ETF Versus

SPSM vs SPYD

State Street SPDR Portfolio S&P 600 Small Cap ETF vs State Street SPDR Portfolio S&P 500 High Dividend ETF

Last updated: 2026-04-10

SPSM SPDR

State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is an exchange-traded fund issued by SPDR that provides exposure to small-cap U.S. equities with higher growth potential and volatility. It charges a very low expense ratio of 0.03%. The fund offers a moderate dividend yield of 1.52%. Launched in 2013, the fund has a 13-year track record.

AUM: $14.6B ER: 0.03% Yield: 1.52% Since: Jul 8, 2013
SPYD SPDR

State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is an exchange-traded fund issued by SPDR that provides exposure to U.S. dividend-paying stocks selected for yield or dividend growth. It charges a low expense ratio of 0.07%. The fund offers a high dividend yield of 4.33%. Launched in 2015, the fund has a 11-year track record.

AUM: $7.1B ER: 0.07% Yield: 4.33% Since: Oct 21, 2015

Quick Verdict

SPSM has a slightly lower expense ratio (0.03% vs 0.07%), saving about $80 per $10,000 over 10 years. Over the past year, SPSM has significantly outperformed with a 37.6% return vs 15.3%. Income investors may prefer SPYD for its higher yield (4.3% vs 1.5%).

Key Metrics

Metric SPSM SPYD
Expense Ratio 0.03% 0.07%
Dividend Yield 1.5% 4.3%
Fund Family SPDR SPDR
Category US Small Cap US Dividend

Performance Chart

Indexed to 100 at start (5-year comparison)

75 85 95 105 115 125 2021-04 2022-07 2023-10 2025-01 2026-04
SPSM +18.5%
SPYD +17.3%

Performance Comparison

Period SPSM SPYD Difference
1 Month +4.27% -0.44% +4.71%
3 Months +2.71% +3.93% -1.22%
6 Months +11.44% +6.95% +4.49%
YTD +7.01% +5.33% +1.68%
1 Year +37.58% +15.30% +22.28%
3 Years +34.97% +19.97% +15.00%
5 Years +18.48% +17.27% +1.21%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period SPSM Fees SPYD Fees You Save
$10,000 10 years $60 $140 $80
$10,000 20 years $258 $600 $342
$10,000 30 years $835 $1,938 $1,103
$50,000 10 years $299 $698 $398
$50,000 30 years $4,176 $9,692 $5,516
$100,000 30 years $8,352 $19,383 $11,032

Risk Metrics

Based on 5 years of daily returns

Metric SPSM SPYD
Annualized Volatility 21.5% 16.5%
Max Drawdown -28.7% -27.4%
Sharpe Ratio 0.06 0.00

Dividend Comparison

Metric SPSM SPYD
Annual Dividend (per share) $0.77 $1.99
Dividend Yield 1.52% 4.33%
Distribution Frequency Quarterly Quarterly

Top Holdings

0 of top 10 holdings overlap (0% overlap in top holdings)

SPSM Top Holdings

NameWeight
Viavi Solutions Inc.VIAV0.60%
FormFactor, Inc.FORM0.57%
Eastman Chemical CompanyEMN0.53%
Primoris Services CorporationPRIM0.53%
Element Solutions IncESI0.53%
Argan, Inc.AGX0.51%
Semtech CorporationSMTC0.51%
ESCO Technologies Inc.ESE0.50%
Match Group, Inc.MTCH0.49%
Viasat, Inc.VSAT0.48%

SPYD Top Holdings

NameWeight
APA CorporationAPA1.78%
LyondellBasell Industries N.V.LYB1.75%
Dow Inc.DOW1.69%
EOG Resources, Inc.EOG1.57%
Edison InternationalEIX1.50%
Verizon Communications Inc.VZ1.49%
Phillips 66PSX1.45%
AT&T Inc.T1.42%
Target CorporationTGT1.42%
Chevron CorporationCVX1.41%

Which One Should You Choose?

Choose SPSM if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose SPSM if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

Choose SPYD if...

you prioritize dividend income and want higher regular distributions from your portfolio.

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