SPSM vs. FYX - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than FYX's 0.63% expense ratio.

Dividends

SPSM vs. FYX - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.41%, more than FYX's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYX First Trust Small Cap Core AlphaDEX Fund	0.67%	0.64%	1.62%	1.22%	0.95%	0.99%	0.65%	1.12%	1.08%	0.60%	0.94%	0.88%
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 FYX in my portfolio?

With a correlation of 0.97, SPSM and FYX 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 FYX?

SPSM has higher volatility (4.93%) compared to FYX (4.89%). In terms of maximum drawdown, SPSM dropped -42.89% vs FYX's -61.80%.

Which ETF is better, SPSM or FYX?

On 10-year performance, FYX leads with 13.06% vs 11.47% for SPSM. On fees, SPSM is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSM or FYX?

Over the 10-year period, FYX has performed better with a 13.06% return vs 11.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or FYX?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.63% for FYX.

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

SPSM has the higher dividend yield at 1.41%, compared with 0.67% for FYX.

What is the main difference between SPSM and FYX?

SPSM tracks S&P SmallCap 600 Index, while FYX tracks Nasdaq AlphaDEX Small Cap Core Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.03% for SPSM and 0.63% for FYX.

Which has better risk-adjusted returns?

FYX currently has the higher Sharpe Ratio (2.58 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.