SPSM vs. SPYG

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG).

SPSM and SPYG 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. SPYG is a passively managed fund by State Street that tracks the performance of the S&P 500 Growth Index. It was launched on Sep 25, 2000. Both SPSM and SPYG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPSM vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

SPSM vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPSM SPDR Portfolio S&P 600 Small Cap ETF	3.48%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	-8.12%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Returns By Period

In the year-to-date period, SPSM achieves a 3.48% return, which is significantly higher than SPYG's -8.12% return. Over the past 10 years, SPSM has underperformed SPYG with an annualized return of 10.05%, while SPYG has yielded a comparatively higher 15.75% annualized 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%

SPYG

• 1D: 4.08%
• 1M: -5.34%
• YTD: -8.12%
• 6M: -6.05%
• 1Y: 22.51%
• 3Y*: 21.85%
• 5Y*: 12.24%
• 10Y*: 15.75%

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

SPSM vs. SPYG - Expense Ratio Comparison

SPSM has a 0.05% expense ratio, which is higher than SPYG's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

SPSM

SPDR Portfolio S&P 600 Small Cap ETF

SPYG

State Street SPDR Portfolio S&P 500 Growth ETF

Return for Risk

SPSM vs. SPYG — Risk / Return Rank

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

SPSM

SPSM Risk / Return Rank: 58
SPSM Sharpe Ratio Rank: 55
SPSM Sortino Ratio Rank: 58
SPSM Omega Ratio Rank: 53
SPSM Calmar Ratio Rank: 61
SPSM Martin Ratio Rank: 62

SPYG

SPYG Risk / Return Rank: 66
SPYG Sharpe Ratio Rank: 61
SPYG Sortino Ratio Rank: 66
SPYG Omega Ratio Rank: 65
SPYG Calmar Ratio Rank: 70
SPYG Martin Ratio Rank: 69

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. SPYG - 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 State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio Return per unit of total volatility	0.92	1.01	-0.09
Sortino ratio Return per unit of downside risk	1.41	1.58	-0.17
Omega ratio Gain probability vs. loss probability	1.19	1.22	-0.04
Calmar ratio Return relative to maximum drawdown	1.42	1.66	-0.24
Martin ratio Return relative to average drawdown	5.73	6.54	-0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPSM vs. SPYG - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 0.92, which is comparable to the SPYG Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of SPSM and SPYG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPSM	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.01	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.58	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.77	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.31	+0.10

Correlation

The correlation between SPSM and SPYG is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPSM vs. SPYG - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.59%, more than SPYG's 0.58% 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.58%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Drawdowns

SPSM vs. SPYG - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for SPSM and SPYG.

Drawdown Indicators

	SPSM	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-67.63%	+24.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-13.76%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-32.67%	+4.73%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	-32.67%	-10.22%
Current Drawdown Current decline from peak	-5.81%	-10.24%	+4.43%
Average Drawdown Average peak-to-trough decline	-8.02%	-24.48%	+16.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	3.50%	+0.17%

Volatility

SPSM vs. SPYG - Volatility Comparison

The current volatility for SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is 6.26%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 7.20%. This indicates that SPSM experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	7.20%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	12.83%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	22.56%	22.39%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	21.13%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.98%	20.57%	+2.41%