SMLV vs SPY
State Street SPDR US Small Cap Low Volatility Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SMLV or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SMLV led over 1Y, SPY over 3Y, 5Y and the full window. SMLV is less concentrated, with 5.8% of the fund in its ten largest positions against 38.0%.
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 | SMLV | SPY |
|---|---|---|
| Expense Ratio | 0.12% | 0.09%Best |
| AUM | $258M | $814.4B |
| Dividend Yield | 2.21% | 1.01% |
| Holdings | 401 | 505 |
| YTD Return | +22.49%Best | +13.34% |
| 1Y Return | +22.35%Best | +19.97% |
| 3Y Return (annualized) | +18.52% | +21.20%Best |
| 5Y Return (annualized) | +9.69% | +12.81%Best |
| Volatility (annualized) | 17.5% | 14.3%Best |
| Max Drawdown | -42.9% | -34.1%Best |
| $10,000 over 5 years | $15,879 | $18,270Best |
| Top 10 Weight | 5.8%Best | 38.0% |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Feb 20, 2013 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 21, 2013 to Sep 4, 2026 (13.5 years).
SMLV 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 13.5 years both funds cover.
SMLV vs SPY Performance
State Street SPDR US Small Cap Low Volatility Index ETF (SMLV) is an ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SMLV returned +22.35% while SPY returned +19.97%. Year to date, SMLV is up 22.49% versus a gain of 13.34% for SPY.
Over three years, SMLV compounded at +18.52% per year against +21.20% for SPY; over five years the annualized figures are +9.69% and +12.81% respectively. Across the full 14-year window we track, SPY has the edge at +13.45% annualized vs +8.66%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMLV has been the more volatile fund, with annualized monthly volatility of 17.5% compared with 14.3% 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 -42.9% for SMLV 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMLV charges 0.12% per year while SPY charges 0.09%. On a $10,000 position that is $12 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, SMLV currently yields 2.21% against 1.01% for SPY.
Holdings Overlap
0.1% of SMLV's money is in holdings SPY also owns. 0.1% of SPY's money is in holdings SMLV also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 396 positions we hold weights for in SMLV and 503 in SPY, against full books of 401 and 505.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for SMLV (99.4% of the fund), and 380 for SMLV that do not appear in SPY (96.7%).
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.
Top Shared Holdings
| Stock | Weight in SMLV | Weight in SPY | Difference |
|---|---|---|---|
| CNCCentene Corp | 0.14% | 0.05% | 0.09% |
You are not choosing between two funds in isolation.
Whichever of SMLV 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, SMLV or SPY?
SMLV has an expense ratio of 0.12% while SPY charges 0.09%. SPY is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, SMLV or SPY?
Over the past year SMLV returned +22.35% vs +19.97% for SPY, so SMLV leads on 1-year performance. Over the longest common window we track (14 years), SMLV annualized +8.66% vs +13.45% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMLV or SPY?
SMLV has been the more volatile fund at 17.5% annualized versus 14.3% for SPY. Worst drawdown: SMLV -42.9% vs SPY -34.1%.
Should I hold both SMLV and SPY?
SMLV and SPY have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SMLV or SPY?
SMLV yields 2.21% while SPY yields 1.01%, so SMLV currently pays the higher dividend yield.
Is SPY better than SMLV?
SPY has a lower expense ratio. SMLV led over 1Y, SPY over 3Y, 5Y and the full window. SMLV is less concentrated, with 5.8% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.