SPSM
State Street SPDR Portfolio S&P 600 Small Cap ETF
SPSM tracks the S&P Small Cap 600 index of small-cap U.S. stocks.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
13.1 B
ASSETS UNDER MGMT
3 bp
EXPENSES
Fund Basics
| Fund sponsor | SSgA Funds Management Inc |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 08, 2013 |
| Assets (mns) | $13,070 |
| Expense ratio | 3 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| HECLA MINING CO | 0.8 % |
| SPX TECHNOLOGIES INC | 0.7 % |
| DYCOM INDUSTRIES INC | 0.7 % |
| BORGWARNER INC | 0.6 % |
| INTERDIGITAL INC | 0.6 % |
| SANMINA CORP | 0.6 % |
| CARETRUST REIT INC | 0.6 % |
| ARMSTRONG WORLD INDUSTRIES | 0.6 % |
| ADVANCED ENERGY INDUSTRIES | 0.5 % |
| LUMEN TECHNOLOGIES, INC. | 0.5 % |
Constituent Breakdown
| Number of holdings | 580 |
| Herfindahl-Hirschman Index | 25 |
| Wgt avg mkt cap (mns) | $3,590 |
| Large cap (>$10bn) | 1.5% |
| Mid cap ($2-10bn) | 70.9% |
| Small cap (<$2bn) | 21.5% |
| Developed mkts. | 92.9% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 92.5 % |
 |
BERMUDA | 0.7 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 4.9% | -4.2% | 11.8% | 5.8% | 7.3% | 7.1% | -- | 7.1% |
| Dividend Yield | 0.8% | 1.3% | 1.9% | 1.7% | 1.7% | 1.8% | -- | 1.7% |
| Total Returns | 5.7% | -2.9% | 13.8% | 7.5% | 8.9% | 8.9% | -- | 8.9% | Ann. Volatility | 23.3% | 22.9% | 21.6% | 21.0% | 22.0% | 23.1% | -- | 21.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.01 | 75% |
| MSCI EAFE | 1.01 | 54% |
| MSCI Emg Mkts | 0.89 | 47% |
Liquidity Measures
| Avg. volume (000) | 2,577 |
| ADV traded (mns) | $122 |
| Turnover | 0.9% |
| Avg. Bid/Ask (% of price) | 0.02% |
Technical Indicators
| 30d moving avg. (EMA) | $45.90 |
| Relative strength (RSI) | 55 |
| MACD/Signal | 0.05/-0.16 |
| Bollinger Bands (Upper/Lower) | $47.57/$43.93 |
| Short interest (% of AUM) | 0.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SPSM |
Expenses vs. SPSM |
ALTAR Score™ vs. SPSM |
|---|---|---|---|---|
| IJR | iShares Core S&P Small Cap ETF | 94.3% | +3 bp | +7.6% |
| VIOO | Vanguard S&P Small-Cap 600 ETF | 91.2% | +4 bp | +7.5% |
| XJR | iShares ESG Screened S&P Small-Cap ETF | 84.4% | +9 bp | +7.5% |
| QVMS | Invesco S&P SmallCap 600 QVM Multi-factor ETF | 80.7% | +12 bp | +7.6% |
| ESIX | State Street SPDR S&P SmallCap 600 ESG ETF | 64.7% | +9 bp | +8.0% |
| IJT | iShares S&P Small-Cap 600 Growth ETF | 62.8% | +15 bp | +5.4% |
| SLYG | State Street SPDR S&P 600 Small Cap Growth ETF | 62.2% | +12 bp | +5.4% |
| VIOG | Vanguard S&P Small-Cap 600 Growth ETF | 61.3% | +7 bp | +5.5% |
| IJS | iShares S&P Small-Cap 600 Value ETF | 61.0% | +15 bp | +9.7% |
| SLYV | State Street SPDR S&P 600 Small Cap Value ETF | 60.2% | +12 bp | +9.8% |
Risk and Returns: SPSM vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/6/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
SPSM
7.6%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 1020 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.3%. SPSM's ALTAR Score™ is approximately
0.9 standard deviations
above
the category average. This places SPSM in the 80th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SPSMSELL
U/W
HOLD
O/W
BUY