SMLL vs SPY
Harbor Active Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SMLL or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SMLL is less concentrated, with 36.1% of the fund in its ten largest positions against 38.2%.
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 | SMLL | SPY |
|---|---|---|
| Expense Ratio | 0.80% | 0.09%Best |
| AUM | $13M | $811.2B |
| Dividend Yield | 1.49% | 0.98% |
| Holdings | 103 | 1,515 |
| YTD Return | +1.30% | +13.54%Best |
| 1Y Return | -3.70% | +16.25%Best |
| 3Y Return (annualized) | - | +23.72% |
| 5Y Return (annualized) | - | +13.95% |
| Volatility (annualized) | 17.4% | 12.1%Best |
| Max Drawdown | -23.6% | -18.8%Best |
| $10,000 over 2.1 years | $10,427 | $14,164Best |
| Top 10 Weight | 36.1%Best | 38.2% |
| Fund Family | Harbor Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Aug 27, 2024 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 2.1 years row, are measured over the window both funds cover: Aug 29, 2024 to Oct 2, 2026 (2.1 years).
SMLL 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 2.1 years both funds cover.
SMLL vs SPY Performance
Harbor Active Small Cap ETF (SMLL) is an ETF from Harbor Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SMLL returned -3.70% while SPY returned +16.25%. Year to date, SMLL is up 1.30% versus a gain of 13.54% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMLL has been the more volatile fund, with annualized monthly volatility of 17.4% compared with 12.1% 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 -23.6% for SMLL and -18.8% 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMLL charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, SMLL currently yields 1.49% against 0.98% for SPY.
Holdings Overlap
6.5% of SMLL's money is in holdings SPY also owns. 0.1% of SPY's money is in holdings SMLL also owns.
SMLL and SPY share little of their money.
3 positions in common, counted across the 51 positions we hold weights for in SMLL and 504 in SPY, against full books of 103 and 1,515.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for SMLL (99.2% of the fund), and 48 for SMLL that do not appear in SPY (90.9%).
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 SMLL 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, SMLL or SPY?
SMLL has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option, by $71 a year on a $10,000 investment.
Which performed better, SMLL or SPY?
Over the past year SMLL returned -3.70% vs +16.25% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SMLL annualized +2.01% vs +18.03% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMLL or SPY?
SMLL has been the more volatile fund at 17.4% annualized versus 12.1% for SPY. Worst drawdown: SMLL -23.6% vs SPY -18.8%.
Should I hold both SMLL and SPY?
SMLL and SPY have a monthly-return correlation of 0.72, 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 SMLL and SPY?
6.5% of SMLL's money is in holdings SPY also owns. 0.1% of SPY's is in holdings SMLL also owns. They hold 3 positions in common, counted across the 51 positions we hold weights for in SMLL and 504 in SPY.
Which pays a higher dividend, SMLL or SPY?
SMLL yields 1.49% while SPY yields 0.98%, so SMLL currently pays the higher dividend yield.
Is SPY better than SMLL?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SMLL is less concentrated, with 36.1% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.