SPSM vs VIOG: Grades, Fees and Holdings Compared

State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSMANYSE Arca

Vanguard S&P Small-Cap 600 Growth ETF

VIOGBNYSE Arca

Overlap

61.0%by weight

Expense ratio

SPSM −0.07pt a year

SPSM0.03%VIOG0.10%

Avg volume · 30D

SPSM 45.4×the volume

SPSM1.72MVIOG37.8K

10Y return · a year

VIOG +0.2pt

SPSM+10.6%VIOG+10.8%

SPSM vs VIOG Performance

Oct 29, 2021 – Oct 30, 2026

+34.7%SPSM+27.6%VIOG

Expense ratio: SPSM 0.03%, better; VIOG 0.10%
Fund size: SPSM $16.2B; VIOG $1B
1Y total return: SPSM +20.7%, better; VIOG +18.9%
Yield (12M): SPSM 1.51%, better; VIOG 0.77%
Holdings: SPSM 607; VIOG 354
Avg volume (30D): SPSM 1.72M sh, better; VIOG 37.8K sh
NAV per share: SPSM $55.20; VIOG $141.35
52W range

ETF.net Grade

Pillar letters and Scores for SPSM, VIOG, with each pillar’s weight
Pillar	SPSM	VIOG
Cost30% weight	A98Higher	A74
Mission25% weight	A84	A100Higher
Risk15% weight	C50Higher	C48
Tradability15% weight	A93Higher	D27
Holdings10% weight	A86Higher	C53
Durability5% weight	A77Higher	B57

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. SPSM and VIOG 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 VIOG 4th 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
Rank 4BVIOGVanguard S&P Small-Cap 600 Growth ETFScore 66
Rank 5BSLYGState Street SPDR S&P 600 Small Cap Growth ETFScore 64

Our read on each fund

ETF.net Research

SPSMAState Street SPDR Portfolio S&P 600 Small Cap ETF

VIOGBVanguard S&P Small-Cap 600 Growth ETF

In short

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.

VIOG Vanguard's growth slice of the S&P SmallCap 600, running since 2010 at 0.10% a year. Only one other ETF tracks the same index, and it charges more.

Stated mandate

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

VIOG The fund seeks to track the performance of the S&P SmallCap 600 Growth Index, which represents small U.S. growth companies.

Why people hold it

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.

VIOG At 0.10%, it undercuts the only other fund on the same index (SLYG at 0.15%) and lands well under its peer group's 0.18% median fee.
One published index, one style slice, no manager discretion. It follows the S&P SmallCap 600 Growth Index closely and stands in the upper half of its S&P 600 peer group.
Live since 2010, with a record across several market cycles, and it spreads across roughly 300 small-cap growth names instead of a short list.
A multi-billion-dollar fund from Vanguard, and it pays out quarterly.

Worth knowing

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.

VIOG Thinly traded next to the S&P 600's core giants, so the bid-ask spread is a bigger slice of your real cost than the expense ratio suggests.
Style slicing carries a surcharge: whole-index cousins like SPSM (0.03%) and VIOO (0.07%) cost less than owning just the growth half.
Narrow by design. The growth half of a small-cap index moves more sharply than a broad US stock fund.

Full SPSM profile⁠

Full VIOG profile⁠

SPSM vs VIOG Holdings

How SPSM and VIOG differ

Overlap by weight

61.0%

Shared holdings make up 96.2% of VIOG and 62.4% of SPSM.

Level by level

Holdings342 in both61.0%
Sector11 Sectors88.7%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in SPSM and VIOG, widest gap first
Sector	More in SPSMMore in VIOG	SPSM	VIOG
Technology	VIOG +5.5 points	13.0%	18.5%
Health Care	VIOG +4.3 points	11.2%	15.5%
Financials	SPSM +4.2 points	18.5%	14.3%
Consumer Discretionary	SPSM +3.0 points	13.2%	10.2%
Energy	SPSM +1.5 points	6.7%	5.2%
Industrials	VIOG +1.1 points	17.2%	18.3%
Materials	SPSM +1.0 points	4.2%	3.2%
Communication	SPSM +0.7 points	3.5%	2.8%
Utilities	SPSM +0.4 points	2.0%	1.6%
Consumer Staples	SPSM +0.4 points	3.9%	3.5%
Real Estate	VIOG +0.3 points	6.6%	6.9%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

SPSM5.5%
VIOG9.9%

Securities held

SPSM605
VIOG350

Asset class

SPSM: Equity
VIOG: Equity

Holdings

Only in SPSM263
In both342
Only in VIOG8

Only in SPSM

263 securities, 37.4% of SPSM by weight

Paycom Software Inc0.57%
Match Group Inc0.55%
Sm Energy Co0.53%
Jackson Financial Inc A0.48%
Carmax Inc0.45%
Victoria’s Secret & Co0.44%
Eastman Chemical Co0.44%
Pool Corp0.42%
Lamb Weston Holdings Inc0.41%
Lincoln National Corp0.40%
Epam Systems Inc0.39%
Builders Firstsource Inc0.38%
Matson Inc0.38%
Conagra Brands Inc0.38%
Mohawk Industries Inc0.37%
Molson Coors Beverage Co B0.35%
Magnolia Oil & Gas Corp A0.35%
Teleflex Inc0.34%
Caesars Entertainment Inc0.33%
Atlantic Union Bankshares Co0.32%
Trade Desk Inc/The Class A0.31%
Msg Knickerbockers Corp0.30%
Rithm Capital Corp0.30%
Insight Enterprises Inc0.29%
Celanese Corp0.28%
Patterson Uti Energy Inc0.27%
Eastern Bankshares Inc0.27%
Signet Jewelers Ltd0.26%
Lkq Corp0.26%
Rxo Inc0.26%
Crescent Energy Inc A0.25%
Fulton Financial Corp0.25%
United Community Banks/Ga0.25%
California Resources Corp0.25%
Cathay General Bancorp0.25%
Delek Us Holdings Inc0.25%
Core Natural Resources Inc0.24%
Robert Half Inc0.24%
Versant Media Group Inc0.24%
Integer Holdings Corp0.24%
Meritage Homes Corp0.24%
Workiva Inc0.24%
Kulicke & Soffa Industries0.23%
Vishay Intertechnology Inc0.23%
Mdu Resources Group Inc0.23%
Apple Hospitality Reit Inc0.23%
The Campbell’s Company0.23%
Bread Financial Holdings Inc0.23%
Diodes Inc0.23%
Rush Enterprises Inc Class A0.23%

Only in VIOG

8 securities, 3.8% of VIOG by weight

FormFactor Inc1.42%
Madison Square Garden Sports Corp0.85%
Qorvo Inc0.72%
Arcosa Inc0.56%
SLCMT11420.14%
BioLife Solutions Inc0.10%
Omniab Inc - 15 Earnout0.00%
Omniab Inc - 12.5 Earnout0.00%

Weight gaps

The 100 widest of 342 Holdings in both funds.

Holding weights in SPSM and VIOG, widest gap first
Holding	More in SPSMMore in VIOG	SPSM	VIOG
Protagonist Therapeutics IncPTGX	VIOG +0.58 points	0.53%	1.11%
Viasat IncVSAT	VIOG +0.57 points	0.61%	1.18%
Stonex Group IncSNEX	VIOG +0.51 points	0.34%	0.85%
Tg Therapeutics IncTGTX	VIOG +0.50 points	0.46%	0.96%
Esco Technologies IncESE	VIOG +0.48 points	0.36%	0.84%
Ryman Hospitality PropertiesRHP	VIOG +0.47 points	0.52%	0.99%
Zurn Elkay Water Solutions CZWS	VIOG +0.47 points	0.37%	0.84%
Enpro IncNPO	VIOG +0.45 points	0.34%	0.79%
Armstrong World IndustriesAWI	VIOG +0.43 points	0.40%	0.83%
Federal Signal CorpFSS	VIOG +0.42 points	0.40%	0.82%
Everus Construction GroupECG	VIOG +0.42 points	0.31%	0.73%
Acm Research Inc Class AACMR	VIOG +0.42 points	0.16%	0.58%
Ligand PharmaceuticalsLGND	VIOG +0.40 points	0.36%	0.76%
Alkermes PLCALKS	VIOG +0.40 points	0.43%	0.83%
Kodiak Gas Services IncKGS	VIOG +0.37 points	0.28%	0.65%
Powell Industries IncPOWL	VIOG +0.38 points	0.27%	0.65%
Argan IncAGX	VIOG +0.37 points	0.28%	0.65%
Sensient Technologies CorpSXT	VIOG +0.36 points	0.32%	0.68%
Ptc Therapeutics IncPTCT	VIOG +0.36 points	0.30%	0.66%
Jbt Marel CorpJBTM	VIOG +0.35 points	0.32%	0.67%
Lyft Inc ALYFT	VIOG +0.34 points	0.35%	0.69%
Impinj IncPI	VIOG +0.33 points	0.30%	0.63%
Laureate Education IncLAUR	VIOG +0.33 points	0.26%	0.59%
Archrock IncAROC	VIOG +0.33 points	0.32%	0.65%
Vse CorpVSEC	VIOG +0.32 points	0.24%	0.56%
Granite Construction IncGVA	VIOG +0.32 points	0.30%	0.62%
Solaris Energy InfrastructurSEI	VIOG +0.31 points	0.26%	0.57%
Virtu Financial Inc Class AVIRT	VIOG +0.30 points	0.26%	0.56%
Mercury Systems IncMRCY	VIOG +0.30 points	0.26%	0.56%
Myr Group Inc/DelawareMYRG	VIOG +0.30 points	0.25%	0.55%
Etsy IncETSY	VIOG +0.30 points	0.44%	0.74%
Axos Financial IncAX	VIOG +0.30 points	0.30%	0.60%
Chefs Warehouse Inc/TheCHEF	VIOG +0.30 points	0.21%	0.51%
Casella Waste Systems Inc ACWST	VIOG +0.29 points	0.32%	0.61%
International Seaways IncINSW	VIOG +0.29 points	0.27%	0.56%
Pricesmart IncPSMT	VIOG +0.29 points	0.24%	0.53%
Cavco Industries IncCVCO	VIOG +0.28 points	0.24%	0.52%
Indivior Pharmaceuticals IncINDV	VIOG +0.29 points	0.23%	0.52%
Construction Partners Inc AROAD	VIOG +0.28 points	0.25%	0.53%
Frontdoor IncFTDR	VIOG +0.27 points	0.34%	0.61%
Sphere Entertainment CoSPHR	VIOG +0.27 points	0.17%	0.44%
Covista IncCVSA	VIOG +0.26 points	0.25%	0.51%
Installed Building ProductsIBP	VIOG +0.26 points	0.27%	0.53%
Primoris Services CorpPRIM	VIOG +0.26 points	0.23%	0.49%
Azz IncAZZ	VIOG +0.26 points	0.23%	0.49%
Aar CorpAIR	VIOG +0.26 points	0.23%	0.49%
Enova International IncENVA	VIOG +0.26 points	0.25%	0.51%
Clear Secure Inc Class AYOU	VIOG +0.24 points	0.25%	0.49%
Brady Corporation Class ABRC	VIOG +0.24 points	0.20%	0.44%
Urban Outfitters IncURBN	VIOG +0.23 points	0.30%	0.53%
Tidewater IncTDW	VIOG +0.24 points	0.22%	0.46%
Standex International CorpSXI	VIOG +0.23 points	0.17%	0.40%
Wisdomtree IncWT	VIOG +0.23 points	0.16%	0.39%
Stepstone Group Inc Class ASTEP	VIOG +0.22 points	0.21%	0.43%
Pjt Partners Inc APJT	VIOG +0.22 points	0.22%	0.44%
Openlane IncOPLN	VIOG +0.23 points	0.24%	0.47%
Boot Barn Holdings IncBOOT	VIOG +0.22 points	0.22%	0.44%
Transmedics Group IncTMDX	VIOG +0.22 points	0.13%	0.35%
Veracyte IncVCYT	VIOG +0.21 points	0.24%	0.45%
Cal Maine Foods IncCALM	VIOG +0.22 points	0.15%	0.37%
Clearway Energy Inc CCWEN	VIOG +0.21 points	0.22%	0.43%
Centrus Energy Corp Class ALEU	VIOG +0.21 points	0.12%	0.33%
Dave IncDAVE	VIOG +0.20 points	0.19%	0.39%
Adeia IncADEA	VIOG +0.20 points	0.14%	0.34%
Dorman Products IncDORM	VIOG +0.20 points	0.21%	0.41%
Karman Holdings IncKRMN	VIOG +0.20 points	0.29%	0.49%
Rush Street Interactive IncRSI	VIOG +0.20 points	0.09%	0.29%
Terreno Realty CorpTRNO	VIOG +0.20 points	0.40%	0.60%
Palomar Holdings IncPLMR	VIOG +0.20 points	0.20%	0.40%
Badger Meter IncBMI	VIOG +0.20 points	0.24%	0.44%
LIFE360 IncLIF	VIOG +0.19 points	0.21%	0.40%
Vita Coco Co Inc/TheCOCO	VIOG +0.19 points	0.16%	0.35%
Curbline Properties CorpCURB	VIOG +0.19 points	0.17%	0.36%
National Healthcare CorpNHC	VIOG +0.19 points	0.15%	0.34%
Digi International IncDGII	VIOG +0.18 points	0.17%	0.35%
Osi Systems IncOSIS	VIOG +0.19 points	0.18%	0.37%
Waystar Holding CorpWAY	VIOG +0.18 points	0.19%	0.37%
Life Time Group Holdings IncLTH	VIOG +0.17 points	0.49%	0.66%
Acadian Asset Management IncAAMI	VIOG +0.18 points	0.15%	0.33%
Proto Labs IncPRLB	VIOG +0.18 points	0.10%	0.28%
Atricure IncATRC	VIOG +0.17 points	0.18%	0.35%
Adt IncADT	SPSM +0.17 points	0.30%	0.13%
Mercury General CorpMCY	VIOG +0.17 points	0.15%	0.32%
Acadia Pharmaceuticals IncACAD	VIOG +0.17 points	0.15%	0.32%
Mirion Technologies IncMIR	VIOG +0.16 points	0.26%	0.42%
Arcutis Biotherapeutics IncARQT	VIOG +0.16 points	0.21%	0.37%
Nmi Holdings IncNMIH	VIOG +0.16 points	0.18%	0.34%
Red Rock Resorts Inc Class ARRR	VIOG +0.16 points	0.13%	0.29%
Dxp Enterprises IncDXPE	VIOG +0.15 points	0.13%	0.28%
Ufp Technologies IncUFPT	VIOG +0.15 points	0.13%	0.28%
Siriuspoint LtdSPNT	VIOG +0.15 points	0.15%	0.30%
St Joe Co/TheJOE	VIOG +0.16 points	0.15%	0.31%
Privia Health Group IncPRVA	VIOG +0.15 points	0.16%	0.31%
Herc Holdings IncHRI	SPSM +0.15 points	0.30%	0.15%
Liveramp Holdings IncRAMP	VIOG +0.15 points	0.13%	0.28%
Acushnet Holdings CorpGOLF	VIOG +0.15 points	0.13%	0.28%
Pdf Solutions IncPDFS	VIOG +0.13 points	0.10%	0.23%
Armour Residential Reit IncARR	VIOG +0.14 points	0.10%	0.24%
Agilysys IncAGYS	VIOG +0.13 points	0.17%	0.30%
Uniti Group IncUNIT	VIOG +0.13 points	0.05%	0.18%

All 607 SPSM holdings⁠All 341 VIOG 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.

SPSM vs VIOG Cost

Overpaying VIOG vs SPSM

$1,468

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

SPSM 0.03%
$638
VIOG 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

SPSM 0.03%
VIOG 0.10%
Overpaying

Year by year

Year	SPSM	VIOG	Overpaying
10	$55	$183	$128
20	$216	$717	$501
30	$638	$2,106	$1,468

Expense ratio

0.03%SPSM, cheaper
0.10%VIOG

SPSM0.03%VIOG0.10%

0.03%0.59%

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

SPSM cheapest of 13 funds

VIOG 4th cheapest of 13 funds

SPSM vs VIOG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPSM 1.51%, better; VIOG 0.77%
Payout (12M): SPSM $0.82; VIOG $1.09
Last payment: SPSM $0.22; VIOG $0.26
Ex-dividend: SPSM Sep 21, 2026; VIOG Sep 28, 2026
Paid on: SPSM Sep 23, 2026; VIOG Sep 30, 2026
Frequency: SPSM Quarterly; VIOG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPSMQuarterly · 40 paymentsAll SPSM payments⁠

VIOGQuarterly · 39 paymentsAll VIOG payments⁠

SPSM vs VIOG Risk

Fall from peak · 5 years

SPSM
VIOG

Risk facts

VolatilityStd dev, 3 years: SPSM 18.7%, betterVIOG 19.0%
Return per unit of riskSharpe ratio, 3 years: SPSM 0.76, betterVIOG 0.71
Worst fallMax drawdown, 5 years: SPSM −27.9%, betterVIOG −29.2%
Market sensitivityBeta, 5 years: SPSM 1.04VIOG 1.06; Market = 1

SPSM and VIOG 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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SPSM vs VIOG

In short

Stated mandate

Why people hold it

Worth knowing

How SPSM and VIOG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPSM

Only in VIOG

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 SPSM and VIOG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPSM

Only in VIOG

Weight gaps