SPSM vs. ISCV

Last updated Jun 24, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and ISCV (iShares Morningstar 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 ISCV is a Small Cap Value Equities fund tracking the Morningstar US Small Cap Broad Value Extended Index. Both are passively managed. Over the past 10 years, SPSM returned 11.47%/yr vs 9.07%/yr for ISCV. Their correlation of 0.93 suggests significant overlap in exposure. SPSM charges 0.03%/yr vs 0.06%/yr for ISCV.

Performance

SPSM vs. ISCV - 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 iShares Morningstar Small Cap Value ETF (ISCV). 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 ISCV's 12.30% return. Over the past 10 years, SPSM has outperformed ISCV with an annualized return of 11.47%, while ISCV has yielded a comparatively lower 9.07% 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%

ISCV

• 1D: 0.13%
• 1M: 2.65%
• YTD: 12.30%
• 6M: 10.92%
• 1Y: 28.75%
• 3Y*: 16.37%
• 5Y*: 7.37%
• 10Y*: 9.07%

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

SPSM vs. ISCV - 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%
ISCV iShares Morningstar Small Cap Value ETF	12.30%	10.38%	9.31%	16.55%	-10.58%	29.15%	0.86%	19.51%	-17.39%	8.59%

Correlation

The correlation between SPSM and ISCV is 0.96 - 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	0.96
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	0.95
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013	0.93

The correlation between SPSM and ISCV has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

SPSM vs. ISCV - Sectors Allocation Comparison

Sectors	SPSM	ISCV
Technology	17.1%	8.1%
Financial Services	16.5%	22.4%
Industrials	15.2%	12.7%
Consumer Cyclical	13.1%	15.6%
Healthcare	11.0%	8.7%
Real Estate	7.6%	11.5%
Energy	5.4%	5.8%
Basic Materials	5.0%	3.4%
Communication Services	3.7%	2.0%
Consumer Defensive	3.6%	4.7%
Utilities	1.9%	4.4%

Return for Risk

SPSM vs. ISCV — 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

ISCV

ISCV Risk / Return Rank: 59
ISCV Sharpe Ratio Rank: 56
ISCV Sortino Ratio Rank: 59
ISCV Omega Ratio Rank: 52
ISCV Calmar Ratio Rank: 66
ISCV Martin Ratio Rank: 63

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. ISCV - 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 iShares Morningstar Small Cap Value ETF (ISCV). 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	ISCV	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.78	+0.20
Sortino ratio: Return per unit of downside risk	2.85	2.64	+0.21
Omega ratio: Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio: Return relative to maximum drawdown	3.99	3.12	+0.86
Martin ratio: Return relative to average drawdown	13.45	10.88	+2.58

SPSM vs. ISCV - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.97, which is comparable to the ISCV Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of SPSM and ISCV, 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. ISCV - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, smaller than the maximum ISCV drawdown of -63.14%. Use the drawdown chart below to compare losses from any high point for SPSM and ISCV.

Drawdown Indicators

	SPSM	ISCV	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-63.14%	+20.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-9.25%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-25.35%	-2.59%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-25.35%	-2.59%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	-51.56%	+8.67%
Current Drawdown Current decline from peak	-0.41%	-0.83%	+0.42%
Average Drawdown Average peak-to-trough decline	-7.89%	-9.12%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.65%	-0.07%

Volatility

SPSM vs. ISCV - Volatility Comparison

State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 4.93% compared to iShares Morningstar Small Cap Value ETF (ISCV) at 3.79%. This indicates that SPSM's price experiences larger fluctuations and is considered to be riskier than ISCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	ISCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	3.79%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	10.58%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	16.28%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	20.78%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	23.27%	-0.28%

SPSM vs. ISCV - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than ISCV's 0.06% 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. ISCV - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.41%, less than ISCV's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCV iShares Morningstar Small Cap Value ETF	1.90%	2.04%	2.01%	2.21%	2.12%	1.95%	2.01%	2.36%	2.48%	1.74%	2.49%	2.60%
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 ISCV in my portfolio?

With a correlation of 0.96, SPSM and ISCV 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 ISCV?

SPSM has higher volatility (4.93%) compared to ISCV (3.79%). In terms of maximum drawdown, SPSM dropped -42.89% vs ISCV's -63.14%.

Which ETF is better, SPSM or ISCV?

On 10-year performance, SPSM leads with 11.47% vs 9.07% for ISCV. On fees, SPSM is cheaper at 0.03% per year. On volatility, ISCV has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSM or ISCV?

Over the 10-year period, SPSM has performed better with a 11.47% return vs 9.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or ISCV?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.06% for ISCV.

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

ISCV has the higher dividend yield at 1.90%, compared with 1.41% for SPSM.

What is the main difference between SPSM and ISCV?

SPSM is categorized as Small Cap Blend Equities, while ISCV is Small Cap Value Equities. SPSM tracks S&P SmallCap 600 Index, while ISCV tracks Morningstar US Small Cap Broad Value Extended Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPSM and 0.06% for ISCV.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (1.97 vs 1.78), 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.