OUSM vs SPY
O Shares US Small-Cap Quality Dividend ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, OUSM or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. OUSM is less concentrated, with 21.8% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | OUSM | SPY |
|---|---|---|
| Expense Ratio | 0.48% | 0.09%Best |
| AUM | $835M | $804.7B |
| Dividend Yield | 2.00% | 0.98% |
| Holdings | 109 | 505 |
| YTD Return | +8.18% | +13.81%Best |
| 1Y Return | +6.75% | +16.94%Best |
| 3Y Return (annualized) | +11.98% | +22.84%Best |
| 5Y Return (annualized) | +8.11% | +13.50%Best |
| Volatility (annualized) | 17.1% | 15.6%Best |
| Max Drawdown | -40.0% | -34.1%Best |
| $10,000 over 5 years | $14,768 | $18,836Best |
| Top 10 Weight | 21.8%Best | 37.8% |
| Fund Family | ALPS Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Dec 30, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 30, 2016 to Sep 22, 2026 (9.7 years).
OUSM vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.7 years both funds cover.
OUSM vs SPY Performance
O Shares US Small-Cap Quality Dividend ETF (OUSM) is an ETF from ALPS Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year OUSM returned +6.75% while SPY returned +16.94%. Year to date, OUSM is up 8.18% versus a gain of 13.81% for SPY.
Over three years, OUSM compounded at +11.98% per year against +22.84% for SPY; over five years the annualized figures are +8.11% and +13.50% respectively. Across the full 10-year window we track, SPY has the edge at +14.48% annualized vs +7.85%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
OUSM has been the more volatile fund, with annualized monthly volatility of 17.1% compared with 15.6% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -40.0% for OUSM and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
OUSM charges 0.48% per year while SPY charges 0.09%. On a $10,000 position that is $48 vs $9 annually, a gap of $39 per year that compounds over a long holding period. On income, OUSM currently yields 2.00% against 0.98% for SPY.
Holdings Overlap
4.6% of OUSM's money is in holdings SPY also owns. 0.1% of SPY's money is in holdings OUSM also owns.
OUSM and SPY share little of their money.
4 positions in common, counted across the 108 positions we hold weights for in OUSM and 504 in SPY, against full books of 109 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for OUSM (99.3% of the fund), and 100 for OUSM that do not appear in SPY (89.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of OUSM and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, OUSM or SPY?
OUSM has an expense ratio of 0.48% while SPY charges 0.09%. SPY is the cheaper option, by $39 a year on a $10,000 investment.
Which performed better, OUSM or SPY?
Over the past year OUSM returned +6.75% vs +16.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), OUSM annualized +7.85% vs +14.48% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, OUSM or SPY?
OUSM has been the more volatile fund at 17.1% annualized versus 15.6% for SPY. Worst drawdown: OUSM -40.0% vs SPY -34.1%.
Should I hold both OUSM and SPY?
OUSM and SPY have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between OUSM and SPY?
4.6% of OUSM's money is in holdings SPY also owns. 0.1% of SPY's is in holdings OUSM also owns. They hold 4 positions in common, counted across the 108 positions we hold weights for in OUSM and 504 in SPY.
Which pays a higher dividend, OUSM or SPY?
OUSM yields 2.00% while SPY yields 0.98%, so OUSM currently pays the higher dividend yield.
Is SPY better than OUSM?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. OUSM is less concentrated, with 21.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.