GRPZ vs SPSM: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 GARP ETF

GRPZDNYSE Arca

State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSMANYSE Arca

Overlap

15.3%by weight

Expense ratio

SPSM −0.32pt a year

GRPZ0.35%SPSM0.03%

Avg volume · 30D

SPSM 3370.4×the volume

GRPZ520SPSM1.75M

GRPZ vs SPSM Performance

Nov 7, 2025 – Nov 9, 2026

+24.0%GRPZ+21.7%SPSM

Expense ratio: GRPZ 0.35%; SPSM 0.03%, better
Fund size: GRPZ $3M; SPSM $15.7B
1Y total return: GRPZ +24.0%, better; SPSM +21.7%
Yield (12M): GRPZ 0.83%; SPSM 1.49%, better
Holdings: GRPZ 89; SPSM 606
Avg volume (30D): GRPZ 520 sh; SPSM 1.75M sh, better
NAV per share: GRPZ $31.35; SPSM $53.52
52W range

ETF.net Grade

Pillar letters and Scores for GRPZ, SPSM, with each pillar’s weight
Pillar	GRPZ	SPSM
Cost30% weight	F22	A98Higher
Mission25% weight	B61	A83Higher
Risk15% weight	B56Higher	C51
Tradability15% weight	D25	A93Higher
Holdings10% weight	D31	A87Higher
Durability5% weight	F13	A77Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. GRPZ and SPSM are both graded against the same 13 S&P SmallCap 600 funds, so their Grades compare head to head.

S&P SmallCap 600⁠

Category · 13 funds

See all 13 ›

SPSM ranks 1st and GRPZ 12th of 13 funds in the S&P SmallCap 600 Category.

Rank 1ASPSMState Street SPDR Portfolio S&P 600 Small Cap ETFScore 84
Rank 2AIJRiShares Core S&P Small-Cap ETFScore 79
Rank 11DRWJInvesco S&P SmallCap 600 Revenue ETFScore 39
Rank 12DGRPZInvesco S&P SmallCap 600 GARP ETFScore 37
Rank 13DSCOWPacer S&P SmallCap 600 Quality FCF Aristocrats ETFScore 34

Our read on each fund

ETF.net Research

GRPZDInvesco S&P SmallCap 600 GARP ETF

SPSMAState Street SPDR Portfolio S&P 600 Small Cap ETF

In short

GRPZ Most S&P SmallCap 600 funds hand you all 600 names. GRPZ runs that list through a growth-at-a-reasonable-price screen and keeps roughly 90 stocks that rank well on growth, quality and value.

SPSM The bargain-rack version of a small-cap classic. SPSM tracks the S&P SmallCap 600 for 0.03% a year, one of the thinnest fees in US equities, and holds roughly 600 smaller American companies.

Stated mandate

GRPZ The Fund seeks exposure to the S&P SmallCap 600 GARP Index, investing at least 90% of assets in its constituent securities. The index selects small-cap stocks with relatively high quality and value composite scores.

SPSM The fund seeks to track, before fees and expenses, the total return performance of the S&P SmallCap 600 Index.

Why people hold it

GRPZ The GARP screen is the whole point: the index sorts the 600 on growth, then on a quality and value composite, and the fund holds the survivors, roughly 90 stocks.invesco.com
Tight mandate: at least 90% of assets sit in index constituents, so what you own is the rulebook, not a manager's judgment calls.
Three factors in one wrapper (growth, quality, value) tracking a mainstream S&P Dow Jones index, and it pays quarterly.

SPSM Three ETFs wrap this same index. SPSM charges 0.03%, IJR 0.06%, VIOO 0.07%. Same basket, thinner fee drag.
Its fee sits far below the typical charge among S&P 600 wrappers, and cost is the one variable an index investor actually controls.
Roughly 600 US small caps in a single line item, held straight to the index. No single name carries the fund.
One of the strongest implementations in its peer group: tight index tracking, active trading, and a multi-billion-dollar asset base behind it.

Worth knowing

GRPZ It charges 0.35%. Plain trackers of the same 600, such as SPSM, IJR and VIOO, have long sat among the cheapest funds on the market.
Small asset base and thin trading, so the spread you pay getting in and out can matter as much as the expense ratio.
Roughly 90 names instead of 600, and a 2024 launch: results can drift well away from the broad small-cap index, with little history to study.

SPSM Small-cap prices swing wider than large-cap ones. This fund takes the index as it comes, with no volatility cushion built in.
All US, all stocks. Nothing here diversifies away from the domestic economy.
Income is a byproduct, not the mission: cash goes out quarterly and varies with what the underlying companies pay.

Full GRPZ profile⁠

Full SPSM profile⁠

GRPZ vs SPSM Holdings

How GRPZ and SPSM differ

Overlap by weight

15.3%

Shared holdings make up 98.6% of GRPZ and 15.3% of SPSM.

Level by level

Holdings85 in both15.3%
Sector11 Sectors77.2%
Asset classStocks100%
Countryby domicile99.9%

Sector

Sector weights in GRPZ and SPSM, widest gap first
Sector	Gap	GRPZ	SPSM
Financials	GRPZ +9.2 points	28.2%	19.0%
Health Care	GRPZ +8.3 points	19.0%	10.7%
Industrials	SPSM +6.0 points	11.7%	17.7%
Consumer Discretionary	SPSM +5.3 points	9.0%	14.3%
Consumer Staples	GRPZ +5.2 points	9.5%	4.3%
Real Estate	SPSM +3.5 points	3.3%	6.8%
Materials	SPSM +3.1 points	1.0%	4.1%
Energy	SPSM +2.2 points	3.4%	5.6%
Utilities	SPSM +2.1 points	0.0%	2.1%
Communication	SPSM +0.7 points	2.9%	3.6%
Technology	GRPZ +0.2 points	12.0%	11.8%

Country, concentration and asset class

Country by domicile

Country weights in GRPZ and SPSM, widest gap first
Country	Gap	GRPZ	SPSM
United States	GRPZ +0.1 points	100.0%	99.9%
Singapore	SPSM +0.1 points	0.0%	0.1%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

GRPZ20.4%
SPSM5.1%

Securities held

GRPZ88
SPSM605

Asset class

GRPZ: Stocks
SPSM: Stocks

Holdings

Only in GRPZ3
In both85
Only in SPSM520

Only in GRPZ

3 securities, 1.4% of GRPZ by weight

ZoomInfo Technologies Inc1.25%
Invesco Government & Agency Portfolio0.12%
Securities Lending - Bnym0.00%

Only in SPSM

520 securities, 84.7% of SPSM by weight

Ryman Hospitality Properties0.53%
Match Group Inc0.52%
Life Time Group Holdings Inc0.52%
Viasat Inc0.52%
Victoria’s Secret & Co0.50%
Protagonist Therapeutics Inc0.50%
Epam Systems Inc0.48%
Jackson Financial Inc A0.48%
Alkermes PLC0.45%
Pool Corp0.45%
Etsy Inc0.45%
Mohawk Industries Inc0.45%
Lamb Weston Holdings Inc0.45%
Ralliant Corp0.44%
Eastman Chemical Co0.43%
Carmax Inc0.43%
Conagra Brands Inc0.43%
Element Solutions Inc0.42%
Sm Energy Co0.42%
Macerich Co/The0.41%
Lincoln National Corp0.40%
Builders Firstsource Inc0.39%
Jbt Marel Corp0.39%
Molson Coors Beverage Co B0.38%
Zurn Elkay Water Solutions C0.38%
Teleflex Inc0.37%
Matson Inc0.37%
Casella Waste Systems Inc A0.36%
Ligand Pharmaceuticals0.36%
Gates Industrial Corp Ltd0.36%
Aci Worldwide Inc0.36%
Essential Properties Realty0.35%
Esco Technologies Inc0.35%
Caesars Entertainment Inc0.35%
Stonex Group Inc0.35%
Victory Capital Holding A0.34%
Marketaxess Holdings Inc0.34%
Box Inc Class A0.34%
Mobility Global Inc0.34%
Karman Holdings Inc0.33%
Atlantic Union Bankshares Co0.33%
Magnolia Oil & Gas Corp A0.33%
Balchem Corp0.33%
Trade Desk Inc/The Class A0.32%
Enpro Inc0.32%
Ptc Therapeutics Inc0.32%
Supernus Inc0.32%
Outfront Media Inc0.32%
Radnet Inc0.32%
Msg Knickerbockers Corp0.31%

Weight gaps

All 85 Holdings in both funds, largest gap first.

Holding weights in GRPZ and SPSM, widest gap first
Holding	Gap	GRPZ	SPSM
ADMA Biologics IncADMA	GRPZ +2.25 points	2.42%	0.17%
Inspire Medical Systems IncINSP	GRPZ +2.21 points	2.32%	0.11%
QuinStreet IncQNST	GRPZ +2.03 points	2.09%	0.06%
Palomar Holdings IncPLMR	GRPZ +1.95 points	2.19%	0.24%
Sezzle IncSEZL	GRPZ +1.91 points	2.06%	0.15%
TransMedics Group IncTMDX	GRPZ +1.82 points	2.00%	0.18%
Millrose Properties IncMRP	GRPZ +1.68 points	1.91%	0.23%
TG Therapeutics IncTGTX	GRPZ +1.56 points	2.06%	0.50%
Freshpet IncFRPT	GRPZ +1.44 points	1.62%	0.18%
Dave IncDAVE	GRPZ +1.44 points	1.60%	0.16%
Progyny IncPGNY	GRPZ +1.42 points	1.58%	0.16%
SiriusPoint LtdSPNT	GRPZ +1.40 points	1.56%	0.16%
Cal-Maine Foods IncCALM	GRPZ +1.29 points	1.46%	0.17%
UFP Technologies IncUFPT	GRPZ +1.26 points	1.40%	0.14%
Tidewater IncTDW	GRPZ +1.25 points	1.44%	0.19%
Amphastar Pharmaceuticals IncAMPH	GRPZ +1.25 points	1.30%	0.05%
ACADIA Pharmaceuticals IncACAD	GRPZ +1.23 points	1.39%	0.16%
Paycom Software IncPAYC	GRPZ +1.20 points	1.74%	0.54%
EVERTEC IncEVTC	GRPZ +1.20 points	1.32%	0.12%
Itron IncITRI	GRPZ +1.19 points	1.44%	0.25%
Liquidity Services IncLQDT	GRPZ +1.15 points	1.21%	0.06%
HCI Group IncHCI	GRPZ +1.14 points	1.25%	0.11%
Frontdoor IncFTDR	GRPZ +1.12 points	1.51%	0.39%
United Fire Group IncUFCS	GRPZ +1.11 points	1.17%	0.06%
CorVel CorpCRVL	GRPZ +1.09 points	1.24%	0.15%
SkyWest IncSKYW	GRPZ +1.08 points	1.26%	0.18%
Moelis & CoMC	GRPZ +1.07 points	1.32%	0.25%
Life360 IncLIF	GRPZ +1.05 points	1.28%	0.23%
Horace Mann Educators CorpHMN	GRPZ +1.05 points	1.18%	0.13%
Badger Meter IncBMI	GRPZ +1.06 points	1.33%	0.27%
Harmony Biosciences Holdings IncHRMY	GRPZ +1.04 points	1.14%	0.10%
National HealthCare CorpNHC	GRPZ +1.05 points	1.20%	0.15%
Encore Capital Group IncECPG	GRPZ +1.03 points	1.17%	0.14%
Interparfums IncIPAR	GRPZ +1.03 points	1.17%	0.14%
Clear Secure IncYOU	GRPZ +1.03 points	1.34%	0.31%
Addus HomeCare CorpADUS	GRPZ +1.01 points	1.14%	0.13%
Covista IncCVSA	GRPZ +0.98 points	1.20%	0.22%
Bancorp Inc/TheTBBK	GRPZ +0.98 points	1.09%	0.11%
Acadian Asset Management IncAAMI	GRPZ +0.97 points	1.13%	0.16%
Upwork IncUPWK	GRPZ +0.98 points	1.05%	0.07%
Tompkins Financial CorpTMP	GRPZ +0.97 points	1.04%	0.07%
Enerpac Tool Group CorpEPAC	GRPZ +0.94 points	1.06%	0.12%
Alarm.com Holdings IncALRM	GRPZ +0.94 points	1.13%	0.19%
Axos Financial IncAX	GRPZ +0.93 points	1.24%	0.31%
Pathward Financial IncCASH	GRPZ +0.93 points	1.02%	0.09%
F&G Annuities & Life IncFG	GRPZ +0.90 points	0.95%	0.05%
Bristow Group IncVTOL	GRPZ +0.88 points	0.94%	0.06%
Lyft IncLYFT	GRPZ +0.86 points	1.24%	0.38%
Laureate Education IncLAUR	GRPZ +0.85 points	1.10%	0.25%
Oceaneering International IncOII	GRPZ +0.84 points	1.04%	0.20%
Assured Guaranty LtdAGO	GRPZ +0.83 points	1.01%	0.18%
Phibro Animal Health CorpPAHC	GRPZ +0.83 points	0.87%	0.04%
NMI Holdings IncNMIH	GRPZ +0.82 points	0.99%	0.17%
Mercury General CorpMCY	GRPZ +0.81 points	0.94%	0.13%
Urban Outfitters IncURBN	GRPZ +0.80 points	1.09%	0.29%
PJT Partners IncPJT	GRPZ +0.79 points	1.01%	0.22%
Trustmark CorpTRMK	GRPZ +0.78 points	0.93%	0.15%
Yelp IncYELP	GRPZ +0.78 points	0.84%	0.06%
Interface IncTILE	GRPZ +0.78 points	0.88%	0.10%
Vita Coco Co Inc/TheCOCO	GRPZ +0.77 points	0.95%	0.18%
City Holding CoCHCO	GRPZ +0.75 points	0.87%	0.12%
Preferred Bank/Los Angeles CAPFBC	GRPZ +0.74 points	0.81%	0.07%
XPEL IncXPEL	GRPZ +0.71 points	0.77%	0.06%
Greenbrier Cos Inc/TheGBX	GRPZ +0.69 points	0.77%	0.07%
OSI Systems IncOSIS	GRPZ +0.68 points	0.86%	0.18%
Napco Security Technologies IncNSSC	GRPZ +0.68 points	0.74%	0.06%
Bread Financial Holdings IncBFH	GRPZ +0.66 points	0.89%	0.23%
Dorman Products IncDORM	GRPZ +0.65 points	0.87%	0.22%
Cavco Industries IncCVCO	GRPZ +0.65 points	0.94%	0.29%
WSFS Financial CorpWSFS	GRPZ +0.64 points	0.88%	0.24%
Federal Signal CorpFSS	GRPZ +0.62 points	1.03%	0.41%
Green Brick Partners IncGRBK	GRPZ +0.62 points	0.73%	0.11%
Powell Industries IncPOWL	GRPZ +0.60 points	0.82%	0.22%
Armstrong World Industries IncAWI	GRPZ +0.60 points	1.02%	0.42%
Innoviva IncINVA	GRPZ +0.58 points	0.66%	0.08%
Perdoceo Education CorpPRDO	GRPZ +0.52 points	0.62%	0.10%
Uniti Group IncUNIT	GRPZ +0.53 points	0.58%	0.05%
Stride IncLRN	GRPZ +0.52 points	0.70%	0.18%
Mueller Water Products IncMWA	GRPZ +0.51 points	0.73%	0.22%
Strategic Education IncSTRA	GRPZ +0.48 points	0.55%	0.07%
Argan IncAGX	GRPZ +0.47 points	0.70%	0.23%
Boot Barn Holdings IncBOOT	GRPZ +0.42 points	0.65%	0.23%
Terreno Realty CorpTRNO	GRPZ +0.38 points	0.80%	0.42%
MYR Group IncMYRG	GRPZ +0.29 points	0.53%	0.24%
Everus Construction Group IncECG	GRPZ +0.27 points	0.50%	0.23%

All 87 GRPZ holdings⁠All 607 SPSM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GRPZ vs SPSM Cost

Overpaying GRPZ vs SPSM

$6,488

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GRPZ 0.35%
$7,126
SPSM 0.03%
$638

Amount$10,000

Years30 years

Cost over time

GRPZ 0.35%
SPSM 0.03%
Overpaying

Year by year

Year	GRPZ	SPSM	Overpaying
10	$634	$55	$579
20	$2,454	$216	$2,238
30	$7,126	$638	$6,488

Expense ratio

0.35%GRPZ
0.03%SPSM, cheaper

SPSM0.03%GRPZ0.35%

0.03%0.59%

Middle half of S&P SmallCap 600 funds
Median 0.15%

SPSM cheapest of 13 funds

GRPZ 10th cheapest of 13 funds

GRPZ vs SPSM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): GRPZ 0.83%; SPSM 1.49%, better
Payout (12M): GRPZ $0.26; SPSM $0.82
Last payment: GRPZ $0.04; SPSM $0.22
Ex-dividend: GRPZ Sep 21, 2026; SPSM Sep 21, 2026
Paid on: GRPZ Sep 25, 2026; SPSM Sep 23, 2026
Frequency: GRPZ Quarterly; SPSM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GRPZQuarterly · 10 paymentsAll GRPZ payments⁠

SPSMQuarterly · 40 paymentsAll SPSM payments⁠

GRPZ vs SPSM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GRPZ 19.0%since Apr 2024SPSM 18.7%
Return per unit of riskSharpe ratio, 3 years: GRPZ 0.35since Apr 2024SPSM 0.76
Worst fallMax drawdown, 5 years: GRPZ −27.9%since Mar 2024SPSM −27.9%
Market sensitivityBeta, 5 years: GRPZ 0.84SPSM 1.05; Market = 1

GRPZ and SPSM in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026SPSM
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026SPSM

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GRPZ vs SPSM

In short

Stated mandate

Why people hold it

Worth knowing

How GRPZ and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GRPZ

Only in SPSM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How GRPZ and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GRPZ

Only in SPSM

Weight gaps