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SPSM vs. VIOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPSM vs. VIOO

Last updated Jun 23, 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 11.51%/yr vs 11.35%/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.

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Returns By Period

The year-to-date returns for both stocks are quite close, with SPSM having a 19.74% return and VIOO slightly lower at 19.73%. Both investments have delivered pretty close results over the past 10 years, with SPSM having a 11.51% annualized return and VIOO not far behind at 11.35%.

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%

VIOO

1D
0.05%
1M
4.59%
YTD
19.73%
6M
16.79%
1Y
36.99%
3Y*
16.33%
5Y*
6.65%
10Y*
11.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPSM vs. VIOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VIOO
Vanguard S&P Small-Cap 600 ETF		19.73%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

Technology

17.1%
15.5%

Financial Services

16.5%
16.9%

Industrials

15.2%
15.5%

Consumer Cyclical

13.1%
13.4%

Healthcare

11.0%
11.0%

Real Estate

7.6%
7.7%

Energy

5.4%
5.9%

Basic Materials

5.0%
5.1%

Communication Services

3.7%
3.6%

Consumer Defensive

3.6%
3.5%

Utilities

1.9%
2.0%

Technology

SPSM
17.1%
VIOO
15.5%

Financial Services

SPSM
16.5%
VIOO
16.9%

Industrials

SPSM
15.2%
VIOO
15.5%

Consumer Cyclical

SPSM
13.1%
VIOO
13.4%

Healthcare

SPSM
11.0%
VIOO
11.0%

Real Estate

SPSM
7.6%
VIOO
7.7%

Energy

SPSM
5.4%
VIOO
5.9%

Basic Materials

SPSM
5.0%
VIOO
5.1%

Communication Services

SPSM
3.7%
VIOO
3.6%

Consumer Defensive

SPSM
3.6%
VIOO
3.5%

Utilities

SPSM
1.9%
VIOO
2.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR Portfolio S&P 600 Small Cap ETF

Vanguard S&P Small-Cap 600 ETF

Often compared with SPSM:
SPSM vs. IWMSPSM vs. IJRSPSM vs. AVUVSPSM vs. VBSPSM vs. SCHASPSM vs. DFSCXSPSM vs. ISCB
Often compared with VIOO:
VIOO vs. VBVIOO vs. IJRVIOO vs. VOVIOO vs. AVUVVIOO vs. VIOVVIOO vs. VTWOVIOO vs. VIOG

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: 7171
Overall Rank
SPSM Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SPSM Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPSM Omega Ratio Rank: 6161
Omega Ratio Rank
SPSM Calmar Ratio Rank: 8383
Calmar Ratio Rank
SPSM Martin Ratio Rank: 7777
Martin Ratio Rank
VIOO
VIOO Risk / Return Rank: 7171
Overall Rank
VIOO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
VIOO Sortino Ratio Rank: 6969
Sortino Ratio Rank
VIOO Omega Ratio Rank: 6060
Omega Ratio Rank
VIOO Calmar Ratio Rank: 8383
Calmar Ratio Rank
VIOO Martin Ratio Rank: 7777
Martin Ratio Rank
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.

SPSMVIOODifference
Sharpe ratioReturn per unit of total volatility
2.10
2.09

0.00

Sortino ratioReturn per unit of downside risk
3.00
3.00

-0.01

Omega ratioGain probability vs. loss probability

1.36

1.36

0.00

Calmar ratioReturn relative to maximum drawdown

4.24

4.24

0.00

Martin ratioReturn relative to average drawdown

14.31

14.31

0.00

SPSM vs. VIOO - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 2.10, which is comparable to the VIOO Sharpe Ratio of 2.09. 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.

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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.

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Drawdown Indicators

SPSMVIOODifference

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

-0.07%

-0.12%

+0.05%

Average Drawdown

Average peak-to-trough decline

-7.90%

-7.31%

-0.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

2.59%

-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 4.90% and 4.93%, 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.

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Volatility by Period

SPSMVIOODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.90%

4.93%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

12.03%

12.10%

-0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

17.68%

17.80%

-0.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.42%

21.40%

+0.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.01%

23.01%

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 1.74%, more than VIOO's 1.13% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VIOO
Vanguard S&P Small-Cap 600 ETF		1.13%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

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.

VIOO has higher volatility (4.93%) compared to SPSM (4.90%). In terms of maximum drawdown, SPSM dropped -42.89% vs VIOO's -44.15%.

On 10-year performance, SPSM leads with 11.51% vs 11.35% for VIOO. On fees, SPSM is cheaper at 0.03% per year. Their volatility is very similar. 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 11.35%. 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 0.07% for VIOO.

SPSM has the higher dividend yield at 1.74%, compared with 1.13% for 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.

SPSM currently has the higher Sharpe Ratio (2.10 vs 2.09), 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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