SPSM vs. SMMV

Last updated Aug 4, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) are both Small Cap Blend Equities funds - SPSM tracks the S&P SmallCap 600 Index while SMMV tracks the MSCI USA Small Cap Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, SPSM returned 8.14%/yr vs 6.54%/yr for SMMV. Their correlation of 0.85 means they have usually moved in the same direction. SPSM charges 0.03%/yr vs 0.20%/yr for SMMV.

Performance

SPSM vs. SMMV - 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 MSCI USA Small-Cap Min Vol Factor ETF (SMMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPSM achieves a 23.56% return, which is significantly higher than SMMV's 9.82% return.

SPSM

• 1D: 1.63%
• 1M: 0.95%
• 6M: 15.76%
• YTD: 23.56%
• 1Y: 38.23%
• 3Y*: 14.54%
• 5Y*: 8.14%
• 10Y*: 10.87%
• ALL TIME*: 10.18%

SMMV

• 1D: 0.45%
• 1M: 1.01%
• 6M: 7.53%
• YTD: 9.82%
• 1Y: 16.62%
• 3Y*: 12.54%
• 5Y*: 6.54%
• 10Y*: —
• ALL TIME*: 8.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF	$351.26K	$334.06K	$426.33K
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	$90.04M	$96.96M	$95.31M

SPSM vs. SMMV - 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	23.56%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF	9.82%	6.42%	18.29%	5.63%	-10.00%	16.64%	-2.88%	24.21%	1.15%	14.31%

Correlation

The correlation between SPSM and SMMV is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Sep 9, 2016	0.85

The correlation between SPSM and SMMV shifts across timeframes, from 0.71 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

SPSM vs. SMMV - Sectors Allocation Comparison

Sectors	SPSM	SMMV
Financial Services	17.1%	9.2%
Industrials	15.6%	13.6%
Technology	15.5%	13.7%
Consumer Cyclical	13.2%	5.3%
Healthcare	12.4%	18.7%
Real Estate	7.6%	12.5%
Energy	4.7%	5.2%
Basic Materials	4.7%	1.6%
Consumer Defensive	4.2%	7.6%
Communication Services	3.2%	5.1%
Utilities	1.8%	7.5%

Return for Risk

SPSM vs. SMMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPSM

SPSM Risk / Return Rank: 90
SPSM Sharpe Ratio Rank: 89
SPSM Sortino Ratio Rank: 90
SPSM Omega Ratio Rank: 87
SPSM Calmar Ratio Rank: 93
SPSM Martin Ratio Rank: 91

SMMV

SMMV Risk / Return Rank: 69
SMMV Sharpe Ratio Rank: 72
SMMV Sortino Ratio Rank: 78
SMMV Omega Ratio Rank: 71
SMMV Calmar Ratio Rank: 66
SMMV Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPSM vs. SMMV - 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 MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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	SMMV	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.72	+0.51
Sortino ratio: Return per unit of downside risk	3.23	2.62	+0.60
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	4.40	2.38	+2.02
Martin ratio: Return relative to average drawdown	15.10	7.32	+7.78

SPSM vs. SMMV - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 2.23, which is comparable to the SMMV Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SPSM and SMMV, 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. SMMV - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, which is greater than SMMV's maximum drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for SPSM and SMMV.

Drawdown Indicators

	SPSM	SMMV	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-38.77%	-4.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-7.02%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-13.68%	-14.26%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-18.00%	-9.94%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.63%	+0.32%
Average Drawdown Average peak-to-trough decline	-7.84%	-5.03%	-2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.28%	+0.26%

Volatility

SPSM vs. SMMV - Volatility Comparison

State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 3.75% compared to iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) at 2.67%. This indicates that SPSM's price experiences larger fluctuations and is considered to be riskier than SMMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	SMMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	2.67%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	6.99%	+4.71%
Volatility (1Y) Calculated over the trailing 1-year period	17.24%	9.73%	+7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	13.45%	+7.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	15.61%	+7.34%

SPSM vs. SMMV - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than SMMV's 0.20% 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. SMMV - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.37%, less than SMMV's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF	1.65%	1.77%	1.76%	2.30%	1.67%	1.08%	1.39%	1.64%	1.72%	1.63%	0.79%	0.00%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.37%	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 SMMV in my portfolio?

SPSM and SMMV have a correlation of 0.71, 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 SMMV?

SPSM has higher volatility (3.75%) compared to SMMV (2.67%). In terms of maximum drawdown, SPSM dropped -42.89% vs SMMV's -38.77%.

Which ETF is better, SPSM or SMMV?

On 5-year performance, SPSM leads with 8.14% vs 6.54% for SMMV. On fees, SPSM is cheaper at 0.03% per year. On volatility, SMMV has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSM or SMMV?

Over the 5-year period, SPSM has performed better with a 8.14% return vs 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or SMMV?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.20% for SMMV.

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

SMMV has the higher dividend yield at 1.65%, compared with 1.37% for SPSM.

What is the main difference between SPSM and SMMV?

SPSM tracks S&P SmallCap 600 Index, while SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPSM and 0.20% for SMMV.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (2.23 vs 1.72), 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.