SPSM — State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSM Price Performance — Growth of $10,000

Value of a $10,000 investment in SPSM over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

SPSM Drawdown

The "underwater" chart: SPSM's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) operates within the US Small Cap category, which ETFValuer currently tracks with 18 funds. Issued by State Street Investment Management, the fund has accumulated $16.9 billion in assets under management while trading at a price of $56.32. It holds an overall rank of #107 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of B with a score of 70.5 out of 100. Investors benefit from a low expense ratio of 0.03% and a dividend yield of 1.36%. The substantial asset size and competitive cost structure suggest significant investor adoption relative to other funds in the sector. This positioning places the ETF as a mid-tier performer in the broader universe of tracked funds despite its strong category presence.

Over the last trading day, the fund declined by 0.65%, followed by a 1.56% drop over the one-week period. Momentum shifted positively over the one-month horizon with a gain of 1.44%, which accelerated to a 7.15% return over three months. The upward trajectory continued into the six-month mark with an 11.92% increase, while year-to-date returns have reached 19.92%. Annual performance shows a 30.09% return, and the three-year total return stands at 45.98%. This pattern indicates a deceleration in short-term gains compared to the stronger long-term accumulation of value over the past year and three years.

The fund carries a Moderate volatility label and a beta of 1.08, indicating it tends to move slightly more than the broader market. A Sharpe ratio of 1.45 suggests the fund has generated a favorable amount of excess return per unit of risk taken over the measured period. However, the maximum drawdown of -27.94% highlights the potential for significant temporary losses during market downturns. This combination of a beta above 1.0 and a deep drawdown implies the fund experiences amplified swings in both rising and falling markets. The high Sharpe ratio alongside the substantial drawdown suggests that while risk-adjusted returns have been strong historically, the fund remains sensitive to market corrections. Investors should expect moderate price fluctuations that align with the fund's small-cap exposure and market beta.

AI-generated summary based on the data on this page.

SPSM Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 10.5% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SPSM's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SPSM

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SPSM's top 10 — IJR overlaps most, holding 8 of the same companies as SPSM's top 10 (4.0% of SPSM's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

SPSM Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 1.32% and average daily volume is 1.7M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $16.9B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SPSM is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

SPSM Performance History

How SPSM Compares to Other US Small Cap ETFs