SPSM vs. OVS
Compare and contrast key facts about SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and Overlay Shares Small Cap Equity ETF (OVS).
SPSM and OVS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPSM is a passively managed fund by State Street that tracks the performance of the S&P SmallCap 600 Index. It was launched on Jul 8, 2013. OVS is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019.
Performance
SPSM vs. OVS - Performance Comparison
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SPSM vs. OVS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 3.48% | 6.11% | 8.55% | 16.11% | -16.12% | 26.67% | 11.69% | 11.42% |
OVS Overlay Shares Small Cap Equity ETF | 4.70% | 6.15% | 11.07% | 17.20% | -19.99% | 30.15% | 12.16% | 11.51% |
Returns By Period
In the year-to-date period, SPSM achieves a 3.48% return, which is significantly lower than OVS's 4.70% return.
SPSM
- 1D
- 2.81%
- 1M
- -4.07%
- YTD
- 3.48%
- 6M
- 5.20%
- 1Y
- 20.56%
- 3Y*
- 10.51%
- 5Y*
- 4.16%
- 10Y*
- 10.05%
OVS
- 1D
- 3.03%
- 1M
- -3.86%
- YTD
- 4.70%
- 6M
- 6.98%
- 1Y
- 23.91%
- 3Y*
- 12.01%
- 5Y*
- 4.50%
- 10Y*
- —
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SPSM vs. OVS - Expense Ratio Comparison
SPSM has a 0.05% expense ratio, which is lower than OVS's 0.83% expense ratio.
Return for Risk
SPSM vs. OVS — Risk / Return Rank
SPSM
OVS
SPSM vs. OVS - 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 Overlay Shares Small Cap Equity ETF (OVS). 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 | OVS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.92 | 0.96 | -0.05 |
Sortino ratioReturn per unit of downside risk | 1.41 | 1.48 | -0.07 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.20 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.56 | -0.14 |
Martin ratioReturn relative to average drawdown | 5.73 | 6.45 | -0.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPSM | OVS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 0.96 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.19 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.37 | +0.04 |
Correlation
The correlation between SPSM and OVS is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPSM vs. OVS - Dividend Comparison
SPSM's dividend yield for the trailing twelve months is around 1.59%, less than OVS's 6.32% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 1.59% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
OVS Overlay Shares Small Cap Equity ETF | 6.32% | 3.69% | 4.08% | 3.19% | 3.43% | 4.05% | 1.74% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SPSM vs. OVS - Drawdown Comparison
The maximum SPSM drawdown since its inception was -42.89%, roughly equal to the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for SPSM and OVS.
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Drawdown Indicators
| SPSM | OVS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.89% | -45.09% | +2.20% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -15.95% | +1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -27.94% | -30.49% | +2.55% |
Max Drawdown (10Y)Largest decline over 10 years | -42.89% | — | — |
Current DrawdownCurrent decline from peak | -5.81% | -5.40% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -11.63% | +3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 3.85% | -0.18% |
Volatility
SPSM vs. OVS - Volatility Comparison
The current volatility for SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is 6.26%, while Overlay Shares Small Cap Equity ETF (OVS) has a volatility of 6.99%. This indicates that SPSM experiences smaller price fluctuations and is considered to be less risky than OVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPSM | OVS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 6.99% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 12.94% | 14.80% | -1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 24.98% | -2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 23.35% | -1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.98% | 27.72% | -4.74% |