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 is a US Small Cap fund managed by State Street Investment Management with $16.9 billion in assets. It holds a B grade and ranks 8th out of 18 peers in its category, placing it 175th among all 458 tracked ETFs. The fund’s 0.03% expense ratio is significantly lower than the category median of 0.15%, while its 1.40% dividend yield exceeds the median of 0.90%. Top holdings represent only 11.2% of assets, with the largest position being State Street Global Advisors at 5.8%.

The fund has delivered a 1-year return of +21.69%, matching the category median, after a strong 3-year gain of +52.24%. Short-term performance shows divergence, with a 1-month decline of -3.58% contrasting against a 6-month increase of +14.96%. The current price of $55.51 sits at 79.3% of its 52-week range, indicating it is near the upper end of recent trading levels. The ETFValuer grade of B has remained unchanged over the last 35 tracked days, and price history is available for 3.0 years.

With a beta of 1.05, the fund moves slightly more than the market, accompanied by 16.50% annualized volatility labeled as Moderate. A Sharpe ratio of 1.01 suggests efficient risk-adjusted returns, while the maximum drawdown of -27.94% highlights significant historical downside risk. Liquidity is supported by an average daily volume of 1,758,879 shares, though the bid/ask spread of 2.12% indicates wider trading costs. These metrics collectively describe a fund that has experienced substantial volatility and drawdowns while maintaining moderate liquidity.

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

SPSM Top Holdings

Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 11.2% 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 (4.9% 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: 4.80% (as of 2026-09-08) — 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): 15.72 (as of 2026-09-08) — 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 2026-08-01) — 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 2.12% and average daily volume is 1.8M/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