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SPSM vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPSM vs. IWM

Last updated Jun 24, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and IWM (iShares Russell 2000 ETF) are both Small Cap Blend Equities funds - SPSM tracks the S&P SmallCap 600 Index while IWM tracks the Russell 2000 Index. Both are passively managed. Over the past 10 years, SPSM returned 11.47%/yr vs 11.58%/yr for IWM. With a 0.95 correlation, they move nearly in lockstep. SPSM charges 0.03%/yr vs 0.19%/yr for IWM.

Performance

SPSM vs. IWM - 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 Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPSM achieves a 19.33% return, which is significantly lower than IWM's 20.47% return. Both investments have delivered pretty close results over the past 10 years, with SPSM having a 11.47% annualized return and IWM not far ahead at 11.58%.

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%

IWM

1D
-0.96%
1M
3.82%
YTD
20.47%
6M
17.64%
1Y
40.90%
3Y*
19.22%
5Y*
6.27%
10Y*
11.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPSM vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IWM
iShares Russell 2000 ETF		20.47%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between SPSM and IWM 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

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2013

0.95

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

SPSM vs. IWM - Sectors Allocation Comparison

Sectors
SPSM
IWM

Technology

17.1%
20.1%

Financial Services

16.5%
15.5%

Industrials

15.2%
17.3%

Consumer Cyclical

13.1%
8.0%

Healthcare

11.0%
15.6%

Real Estate

7.6%
5.5%

Energy

5.4%
6.0%

Basic Materials

5.0%
4.5%

Communication Services

3.7%
1.7%

Consumer Defensive

3.6%
2.0%

Utilities

1.9%
3.1%

Technology

SPSM
17.1%
IWM
20.1%

Financial Services

SPSM
16.5%
IWM
15.5%

Industrials

SPSM
15.2%
IWM
17.3%

Consumer Cyclical

SPSM
13.1%
IWM
8.0%

Healthcare

SPSM
11.0%
IWM
15.6%

Real Estate

SPSM
7.6%
IWM
5.5%

Energy

SPSM
5.4%
IWM
6.0%

Basic Materials

SPSM
5.0%
IWM
4.5%

Communication Services

SPSM
3.7%
IWM
1.7%

Consumer Defensive

SPSM
3.6%
IWM
2.0%

Utilities

SPSM
1.9%
IWM
3.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR Portfolio S&P 600 Small Cap ETF

iShares Russell 2000 ETF

Often compared with SPSM:
SPSM vs. IJRSPSM vs. AVUVSPSM vs. VBSPSM vs. SCHASPSM vs. VIOOSPSM vs. DFSCXSPSM vs. ISCB
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. TNA

Return for Risk

SPSM vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPSM
SPSM Risk / Return Rank: 6767
Overall Rank
SPSM Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SPSM Sortino Ratio Rank: 6464
Sortino Ratio Rank
SPSM Omega Ratio Rank: 5757
Omega Ratio Rank
SPSM Calmar Ratio Rank: 7979
Calmar Ratio Rank
SPSM Martin Ratio Rank: 7474
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 6767
Overall Rank
IWM Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 6464
Sortino Ratio Rank
IWM Omega Ratio Rank: 5757
Omega Ratio Rank
IWM Calmar Ratio Rank: 7575
Calmar Ratio Rank
IWM Martin Ratio Rank: 7373
Martin Ratio Rank
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. IWM - 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 Russell 2000 ETF (IWM). 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.

SPSMIWMDifference
Sharpe ratioReturn per unit of total volatility
1.97
2.08

-0.11

Sortino ratioReturn per unit of downside risk
2.85
2.86

-0.02

Omega ratioGain probability vs. loss probability

1.34

1.34

0.00

Calmar ratioReturn relative to maximum drawdown

3.99

3.73

+0.26

Martin ratioReturn relative to average drawdown

13.45

13.18

+0.27

SPSM vs. IWM - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.97, which is comparable to the IWM Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of SPSM and IWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPSM vs. IWM - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for SPSM and IWM.

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Drawdown Indicators

SPSMIWMDifference

Max Drawdown

Largest peak-to-trough decline

-42.89%

-59.05%

+16.16%

Max Drawdown (1Y)

Largest decline over 1 year

-8.72%

-11.03%

+2.31%

Max Drawdown (3Y)

Largest decline over 3 years

-27.94%

-27.50%

-0.44%

Max Drawdown (5Y)

Largest decline over 5 years

-27.94%

-31.91%

+3.97%

Max Drawdown (10Y)

Largest decline over 10 years

-42.89%

-41.13%

-1.76%

Current Drawdown

Current decline from peak

-0.41%

-0.96%

+0.55%

Average Drawdown

Average peak-to-trough decline

-7.89%

-10.75%

+2.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

3.11%

-0.53%

Volatility

SPSM vs. IWM - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is 4.93%, while iShares Russell 2000 ETF (IWM) has a volatility of 6.56%. This indicates that SPSM experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPSMIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.93%

6.56%

-1.63%

Volatility (6M)

Calculated over the trailing 6-month period

12.04%

14.31%

-2.27%

Volatility (1Y)

Calculated over the trailing 1-year period

17.65%

19.74%

-2.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.42%

22.61%

-1.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.99%

23.06%

-0.07%

SPSM vs. IWM - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than IWM's 0.19% 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. IWM - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.41%, more than IWM's 0.90% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.90%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
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

With a correlation of 0.94, SPSM and IWM 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.

IWM has higher volatility (6.56%) compared to SPSM (4.93%). In terms of maximum drawdown, SPSM dropped -42.89% vs IWM's -59.05%.

On 10-year performance, IWM leads with 11.58% vs 11.47% for SPSM. On fees, SPSM is cheaper at 0.03% per year. On volatility, SPSM has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 11.58% return vs 11.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPSM is cheaper with a 0.03% expense ratio, compared with 0.19% for IWM.

SPSM has the higher dividend yield at 1.41%, compared with 0.90% for IWM.

SPSM tracks S&P SmallCap 600 Index, while IWM tracks Russell 2000 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPSM and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (2.08 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.

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