SPSM vs. USFR
SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, SPSM returned 11.51%/yr vs 2.43%/yr for USFR. At a correlation of -0.00, they often move in opposite directions. SPSM charges 0.03%/yr vs 0.15%/yr for USFR.
Performance
SPSM vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, SPSM achieves a 19.74% return, which is significantly higher than USFR's 1.78% return. Over the past 10 years, SPSM has outperformed USFR with an annualized return of 11.51%, while USFR has yielded a comparatively lower 2.43% annualized return.
SPSM
- 1D
- 0.09%
- 1M
- 4.62%
- YTD
- 19.74%
- 6M
- 16.75%
- 1Y
- 36.81%
- 3Y*
- 16.39%
- 5Y*
- 6.72%
- 10Y*
- 11.51%
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
SPSM vs. USFR - 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 | 19.74% | 6.11% | 8.55% | 16.11% | -16.12% | 26.67% | 11.69% | 25.85% | -11.17% | 15.44% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between SPSM and USFR is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | -0.00 |
The correlation between SPSM and USFR shifts across timeframes, from -0.17 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPSM vs. USFR — Risk / Return Rank
SPSM
USFR
SPSM vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.56 | ||
| Sortino ratioReturn per unit of downside risk | -46.88 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 13.24 | -11.89 |
| Calmar ratioReturn relative to maximum drawdown | 4.24 | 200.29 | -196.05 |
| Martin ratioReturn relative to average drawdown | 14.31 | 775.73 | -761.42 |
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Drawdowns
SPSM vs. USFR - Drawdown Comparison
The maximum SPSM drawdown since its inception was -42.89%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for SPSM and USFR.
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Drawdown Indicators
| SPSM | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.89% | -1.36% | -41.53% |
Max Drawdown (1Y)Largest decline over 1 year | -8.72% | -0.02% | -8.70% |
Max Drawdown (3Y)Largest decline over 3 years | -27.94% | -0.06% | -27.88% |
Max Drawdown (5Y)Largest decline over 5 years | -27.94% | -0.18% | -27.76% |
Max Drawdown (10Y)Largest decline over 10 years | -42.89% | -0.80% | -42.09% |
Current DrawdownCurrent decline from peak | -0.07% | 0.00% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -0.15% | -7.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 0.01% | +2.57% |
Volatility
SPSM vs. USFR - Volatility Comparison
State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 4.90% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that SPSM's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPSM | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 0.08% | +4.82% |
Volatility (6M)Calculated over the trailing 6-month period | 12.03% | 0.19% | +11.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.68% | 0.27% | +17.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.42% | 0.40% | +21.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.01% | 0.78% | +22.23% |
SPSM vs. USFR - Expense Ratio Comparison
SPSM has a 0.03% expense ratio, which is lower than USFR's 0.15% 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. USFR - Dividend Comparison
SPSM's dividend yield for the trailing twelve months is around 1.74%, less than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 1.74% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
SPSM and USFR have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPSM has higher volatility (4.90%) compared to USFR (0.08%). In terms of maximum drawdown, SPSM dropped -42.89% vs USFR's -1.36%.
On 10-year performance, SPSM leads with 11.51% vs 2.43% for USFR. On fees, SPSM is cheaper at 0.03% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPSM has performed better with a 11.51% return vs 2.43%. 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 0.15% for USFR.
USFR has the higher dividend yield at 3.91%, compared with 1.74% for SPSM.
SPSM is categorized as Small Cap Blend Equities, while USFR is Government Bonds. SPSM tracks S&P SmallCap 600 Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.03% for SPSM and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.65 vs 2.10), 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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