IJS vs SPSM: Grades, Fees and Holdings Compared

iShares S&P Small-Cap 600 Value ETF

IJSBNYSE Arca

State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSMANYSE Arca

Overlap

65.8%by weight

Expense ratio

SPSM −0.15pt a year

IJS0.18%SPSM0.03%

Avg volume · 30D

SPSM 6.9×the volume

IJS249KSPSM1.72M

10Y return · a year

SPSM +0.6pt

IJS+10.0%SPSM+10.6%

IJS vs SPSM Performance

Oct 29, 2021 – Oct 30, 2026

+39.1%IJS+34.7%SPSM

Expense ratio: IJS 0.18%; SPSM 0.03%, better
Fund size: IJS $7.71B; SPSM $16.2B
1Y total return: IJS +22.3%, better; SPSM +20.7%
Yield (12M): IJS 1.39%; SPSM 1.51%, better
Holdings: IJS 469; SPSM 607
Avg volume (30D): IJS 249K sh; SPSM 1.72M sh, better
NAV per share: IJS $132.85; SPSM $55.20
52W range

ETF.net Grade

Pillar letters and Scores for IJS, SPSM, with each pillar’s weight
Pillar	IJS	SPSM
Cost30% weight	D39	A98Higher
Mission25% weight	A70	A84Higher
Risk15% weight	C50	C50
Tradability15% weight	A71	A93Higher
Holdings10% weight	B66	A86Higher
Durability5% weight	A77	A77

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. IJS 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 IJS 9th 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 8BQVMSInvesco S&P SmallCap 600 QVM Multi-factor ETFScore 61
Rank 9BIJSiShares S&P Small-Cap 600 Value ETFScore 57
Rank 10CRZGInvesco S&P SmallCap 600 Revenue ETFScore 46

Our read on each fund

ETF.net Research

IJSBiShares S&P Small-Cap 600 Value ETF

SPSMAState Street SPDR Portfolio S&P 600 Small Cap ETF

In short

IJS A rules-based way to own the unglamorous end of the US market. IJS has tracked the value slice of the S&P SmallCap 600 since 2000, holding roughly 500 small companies chosen by screen rather than hunch.

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

IJS The fund seeks to track an index of U.S. small-capitalization equities exhibiting value characteristics.

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

IJS Launched in 2000, it is one of the longest-running small-cap value index funds around, and it now carries multi-billion-dollar scale.
The mandate is written down, not improvised: follow the S&P SmallCap 600 Value Index, roughly 500 names, with no manager picking favorites.
It stays close to the index it advertises and pays distributions on a quarterly schedule.

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

IJS The 0.18% fee sits right at the middle of the S&P 600 pack, and same-segment wrappers such as SLYV carry a lower stated expense ratio.
Two filters stack here: US small caps only, then a value screen on top. That is a narrower slice of the market than a plain S&P 600 blend fund.
Trading is moderate rather than among the busiest in its category, so bid-ask spreads carry more weight on large or rushed orders.

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 IJS profile⁠

Full SPSM profile⁠

IJS vs SPSM Holdings

How IJS and SPSM differ

Overlap by weight

65.8%

Shared holdings make up 99.0% of IJS and 72.3% of SPSM.

Level by level

Holdings462 in both65.8%
Sector11 Sectors91.4%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in IJS and SPSM, widest gap first
Sector	More in IJSMore in SPSM	IJS	SPSM
Health Care	SPSM +4.3 points	6.9%	11.2%
Industrials	SPSM +2.4 points	14.8%	17.2%
Financials	IJS +2.2 points	20.7%	18.5%
Technology	SPSM +2.0 points	11.0%	13.0%
Consumer Discretionary	IJS +2.0 points	15.2%	13.2%
Consumer Staples	IJS +1.3 points	5.2%	3.9%
Materials	IJS +1.2 points	5.4%	4.2%
Energy	IJS +1.1 points	7.8%	6.7%
Communication	IJS +0.6 points	4.1%	3.5%
Real Estate	IJS +0.2 points	6.8%	6.6%
Utilities	IJS +0.1 points	2.1%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in IJS and SPSM, widest gap first
Country	More in IJSMore in SPSM	IJS	SPSM
United States	SPSM +0.1 points	99.8%	99.9%
Singapore	IJS +0.1 points	0.2%	0.1%
Hong Kong	IJS +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

IJS9.0%
SPSM5.5%

Securities held

IJS463
SPSM605

Asset class

IJS: Equity
SPSM: Equity

Holdings

Only in IJS1
In both462
Only in SPSM143

Only in IJS

1 security, 0.1% of IJS by weight

Avepoint Class A0.09%

Only in SPSM

143 securities, 27.5% of SPSM by weight

Viasat Inc0.61%
Protagonist Therapeutics Inc0.53%
Ryman Hospitality Properties0.52%
Tg Therapeutics Inc0.46%
Etsy Inc0.44%
Alkermes PLC0.43%
Federal Signal Corp0.40%
Armstrong World Industries0.40%
Zurn Elkay Water Solutions C0.37%
Esco Technologies Inc0.36%
Ligand Pharmaceuticals0.36%
Lyft Inc A0.35%
Enpro Inc0.34%
Frontdoor Inc0.34%
Stonex Group Inc0.34%
Jbt Marel Corp0.32%
Casella Waste Systems Inc A0.32%
Archrock Inc0.32%
Sensient Technologies Corp0.32%
Everus Construction Group0.31%
Ptc Therapeutics Inc0.30%
Msg Knickerbockers Corp0.30%
Granite Construction Inc0.30%
Impinj Inc0.30%
Urban Outfitters Inc0.30%
Axos Financial Inc0.30%
Karman Holdings Inc0.29%
Argan Inc0.28%
Kodiak Gas Services Inc0.28%
Powell Industries Inc0.27%
Installed Building Products0.27%
International Seaways Inc0.27%
Laureate Education Inc0.26%
Mercury Systems Inc0.26%
Solaris Energy Infrastructur0.26%
Virtu Financial Inc Class A0.26%
Mirion Technologies Inc0.26%
Enova International Inc0.25%
Clear Secure Inc Class A0.25%
Construction Partners Inc A0.25%
Myr Group Inc/Delaware0.25%
Covista Inc0.25%
Vse Corp0.24%
Openlane Inc0.24%
Badger Meter Inc0.24%
Pricesmart Inc0.24%
Cavco Industries Inc0.24%
Veracyte Inc0.24%
Indivior Pharmaceuticals Inc0.23%
Azz Inc0.23%

Weight gaps

The 100 widest of 462 Holdings in both funds.

Holding weights in IJS and SPSM, widest gap first
Holding	More in IJSMore in SPSM	IJS	SPSM
Paycom SoftwarePAYC	IJS +0.53 points	1.10%	0.57%
Sm EnergySM	IJS +0.50 points	1.03%	0.53%
Match Group IncMTCH	IJS +0.47 points	1.02%	0.55%
Jackson Financial Class AJXN	IJS +0.42 points	0.90%	0.48%
Carmax IncKMX	IJS +0.40 points	0.85%	0.45%
Epam SystemsEPAM	IJS +0.39 points	0.78%	0.39%
Mohawk IndustriesMHK	IJS +0.39 points	0.76%	0.37%
Lamb Weston HoldingsLW	IJS +0.39 points	0.80%	0.41%
PoolPOOL	IJS +0.39 points	0.81%	0.42%
Eastman ChemicalEMN	IJS +0.38 points	0.82%	0.44%
Victoria’s SecretVSXY	IJS +0.39 points	0.83%	0.44%
Conagra BrandsCAG	IJS +0.37 points	0.75%	0.38%
Builders Firstsource IncBLDR	IJS +0.37 points	0.75%	0.38%
Lincoln National CorpLNC	IJS +0.36 points	0.76%	0.40%
GlaukosGKOS	SPSM +0.34 points	0.47%	0.81%
Matson IncMATX	IJS +0.34 points	0.72%	0.38%
Molson Coors Brewing Class BTAP	IJS +0.34 points	0.69%	0.35%
Magnolia Oil Gas Corp Class AMGY	IJS +0.33 points	0.68%	0.35%
Caesars Entertainment IncCZR	IJS +0.31 points	0.64%	0.33%
TeleflexTFX	IJS +0.30 points	0.64%	0.34%
Atlantic Union BanksharesAUB	IJS +0.28 points	0.60%	0.32%
Patterson Uti Energy IncPTEN	IJS +0.28 points	0.55%	0.27%
Celanese CorpCE	IJS +0.26 points	0.54%	0.28%
Rithm CapitalRITM	IJS +0.26 points	0.56%	0.30%
Trade Desk Class ATTD	IJS +0.25 points	0.56%	0.31%
Insight Enterprises IncNSIT	IJS +0.26 points	0.55%	0.29%
Crescent Energy Class ACRGY	IJS +0.25 points	0.50%	0.25%
Lkq CorpLKQ	IJS +0.25 points	0.51%	0.26%
Delek Us Holdings IncDK	IJS +0.24 points	0.49%	0.25%
California ResourcesCRC	IJS +0.24 points	0.49%	0.25%
Signet JewelersSIG	IJS +0.24 points	0.50%	0.26%
Rxo IncRXO	IJS +0.23 points	0.49%	0.26%
Robert HalfRHI	IJS +0.23 points	0.47%	0.24%
Fulton FinancialFULT	IJS +0.23 points	0.48%	0.25%
Versant Media Group Inc Class AVSNT	IJS +0.23 points	0.47%	0.24%
Life Time Group HoldingsLTH	SPSM +0.23 points	0.26%	0.49%
United Community Banks IncUCB	IJS +0.22 points	0.47%	0.25%
Integer Holdings CorpITGR	IJS +0.22 points	0.46%	0.24%
Core Natural ResourcesCNR	IJS +0.22 points	0.46%	0.24%
Campbell SoupCPB	IJS +0.22 points	0.45%	0.23%
Cathay General BancorpCATY	IJS +0.21 points	0.46%	0.25%
Meritage CorpMTH	IJS +0.21 points	0.45%	0.24%
Mdu Resources GroupMDU	IJS +0.22 points	0.45%	0.23%
Apple Hospitality Reit IncAPLE	IJS +0.21 points	0.44%	0.23%
Korn FerryKFY	IJS +0.20 points	0.42%	0.22%
Rush Enterprises Class ARUSHA	IJS +0.19 points	0.42%	0.23%
Bread Financial HoldingsBFH	IJS +0.20 points	0.43%	0.23%
Remitly GlobalRELY	SPSM +0.20 points	0.08%	0.28%
Cvb Financial CorpCVBF	IJS +0.20 points	0.41%	0.21%
Geo GroupGEO	IJS +0.19 points	0.40%	0.21%
OrganonOGN	IJS +0.19 points	0.39%	0.20%
HniHNI	IJS +0.19 points	0.38%	0.19%
Renasant CorpRNST	IJS +0.18 points	0.39%	0.21%
Academy Sports and OutdoorsASO	IJS +0.19 points	0.40%	0.21%
Kulicke and Soffa Industries IncKLIC	IJS +0.19 points	0.42%	0.23%
Asbury Automotive Group IncABG	IJS +0.18 points	0.38%	0.20%
Sl Green Realty Reit CorpSLG	IJS +0.18 points	0.38%	0.20%
Highwoods Properties ReitHIW	IJS +0.18 points	0.37%	0.19%
Telephone and Data SystemsTDS	IJS +0.17 points	0.36%	0.19%
Vishay IntertechnologyVSH	IJS +0.18 points	0.41%	0.23%
Terreno Realty ReitTRNO	SPSM +0.17 points	0.23%	0.40%
Enphase EnergyENPH	IJS +0.18 points	0.37%	0.19%
Amentum HoldingsAMTM	IJS +0.17 points	0.36%	0.19%
First Financial BancorpFFBC	IJS +0.18 points	0.37%	0.19%
Simmons First National Class ASFNC	IJS +0.17 points	0.36%	0.19%
DiodesDIOD	IJS +0.17 points	0.40%	0.23%
M I Homes IncMHO	IJS +0.17 points	0.35%	0.18%
Genworth Financial IncGNW	IJS +0.17 points	0.36%	0.19%
Marriott Vacations WorldwideVAC	IJS +0.16 points	0.34%	0.18%
Cushman and Wakefield LtdCWK	IJS +0.16 points	0.34%	0.17%
Stride IncLRN	IJS +0.16 points	0.35%	0.19%
Abm Industries IncABM	IJS +0.16 points	0.34%	0.18%
Group Automotive IncGPI	IJS +0.16 points	0.33%	0.17%
Northern Oil and GasNOG	IJS +0.15 points	0.32%	0.17%
First Interstate BancsystemFIBK	IJS +0.16 points	0.33%	0.17%
Corecivic ReitCXW	IJS +0.16 points	0.33%	0.17%
First HawaiianFHB	IJS +0.15 points	0.33%	0.18%
Provident Financial Services IncPFS	IJS +0.15 points	0.32%	0.17%
DnowDNOW	IJS +0.15 points	0.32%	0.17%
Acadia Healthcare CompanyACHC	IJS +0.15 points	0.30%	0.15%
Versigent PLCVGNT	IJS +0.14 points	0.31%	0.17%
ArcbestARCB	IJS +0.14 points	0.30%	0.16%
Boise CascadeBCC	IJS +0.15 points	0.30%	0.15%
United Natural Foods IncUNFI	IJS +0.14 points	0.30%	0.16%
Banc of CaliforniaBANC	IJS +0.14 points	0.31%	0.17%
Kohls CorpKSS	IJS +0.14 points	0.30%	0.16%
Peabody Energy CorpBTU	IJS +0.14 points	0.29%	0.15%
Bank of HawaiiBOH	IJS +0.14 points	0.30%	0.16%
Liberty Energy Class ALBRT	IJS +0.14 points	0.30%	0.16%
Hb FullerFUL	IJS +0.14 points	0.29%	0.15%
Advance Auto Parts IncAAP	IJS +0.13 points	0.29%	0.16%
Nbt BancorpNBTB	IJS +0.13 points	0.29%	0.16%
Workiva Class AWK	SPSM +0.14 points	0.10%	0.24%
Acadia Realty Trust ReitAKR	IJS +0.13 points	0.28%	0.15%
Beacon FinancialBBT	IJS +0.13 points	0.28%	0.15%
Outfront MediaOUT	SPSM +0.13 points	0.19%	0.32%
V2XVVX	IJS +0.13 points	0.27%	0.14%
NeogenNEOG	IJS +0.13 points	0.28%	0.15%
Trinity Industries IncTRN	IJS +0.12 points	0.25%	0.13%
Innospec IncIOSP	IJS +0.13 points	0.27%	0.14%

All 476 IJS 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.

IJS vs SPSM Cost

Overpaying IJS vs SPSM

$3,111

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

IJS 0.18%
$3,749
SPSM 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IJS 0.18%
SPSM 0.03%
Overpaying

Year by year

Year	IJS	SPSM	Overpaying
10	$328	$55	$273
20	$1,281	$216	$1,065
30	$3,749	$638	$3,111

Expense ratio

0.18%IJS
0.03%SPSM, cheaper

SPSM0.03%IJS0.18%

0.03%0.59%

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

SPSM cheapest of 13 funds

IJS 8th cheapest of 13 funds

IJS vs SPSM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IJS 1.39%; SPSM 1.51%, better
Payout (12M): IJS $1.85; SPSM $0.82
Last payment: IJS $0.56; SPSM $0.22
Ex-dividend: IJS Sep 15, 2026; SPSM Sep 21, 2026
Paid on: IJS Sep 18, 2026; SPSM Sep 23, 2026
Frequency: IJS Quarterly; SPSM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IJSQuarterly · 38 paymentsAll IJS payments⁠

SPSMQuarterly · 40 paymentsAll SPSM payments⁠

IJS vs SPSM Risk

Fall from peak · 5 years

IJS
SPSM

Risk facts

VolatilityStd dev, 3 years: IJS 18.9%SPSM 18.7%, better
Return per unit of riskSharpe ratio, 3 years: IJS 0.76SPSM 0.76
Worst fallMax drawdown, 5 years: IJS −28.6%SPSM −27.9%, better
Market sensitivityBeta, 5 years: IJS 1.00SPSM 1.04; Market = 1

IJS 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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IJS vs SPSM

In short

Stated mandate

Why people hold it

Worth knowing

How IJS and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IJS

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 IJS and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IJS

Only in SPSM

Weight gaps