SPSM vs. VIOO

Last updated Jul 15, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both Small Cap Blend Equities funds tracking the S&P SmallCap 600 Index, from State Street and Vanguard respectively. Both are passively managed. Over the past 10 years, SPSM returned 10.94%/yr vs 10.75%/yr for VIOO. With a 0.97 correlation, they move nearly in lockstep. SPSM charges 0.03%/yr vs 0.07%/yr for VIOO.

Performance

SPSM vs. VIOO - 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 Vanguard S&P Small-Cap 600 ETF (VIOO). 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 21.46% return and VIOO slightly higher at 21.48%. Both investments have delivered pretty close results over the past 10 years, with SPSM having a 10.94% annualized return and VIOO not far behind at 10.75%.

SPSM

• 1D: 0.25%
• 1M: 1.44%
• 6M: 15.47%
• YTD: 21.46%
• 1Y: 30.24%
• 3Y*: 14.63%
• 5Y*: 7.85%
• 10Y*: 10.94%

VIOO

• 1D: 0.28%
• 1M: 1.48%
• 6M: 15.51%
• YTD: 21.48%
• 1Y: 30.43%
• 3Y*: 14.57%
• 5Y*: 7.81%
• 10Y*: 10.75%

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

SPSM vs. VIOO - 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	21.46%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%
VIOO Vanguard S&P Small-Cap 600 ETF	21.48%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%

Correlation

The correlation between SPSM and VIOO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013	0.97

The correlation between SPSM and VIOO has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.

SPSM vs. VIOO - Sectors Allocation Comparison

Sectors	SPSM	VIOO
Financial Services	17.7%	16.5%
Technology	15.5%	17.3%
Industrials	15.4%	15.1%
Consumer Cyclical	12.8%	13.1%
Healthcare	12.2%	10.9%
Real Estate	7.3%	7.6%
Energy	5.9%	5.4%
Basic Materials	4.4%	5.0%
Consumer Defensive	3.9%	3.6%
Communication Services	3.2%	3.6%
Utilities	1.7%	1.9%

Return for Risk

SPSM vs. VIOO — Risk / Return Rank

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

SPSM

SPSM Risk / Return Rank: 73
SPSM Sharpe Ratio Rank: 67
SPSM Sortino Ratio Rank: 71
SPSM Omega Ratio Rank: 64
SPSM Calmar Ratio Rank: 82
SPSM Martin Ratio Rank: 79

VIOO

VIOO Risk / Return Rank: 73
VIOO Sharpe Ratio Rank: 68
VIOO Sortino Ratio Rank: 72
VIOO Omega Ratio Rank: 63
VIOO Calmar Ratio Rank: 82
VIOO Martin Ratio Rank: 79

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. VIOO - 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 Vanguard S&P Small-Cap 600 ETF (VIOO). 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	VIOO	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.74	0.00
Sortino ratio: Return per unit of downside risk	2.56	2.57	-0.01
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	3.48	3.49	0.00
Martin ratio: Return relative to average drawdown	11.73	11.75	-0.01

SPSM vs. VIOO - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.74, which is comparable to the VIOO Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SPSM and VIOO, 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. VIOO - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, roughly equal to the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for SPSM and VIOO.

Drawdown Indicators

	SPSM	VIOO	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-44.15%	+1.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-8.77%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-27.93%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-27.93%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	-44.15%	+1.26%
Current Drawdown Current decline from peak	-2.01%	-2.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-7.87%	-7.29%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.60%	-0.01%

Volatility

SPSM vs. VIOO - Volatility Comparison

State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and Vanguard S&P Small-Cap 600 ETF (VIOO) have volatilities of 3.95% and 4.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	VIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	4.05%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.99%	12.04%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	17.57%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.37%	21.34%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	22.94%	0.00%

SPSM vs. VIOO - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than VIOO's 0.07% 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. VIOO - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.39%, more than VIOO's 1.12% 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	1.39%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%
VIOO Vanguard S&P Small-Cap 600 ETF	1.12%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%

Frequently Asked Questions

Can I hold both SPSM and VIOO in my portfolio?

With a correlation of 1.00, SPSM and VIOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPSM or VIOO?

VIOO has higher volatility (4.05%) compared to SPSM (3.95%). In terms of maximum drawdown, SPSM dropped -42.89% vs VIOO's -44.15%.

Which ETF is better, SPSM or VIOO?

On 10-year performance, SPSM leads with 10.94% vs 10.75% for VIOO. On fees, SPSM is cheaper at 0.03% per year. On volatility, SPSM has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSM or VIOO?

Over the 10-year period, SPSM has performed better with a 10.94% return vs 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or VIOO?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.07% for VIOO.

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

SPSM has the higher dividend yield at 1.39%, compared with 1.12% for VIOO.

What is the main difference between SPSM and VIOO?

Both ETFs track S&P SmallCap 600 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.03% for SPSM and 0.07% for VIOO.

Which has better risk-adjusted returns?

VIOO currently has the higher Sharpe Ratio (1.74 vs 1.74), 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.