IJR vs SPSM: Grades, Fees and Holdings Compared

iShares Core S&P Small-Cap ETF

IJRANYSE Arca

State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSMANYSE Arca

Overlap

97.6%by weight

Expense ratio

SPSM −0.03pt a year

IJR0.06%SPSM0.03%

Avg volume · 30D

IJR 1.9×the volume

IJR3.24MSPSM1.72M

10Y return · a year

IJR+10.6%SPSM+10.6%

IJR vs SPSM Performance

Oct 29, 2021 – Oct 30, 2026

+34.3%IJR+34.7%SPSM

Expense ratio: IJR 0.06%; SPSM 0.03%, better
Fund size: IJR $106B; SPSM $16.2B
1Y total return: IJR +20.6%; SPSM +20.7%, better
Yield (12M): IJR 1.22%; SPSM 1.51%, better
Holdings: IJR 609; SPSM 607
Avg volume (30D): IJR 3.24M sh, better; SPSM 1.72M sh
NAV per share: IJR $140.29; SPSM $55.20
52W range

ETF.net Grade

Pillar letters and Scores for IJR, SPSM, with each pillar’s weight
Pillar	IJR	SPSM
Cost30% weight	A90	A98Higher
Mission25% weight	A83	A84Higher
Risk15% weight	C53Higher	C50
Tradability15% weight	A76	A93Higher
Holdings10% weight	A85	A86Higher
Durability5% weight	A82Higher	A77

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. IJR 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 IJR 2nd 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 3AVIOOVanguard S&P Small-Cap 600 ETFScore 70

Our read on each fund

ETF.net Research

IJRAiShares Core S&P Small-Cap ETF

SPSMAState Street SPDR Portfolio S&P 600 Small Cap ETF

In short

IJR Small caps, but only the ones making money. IJR tracks the S&P SmallCap 600, an index that screens for positive earnings before a stock gets in, and it has been the big, heavily traded way to own that basket since 2000.

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

IJR The fund seeks to track an index representing small-capitalization U.S. equities.

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

IJR The index runs a profitability screen: no positive earnings, no entry. The money-losing tail of the small-cap market never reaches the portfolio.spglobal.com
0.06% a year, against a 0.18% median for funds wrapping this same index. One of the strongest overall implementations in that peer group.
Trading since 2000 and now one of the largest, most actively traded S&P 600 funds available.
Roughly 700 US small-cap positions, cash paid out 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

IJR Cheaper twins exist on the identical index: SPSM charges 0.03%, VIOO 0.07%. On headline fee alone, IJR is not the low bid.
Small-cap stocks move more sharply than large caps, and this is straight index exposure with no hedge or cushion.ishares.com
The earnings screen cuts both ways. When speculative, unprofitable small caps run, this index simply isn't holding them.spglobal.com

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 IJR profile⁠

Full SPSM profile⁠

IJR vs SPSM Holdings

How IJR and SPSM differ

Overlap by weight

97.6%

Shared holdings make up 99.8% of SPSM and 98.5% of IJR.

Level by level

Holdings602 in both97.6%
Sector11 Sectors99.4%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in IJR and SPSM, widest gap first
Sector	More in IJRMore in SPSM	IJR	SPSM
Consumer Discretionary	IJR +0.3 points	13.5%	13.2%
Technology	SPSM +0.2 points	12.8%	13.0%
Industrials	IJR +0.1 points	17.3%	17.2%
Health Care	IJR +0.1 points	11.3%	11.2%
Energy	SPSM +0.1 points	6.6%	6.7%
Communication	SPSM +0.1 points	3.4%	3.5%
Financials	SPSM +0.1 points	18.4%	18.5%
Consumer Staples	Same weight	3.9%	3.9%
Materials	Same weight	4.2%	4.2%
Real Estate	Same weight	6.6%	6.6%
Utilities	Same weight	2.0%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in IJR and SPSM, widest gap first
Country	More in IJRMore in SPSM	IJR	SPSM
United States	Same weight	99.9%	99.9%
Singapore	Same weight	0.1%	0.1%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IJR6.3%
SPSM5.5%

Securities held

IJR603
SPSM605

Asset class

IJR: Equity
SPSM: Equity

Holdings

Only in IJR1
In both602
Only in SPSM3

Only in IJR

1 security, 0.2% of IJR by weight

Avepoint Class A0.15%

Only in SPSM

3 securities, 0.0% of SPSM by weight

F+g Annuities & Life Inc0.04%
Contra Apellis Pharmac<0.01%
Tobira Therapeutics In0.00%

Weight gaps

The 100 widest of 602 Holdings in both funds.

Holding weights in IJR and SPSM, widest gap first
Holding	More in IJRMore in SPSM	IJR	SPSM
Eastern Bankshares IncEBC	SPSM +0.17 points	0.10%	0.27%
Remitly GlobalRELY	SPSM +0.12 points	0.16%	0.28%
LazardLAZ	SPSM +0.09 points	0.13%	0.22%
Bread Financial HoldingsBFH	SPSM +0.08 points	0.15%	0.23%
Lincoln National CorpLNC	SPSM +0.07 points	0.33%	0.40%
Warrior Met Coal IncHCC	SPSM +0.06 points	0.20%	0.26%
Radian GroupRDN	SPSM +0.06 points	0.21%	0.27%
RadnetRDNT	SPSM +0.05 points	0.24%	0.29%
Extreme NetworksEXTR	SPSM +0.03 points	0.14%	0.17%
Par Pacific HoldingsPARR	SPSM +0.04 points	0.17%	0.21%
Pitney BowesPBI	SPSM +0.04 points	0.09%	0.13%
Centrus Energy Class ALEU	SPSM +0.04 points	0.08%	0.12%
Cavco IndustriesCVCO	IJR +0.03 points	0.27%	0.24%
NetstreitNTST	SPSM +0.03 points	0.07%	0.10%
Gates Industrial PLCGTES	SPSM +0.04 points	0.34%	0.38%
Credit Acceptance CorpCACC	SPSM +0.03 points	0.14%	0.17%
Bright Horizons Family SolutionsBFAM	SPSM +0.03 points	0.15%	0.18%
Sensient TechnologiesSXT	SPSM +0.04 points	0.28%	0.32%
Mohawk IndustriesMHK	IJR +0.03 points	0.40%	0.37%
Tg TherapeuticsTGTX	IJR +0.03 points	0.49%	0.46%
SkywestSKYW	SPSM +0.03 points	0.18%	0.21%
SiriuspointSPNT	SPSM +0.02 points	0.13%	0.15%
Inventrust PropertiesIVT	SPSM +0.03 points	0.11%	0.14%
Epam SystemsEPAM	IJR +0.02 points	0.41%	0.39%
Merit Medical Systems IncMMSI	SPSM +0.02 points	0.29%	0.31%
Vishay IntertechnologyVSH	SPSM +0.02 points	0.21%	0.23%
Ptc TherapeuticsPTCT	SPSM +0.02 points	0.28%	0.30%
Global Net Lease IncGNL	SPSM +0.02 points	0.06%	0.08%
Penguin Solutions IncPENG	SPSM +0.02 points	0.15%	0.17%
AxtAXTI	SPSM +0.02 points	0.20%	0.22%
Axcelis TechnologiesACLS	SPSM +0.01 points	0.18%	0.19%
Douglas Emmett ReitDEI	SPSM +0.02 points	0.08%	0.10%
MaterionMTRN	SPSM +0.02 points	0.26%	0.28%
Laureate EducationLAUR	SPSM +0.02 points	0.24%	0.26%
DiodesDIOD	SPSM +0.02 points	0.21%	0.23%
Conagra BrandsCAG	IJR +0.02 points	0.40%	0.38%
RalliantRAL	SPSM +0.02 points	0.42%	0.44%
Capri Holdings LtdCPRI	IJR +0.02 points	0.12%	0.10%
MaxlinearMXL	SPSM +0.02 points	0.32%	0.34%
Powell Industries IncPOWL	SPSM +0.01 points	0.26%	0.27%
Sm EnergySM	IJR +0.02 points	0.55%	0.53%
Power IntegrationsPOWI	SPSM +0.02 points	0.14%	0.16%
Patterson Uti Energy IncPTEN	IJR +0.02 points	0.29%	0.27%
Piper Sandler CompaniesPIPR	SPSM +0.02 points	0.24%	0.26%
Trade Desk Class ATTD	SPSM +0.01 points	0.30%	0.31%
Builders Firstsource IncBLDR	IJR +0.02 points	0.40%	0.38%
Champion Homes IncSKY	IJR +0.01 points	0.26%	0.25%
Noble Corporation PLCNE	IJR +0.02 points	0.36%	0.34%
Casella Waste Systems Class ACWST	IJR +0.01 points	0.33%	0.32%
Everus Construction GroupECG	SPSM +0.01 points	0.30%	0.31%
Kulicke and Soffa Industries IncKLIC	SPSM +0.01 points	0.22%	0.23%
Banc of CaliforniaBANC	SPSM +0.02 points	0.15%	0.17%
Veeco InstrumentsVECO	SPSM +0.01 points	0.14%	0.15%
EnproNPO	SPSM +0.01 points	0.33%	0.34%
Preferred BankPFBC	SPSM +0.02 points	0.05%	0.07%
Paycom SoftwarePAYC	IJR +0.01 points	0.58%	0.57%
Molson Coors Brewing Class BTAP	IJR +0.01 points	0.36%	0.35%
Rush Street Interactive Class ARSI	SPSM +0.01 points	0.08%	0.09%
Delek Us Holdings IncDK	IJR +0.01 points	0.26%	0.25%
Match Group IncMTCH	SPSM +0.01 points	0.54%	0.55%
Ultra Clean Holdings IncUCTT	SPSM +0.01 points	0.13%	0.14%
Olin CorpOLN	IJR +0.01 points	0.11%	0.10%
Fmc CorpFMC	IJR +0.01 points	0.04%	0.03%
Element Solutions IncESI	SPSM +0.01 points	0.45%	0.46%
Herc HoldingsHRI	SPSM +0.01 points	0.29%	0.30%
Acm Research Class AACMR	SPSM +0.01 points	0.15%	0.16%
Western UnionWU	SPSM +0.01 points	0.10%	0.11%
Perdoceo EducationPRDO	SPSM +0.01 points	0.10%	0.11%
Helmerich & PayneHP	IJR +0.01 points	0.24%	0.23%
Crescent Energy Class ACRGY	IJR +0.02 points	0.27%	0.25%
Proto LabsPRLB	SPSM +0.01 points	0.09%	0.10%
Mercury Systems IncMRCY	SPSM +0.01 points	0.25%	0.26%
Plexus CorpPLXS	SPSM +0.01 points	0.32%	0.33%
Stonex Group IncSNEX	SPSM +0.01 points	0.33%	0.34%
Lamb Weston HoldingsLW	IJR +0.01 points	0.42%	0.41%
Digi InternationalDGII	SPSM +0.01 points	0.16%	0.17%
AdeiaADEA	SPSM +0.01 points	0.13%	0.14%
Donnelley Financial SolutionsDFIN	IJR +0.01 points	0.09%	0.08%
Ligand PharmaceuticalsLGND	IJR +0.01 points	0.37%	0.36%
Karman Holdings IncKRMN	SPSM +0.01 points	0.28%	0.29%
Dana Incorporated IncDAN	SPSM +0.01 points	0.14%	0.15%
Solaris Energy Infrastructure IncSEI	IJR +0.01 points	0.27%	0.26%
Celanese CorpCE	IJR +0.01 points	0.29%	0.28%
Q2 Holdings IncQTWO	IJR +0.01 points	0.24%	0.23%
Enovis CorpENOV	Same weight	0.07%	0.07%
Vse CorpVSEC	Same weight	0.24%	0.24%
GlaukosGKOS	SPSM +0.01 points	0.80%	0.81%
Lkq CorpLKQ	IJR +0.01 points	0.27%	0.26%
Axos FinancialAX	SPSM +0.01 points	0.29%	0.30%
KnowlesKN	SPSM +0.01 points	0.16%	0.17%
EtsyETSY	SPSM +0.01 points	0.43%	0.44%
Fortrea Holdings IncFTRE	Same weight	0.12%	0.12%
Pdf SolutionsPDFS	SPSM +0.01 points	0.09%	0.10%
Schrodinger IncSDGR	SPSM +0.01 points	0.09%	0.10%
Chefs Warehouse IncCHEF	IJR +0.01 points	0.22%	0.21%
Hayward HoldingsHAYW	Same weight	0.19%	0.19%
Robert HalfRHI	IJR +0.01 points	0.25%	0.24%
Dave Class ADAVE	SPSM +0.01 points	0.18%	0.19%
Benchmark Electronics IncBHE	SPSM +0.01 points	0.14%	0.15%
Esco TechnologiesESE	SPSM +0.01 points	0.35%	0.36%

All 641 IJR 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.

IJR vs SPSM Cost

Overpaying IJR vs SPSM

$632

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

IJR 0.06%
$1,270
SPSM 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IJR 0.06%
SPSM 0.03%
Overpaying

Year by year

Year	IJR	SPSM	Overpaying
10	$110	$55	$55
20	$432	$216	$216
30	$1,270	$638	$632

Expense ratio

0.06%IJR
0.03%SPSM, cheaper

SPSM0.03%IJR0.06%

0.03%0.59%

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

SPSM cheapest of 13 funds

IJR 2nd cheapest of 13 funds

IJR vs SPSM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IJR 1.22%; SPSM 1.51%, better
Payout (12M): IJR $1.71; SPSM $0.82
Last payment: IJR $0.51; SPSM $0.22
Ex-dividend: IJR Sep 15, 2026; SPSM Sep 21, 2026
Paid on: IJR Sep 18, 2026; SPSM Sep 23, 2026
Frequency: IJR Quarterly; SPSM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IJRQuarterly · 39 paymentsAll IJR payments⁠

SPSMQuarterly · 40 paymentsAll SPSM payments⁠

IJR vs SPSM Risk

Fall from peak · 5 years

IJR
SPSM

Risk facts

VolatilityStd dev, 3 years: IJR 18.7%SPSM 18.7%
Return per unit of riskSharpe ratio, 3 years: IJR 0.75SPSM 0.76, better
Worst fallMax drawdown, 5 years: IJR −28.0%SPSM −27.9%, better
Market sensitivityBeta, 5 years: IJR 1.04SPSM 1.04; Market = 1

IJR 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, 2026IJRSPSM
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026IJRSPSM
News
Independence Realty to take Centerspace in 3.800-share all-stock merger
Sep 9, 2026IJR

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IJR vs SPSM

In short

Stated mandate

Why people hold it