SMMV vs SPY
iShares MSCI USA Small-Cap Minimum Volatility Factor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SMMV 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. SMMV is less concentrated, with 12.5% 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 | SMMV | SPY |
|---|---|---|
| Expense Ratio | 0.20% | 0.09%Best |
| AUM | $288M | $804.7B |
| Dividend Yield | 1.65% | 0.98% |
| Holdings | 369 | 505 |
| YTD Return | +7.79% | +11.52%Best |
| 1Y Return | +9.55% | +17.48%Best |
| 3Y Return (annualized) | +13.05% | +20.62%Best |
| 5Y Return (annualized) | +5.90% | +12.73%Best |
| Volatility (annualized) | 13.7%Best | 15.4% |
| Max Drawdown | -38.8% | -34.1%Best |
| $10,000 over 5 years | $13,319 | $18,205Best |
| Top 10 Weight | 12.5%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Sep 7, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2016 to Sep 10, 2026 (10 years).
SMMV 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 10 years both funds cover.
SMMV vs SPY Performance
iShares MSCI USA Small-Cap Minimum Volatility Factor ETF (SMMV) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SMMV returned +9.55% while SPY returned +17.48%. Year to date, SMMV is up 7.79% versus a gain of 11.52% for SPY.
Over three years, SMMV compounded at +13.05% per year against +20.62% for SPY; over five years the annualized figures are +5.90% and +12.73% respectively. Across the full 10-year window we track, SPY has the edge at +14.36% annualized vs +7.65%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 13.7% for SMMV. 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 -38.8% for SMMV 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 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMMV charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, SMMV currently yields 1.65% against 0.98% for SPY.
Holdings Overlap
5.4% of SMMV's money is in holdings SPY also owns. 0.3% of SPY's money is in holdings SMMV also owns.
SMMV and SPY share little of their money.
14 positions in common, counted across the 349 positions we hold weights for in SMMV and 504 in SPY, against full books of 369 and 505.
What only one of them owns
Our book lists 480 positions for SPY that do not appear in our book for SMMV (99.3% of the fund), and 320 for SMMV that do not appear in SPY (90.7%).
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 SMMV | Weight in SPY | Difference |
|---|---|---|---|
| PNWPinnacle West Capital Corp. | 1.42% | 0.02% | 1.40% |
| AOSAo Smith Corp. | 0.65% | 0.01% | 0.64% |
| HSICHenry Schein Inc | 0.61% | 0.01% | 0.60% |
| SJMJm Smucker Co. | 0.50% | 0.02% | 0.48% |
| APAApa Corp | 0.35% | 0.02% | 0.33% |
| BF.BBrown-forman Corp. | 0.35% | 0.01% | 0.34% |
| HIIHuntington Ingalls Industries Inc. | 0.33% | 0.02% | 0.31% |
| TAPMolson Coors Brewing Co. Class B | 0.33% | 0.01% | 0.32% |
| AKAMAkamai Technologies Inc. | 0.28% | 0.03% | 0.25% |
| JKHYJack Henry & Associates Inc | 0.21% | 0.02% | 0.19% |
You are not choosing between two funds in isolation.
Whichever of SMMV 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, SMMV or SPY?
SMMV has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, SMMV or SPY?
Over the past year SMMV returned +9.55% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), SMMV annualized +7.65% vs +14.36% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMMV or SPY?
SPY has been the more volatile fund at 15.4% annualized versus 13.7% for SMMV. Worst drawdown: SMMV -38.8% vs SPY -34.1%.
Should I hold both SMMV and SPY?
SMMV and SPY have a monthly-return correlation of 0.82, 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 SMMV and SPY?
5.4% of SMMV's money is in holdings SPY also owns. 0.3% of SPY's is in holdings SMMV also owns. They hold 14 positions in common, counted across the 349 positions we hold weights for in SMMV and 504 in SPY.
Which pays a higher dividend, SMMV or SPY?
SMMV yields 1.65% while SPY yields 0.98%, so SMMV currently pays the higher dividend yield.
Is SPY better than SMMV?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SMMV is less concentrated, with 12.5% 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.