SPSM vs. SMLV

Last updated Jul 22, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) are both exchange-traded funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index. Both are passively managed. Over the past 10 years, SPSM returned 10.94%/yr vs 10.46%/yr for SMLV. Their correlation of 0.89 suggests significant overlap in exposure. SPSM charges 0.03%/yr vs 0.12%/yr for SMLV.

Performance

SPSM vs. SMLV - 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 SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPSM having a 22.51% return and SMLV slightly higher at 22.65%. Both investments have delivered pretty close results over the past 10 years, with SPSM having a 10.94% annualized return and SMLV not far behind at 10.46%.

SPSM

• 1D: 1.03%
• 1M: 2.41%
• 6M: 16.16%
• YTD: 22.51%
• 1Y: 33.12%
• 3Y*: 14.32%
• 5Y*: 8.16%
• 10Y*: 10.94%
• ALL TIME*: 10.14%

SMLV

• 1D: 0.33%
• 1M: 4.96%
• 6M: 17.68%
• YTD: 22.65%
• 1Y: 28.91%
• 3Y*: 17.23%
• 5Y*: 10.60%
• 10Y*: 10.46%
• ALL TIME*: 11.09%

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

SPSM vs. SMLV - 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	22.51%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	22.65%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%

Correlation

The correlation between SPSM and SMLV is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013	0.89

The correlation between SPSM and SMLV has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

SPSM vs. SMLV - Sectors Allocation Comparison

Sectors	SPSM	SMLV
Financial Services	17.1%	30.9%
Industrials	15.6%	14.3%
Technology	15.5%	11.8%
Consumer Cyclical	13.2%	9.0%
Healthcare	12.4%	8.9%
Real Estate	7.6%	11.9%
Energy	4.7%	1.5%
Basic Materials	4.7%	3.3%
Consumer Defensive	4.2%	3.5%
Communication Services	3.2%	2.3%
Utilities	1.8%	2.7%

Return for Risk

SPSM vs. SMLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPSM

SPSM Risk / Return Rank: 83
SPSM Sharpe Ratio Rank: 80
SPSM Sortino Ratio Rank: 83
SPSM Omega Ratio Rank: 76
SPSM Calmar Ratio Rank: 88
SPSM Martin Ratio Rank: 86

SMLV

SMLV Risk / Return Rank: 81
SMLV Sharpe Ratio Rank: 78
SMLV Sortino Ratio Rank: 80
SMLV Omega Ratio Rank: 79
SMLV Calmar Ratio Rank: 89
SMLV Martin Ratio Rank: 80

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. SMLV - 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 SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). 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	SMLV	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.88	+0.04
Sortino ratio: Return per unit of downside risk	2.81	2.71	+0.10
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	3.81	3.96	-0.14
Martin ratio: Return relative to average drawdown	12.82	11.15	+1.66

SPSM vs. SMLV - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.92, which is comparable to the SMLV Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of SPSM and SMLV, 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. SMLV - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, roughly equal to the maximum SMLV drawdown of -42.45%. Use the drawdown chart below to compare losses from any high point for SPSM and SMLV.

Drawdown Indicators

	SPSM	SMLV	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-42.45%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-7.34%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-20.40%	-7.54%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-20.40%	-7.54%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	-42.45%	-0.44%
Current Drawdown Current decline from peak	-1.16%	-1.26%	+0.10%
Average Drawdown Average peak-to-trough decline	-7.86%	-5.41%	-2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.60%	-0.01%

Volatility

SPSM vs. SMLV - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is 3.48%, while SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a volatility of 3.69%. This indicates that SPSM experiences smaller price fluctuations and is considered to be less risky than SMLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	SMLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	3.69%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	10.08%	+1.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	15.43%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.30%	18.22%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	20.90%	+2.04%

SPSM vs. SMLV - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than SMLV's 0.12% 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. SMLV - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.38%, less than SMLV's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.22%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.38%	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 SMLV in my portfolio?

SPSM and SMLV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPSM or SMLV?

SMLV has higher volatility (3.69%) compared to SPSM (3.48%). In terms of maximum drawdown, SPSM dropped -42.89% vs SMLV's -42.45%.

Which ETF is better, SPSM or SMLV?

On 10-year performance, SPSM leads with 10.94% vs 10.46% for SMLV. On fees, SPSM is cheaper at 0.03% per year. On volatility, SPSM has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSM or SMLV?

Over the 10-year period, SPSM has performed better with a 10.94% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or SMLV?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.12% for SMLV.

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

SMLV has the higher dividend yield at 2.22%, compared with 1.38% for SPSM.

What is the main difference between SPSM and SMLV?

SPSM is categorized as Small Cap Blend Equities, while SMLV is Volatility Hedged Equity. SPSM tracks S&P SmallCap 600 Index, while SMLV tracks SSGA US Small Cap Low Volatility Index. Their fees differ too: 0.03% for SPSM and 0.12% for SMLV.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (1.92 vs 1.88), 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.