SPSM vs VIOO: Grades, Fees and Holdings Compared

State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSMANYSE Arca

Vanguard S&P Small-Cap 600 ETF

VIOOANYSE Arca

Overlap

93.9%by weight

Expense ratio

SPSM −0.04pt a year

SPSM0.03%VIOO0.07%

Avg volume · 30D

SPSM 20.8×the volume

SPSM1.72MVIOO82.7K

10Y return · a year

SPSM+10.6%VIOO+10.6%

SPSM vs VIOO Performance

Oct 29, 2021 – Oct 30, 2026

+34.7%SPSM+34.5%VIOO

Expense ratio: SPSM 0.03%, better; VIOO 0.07%
Fund size: SPSM $16.2B; VIOO $6.1B
1Y total return: SPSM +20.7%; VIOO +20.8%, better
Yield (12M): SPSM 1.51%, better; VIOO 1.15%
Holdings: SPSM 607; VIOO 610
Avg volume (30D): SPSM 1.72M sh, better; VIOO 82.7K sh
NAV per share: SPSM $55.20; VIOO $130.53
52W range

ETF.net Grade

Pillar letters and Scores for SPSM, VIOO, with each pillar’s weight
Pillar	SPSM	VIOO
Cost30% weight	A98Higher	A82
Mission25% weight	A84Higher	A83
Risk15% weight	C50	C53Higher
Tradability15% weight	A93Higher	D31
Holdings10% weight	A86	A86
Durability5% weight	A77Higher	A74

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. SPSM and VIOO 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 VIOO 3rd 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

Our read on each fund

ETF.net Research

SPSMAState Street SPDR Portfolio S&P 600 Small Cap ETF

VIOOAVanguard S&P Small-Cap 600 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.

VIOO Vanguard's version of the S&P SmallCap 600: it owns all of the index's roughly 600 names at index weight, no sampling shortcuts, for 0.07% a year. That is well under half the typical fee among S&P 600 index funds, and it has been running since 2010.

Stated mandate

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

VIOO The fund is a passively managed, full-replication ETF designed to follow the S&P SmallCap 600 Index, which represents small U.S. companies. It holds the index constituents in the same capitalization weights.

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.

VIOO Charges 0.07% a year against a peer-group median near 0.18% for funds built on the same small-cap index.
Full replication, not sampling: it holds about 600 index constituents at their index weights, and it tracks the S&P SmallCap 600 very closely.
Trading since 2010 and now a multi-billion-dollar fund, it ranks among the stronger implementations in its S&P 600 peer group.

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.

VIOO Two rivals on the identical index undercut it: SPSM at 0.03% and IJR at 0.06%. Thin gaps, but gaps that compound.
Moderately traded rather than the volume leader of the trio, so spreads carry more weight on big or rushed orders.
This is undiluted small-cap equity. The mandate is to mirror that index, bumps included, not to smooth it out.

Full SPSM profile⁠

Full VIOO profile⁠

SPSM vs VIOO Holdings

How SPSM and VIOO differ

Overlap by weight

93.9%

Shared holdings make up 98.8% of SPSM and 97.2% of VIOO.

Level by level

Holdings597 in both93.9%
Sector11 Sectors95.4%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in SPSM and VIOO, widest gap first
Sector	More in SPSMMore in VIOO	SPSM	VIOO
Technology	VIOO +3.0 points	13.0%	16.0%
Industrials	SPSM +1.6 points	17.2%	15.6%
Financials	SPSM +1.4 points	18.5%	17.1%
Consumer Discretionary	SPSM +0.8 points	13.2%	12.4%
Real Estate	VIOO +0.7 points	6.6%	7.3%
Consumer Staples	VIOO +0.7 points	3.9%	4.6%
Energy	SPSM +0.4 points	6.7%	6.3%
Materials	VIOO +0.4 points	4.2%	4.6%
Health Care	SPSM +0.3 points	11.2%	10.9%
Utilities	SPSM +0.3 points	2.0%	1.7%
Communication	Same weight	3.5%	3.5%

Country, concentration and asset class

Country by domicile

Country weights in SPSM and VIOO, widest gap first
Country	More in SPSMMore in VIOO	SPSM	VIOO
United States	VIOO +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%
VIOO5.3%

Securities held

SPSM605
VIOO604

Asset class

SPSM: Equity
VIOO: Equity

Holdings

Only in SPSM8
In both597
Only in VIOO7

Only in SPSM

8 securities, 1.1% of SPSM by weight

Msg Knickerbockers Corp0.30%
Workiva Inc0.24%
Freshworks Inc Class A0.19%
Howard Hughes Holdings Inc0.13%
Msg Rangers Corp0.10%
Olin Corp0.10%
Contra Apellis Pharmac<0.01%
Tobira Therapeutics In0.00%

Only in VIOO

7 securities, 2.6% of VIOO by weight

FormFactor Inc0.68%
Qorvo Inc0.54%
SLCMT11420.43%
Arcosa Inc0.42%
Madison Square Garden Sports Corp0.40%
BioLife Solutions Inc0.10%
Arbor Realty Trust Inc0.04%

Weight gaps

The 100 widest of 597 Holdings in both funds.

Holding weights in SPSM and VIOO, widest gap first
Holding	More in SPSMMore in VIOO	SPSM	VIOO
Glaukos CorpGKOS	SPSM +0.25 points	0.81%	0.56%
Acm Research Inc Class AACMR	VIOO +0.12 points	0.16%	0.28%
Adt IncADT	SPSM +0.11 points	0.30%	0.19%
Maxlinear IncMXL	VIOO +0.10 points	0.34%	0.44%
Mara Holdings IncMARA	VIOO +0.09 points	0.16%	0.25%
Tenable Holdings IncTENB	SPSM +0.09 points	0.32%	0.23%
Etsy IncETSY	SPSM +0.09 points	0.44%	0.35%
Alkermes PLCALKS	SPSM +0.09 points	0.43%	0.34%
Lamb Weston Holdings IncLW	SPSM +0.08 points	0.41%	0.33%
Paycom Software IncPAYC	SPSM +0.08 points	0.57%	0.49%
Herc Holdings IncHRI	SPSM +0.08 points	0.30%	0.22%
Plexus CorpPLXS	VIOO +0.07 points	0.33%	0.40%
Pool CorpPOOL	SPSM +0.08 points	0.42%	0.34%
Lkq CorpLKQ	VIOO +0.07 points	0.26%	0.33%
Ultra Clean Holdings IncUCTT	VIOO +0.07 points	0.14%	0.21%
Cleanspark IncCLSK	VIOO +0.07 points	0.12%	0.19%
Stonex Group IncSNEX	VIOO +0.07 points	0.34%	0.41%
Box Inc Class ABOX	SPSM +0.07 points	0.34%	0.27%
Axt IncAXTI	VIOO +0.07 points	0.22%	0.29%
Epam Systems IncEPAM	SPSM +0.07 points	0.39%	0.32%
Sm Energy CoSM	SPSM +0.06 points	0.53%	0.47%
Rxo IncRXO	SPSM +0.06 points	0.26%	0.20%
Enphase Energy IncENPH	VIOO +0.06 points	0.19%	0.25%
Karman Holdings IncKRMN	SPSM +0.06 points	0.29%	0.23%
Liquidia CorpLQDA	SPSM +0.06 points	0.19%	0.13%
Mirion Technologies IncMIR	SPSM +0.06 points	0.26%	0.20%
Lumen Technologies IncLUMN	VIOO +0.05 points	0.26%	0.31%
Kulicke & Soffa IndustriesKLIC	VIOO +0.06 points	0.23%	0.29%
Frontdoor IncFTDR	SPSM +0.05 points	0.34%	0.29%
Rush Street Interactive IncRSI	VIOO +0.05 points	0.09%	0.14%
Life Time Group Holdings IncLTH	SPSM +0.05 points	0.49%	0.44%
Ichor Holdings LtdICHR	VIOO +0.04 points	0.09%	0.13%
Ryman Hospitality PropertiesRHP	SPSM +0.05 points	0.52%	0.47%
Materion CorpMTRN	VIOO +0.05 points	0.28%	0.33%
Urban Outfitters IncURBN	SPSM +0.05 points	0.30%	0.25%
Viasat IncVSAT	SPSM +0.05 points	0.61%	0.56%
Cohu IncCOHU	VIOO +0.05 points	0.14%	0.19%
Onespaworld Holdings LtdOSW	SPSM +0.04 points	0.17%	0.13%
Axcelis Technologies IncACLS	VIOO +0.04 points	0.19%	0.23%
Esco Technologies IncESE	VIOO +0.04 points	0.36%	0.40%
Outfront Media IncOUT	SPSM +0.04 points	0.32%	0.28%
Concentra Group Holdings ParCON	SPSM +0.04 points	0.28%	0.24%
Gentherm IncTHRM	SPSM +0.04 points	0.10%	0.06%
Sphere Entertainment CoSPHR	VIOO +0.04 points	0.17%	0.21%
Academy Sports & Outdoors InASO	SPSM +0.04 points	0.21%	0.17%
Dxc Technology CoDXC	SPSM +0.04 points	0.14%	0.10%
Transmedics Group IncTMDX	VIOO +0.04 points	0.13%	0.17%
Badger Meter IncBMI	SPSM +0.03 points	0.24%	0.21%
Victoria’s Secret & CoVSXY	SPSM +0.03 points	0.44%	0.41%
Everus Construction GroupECG	VIOO +0.04 points	0.31%	0.35%
Enpro IncNPO	VIOO +0.04 points	0.34%	0.38%
Hayward Holdings IncHAYW	SPSM +0.04 points	0.19%	0.15%
Centrus Energy Corp Class ALEU	VIOO +0.04 points	0.12%	0.16%
Veeco Instruments IncVECO	VIOO +0.03 points	0.15%	0.18%
Kodiak Gas Services IncKGS	VIOO +0.03 points	0.28%	0.31%
Uniti Group IncUNIT	VIOO +0.04 points	0.05%	0.09%
Kohls CorpKSS	SPSM +0.04 points	0.16%	0.12%
Powell Industries IncPOWL	VIOO +0.04 points	0.27%	0.31%
Noble Corp PLCNE	SPSM +0.03 points	0.34%	0.31%
Vishay Intertechnology IncVSH	VIOO +0.04 points	0.23%	0.27%
Crescent Energy Inc ACRGY	SPSM +0.03 points	0.25%	0.22%
Fmc CorpFMC	VIOO +0.04 points	0.03%	0.07%
Patterson Uti Energy IncPTEN	SPSM +0.03 points	0.27%	0.24%
Kontoor Brands IncKTB	SPSM +0.03 points	0.22%	0.19%
Aci Worldwide IncACIW	SPSM +0.03 points	0.32%	0.29%
Diodes IncDIOD	VIOO +0.03 points	0.23%	0.26%
Medical Properties Trust IncMPT	VIOO +0.03 points	0.07%	0.10%
Arcutis Biotherapeutics IncARQT	SPSM +0.03 points	0.21%	0.18%
Radian Group IncRDN	SPSM +0.04 points	0.27%	0.23%
Teleflex IncTFX	SPSM +0.03 points	0.34%	0.31%
Par Pacific Holdings IncPARR	VIOO +0.03 points	0.21%	0.24%
Remitly Global IncRELY	SPSM +0.03 points	0.28%	0.25%
Signet Jewelers LtdSIG	SPSM +0.03 points	0.26%	0.23%
Manpowergroup IncMAN	VIOO +0.03 points	0.12%	0.15%
Amentum Holdings IncAMTM	SPSM +0.03 points	0.19%	0.16%
Alarm.com Holdings IncALRM	SPSM +0.02 points	0.18%	0.16%
Chefs Warehouse Inc/TheCHEF	VIOO +0.03 points	0.21%	0.24%
Insight Enterprises IncNSIT	SPSM +0.02 points	0.29%	0.27%
Hawkins IncHWKN	SPSM +0.03 points	0.18%	0.15%
Q2 Holdings IncQTWO	SPSM +0.03 points	0.23%	0.20%
Robert Half IncRHI	SPSM +0.03 points	0.24%	0.21%
Ringcentral Inc Class ARNG	SPSM +0.03 points	0.35%	0.32%
Magnolia Oil & Gas Corp AMGY	SPSM +0.03 points	0.35%	0.32%
Builders Firstsource IncBLDR	SPSM +0.02 points	0.38%	0.36%
Casella Waste Systems Inc ACWST	SPSM +0.03 points	0.32%	0.29%
Proto Labs IncPRLB	VIOO +0.03 points	0.10%	0.13%
Kaiser Aluminum CorpKALU	VIOO +0.03 points	0.11%	0.14%
Zurn Elkay Water Solutions CZWS	VIOO +0.03 points	0.37%	0.40%
Teradata CorpTDC	SPSM +0.02 points	0.18%	0.16%
Arcus Biosciences IncRCUS	VIOO +0.03 points	0.11%	0.14%
Northern Oil and Gas IncNOG	SPSM +0.03 points	0.17%	0.14%
Apple Hospitality Reit IncAPLE	SPSM +0.02 points	0.23%	0.21%
People IncPPLI	VIOO +0.02 points	0.13%	0.15%
Argan IncAGX	VIOO +0.03 points	0.28%	0.31%
Benchmark Electronics IncBHE	VIOO +0.02 points	0.15%	0.17%
Wisdomtree IncWT	VIOO +0.03 points	0.16%	0.19%
Werner Enterprises IncWERN	VIOO +0.03 points	0.09%	0.12%
Pacira Biosciences IncPCRX	SPSM +0.02 points	0.08%	0.06%
Rush Enterprises Inc Class ARUSHA	VIOO +0.02 points	0.23%	0.25%
Element Solutions IncESI	VIOO +0.02 points	0.46%	0.48%

All 607 SPSM holdings⁠All 604 VIOO 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 VIOO Cost

Overpaying VIOO vs SPSM

$842

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

SPSM 0.03%
$638
VIOO 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

SPSM 0.03%
VIOO 0.07%
Overpaying

Year by year

Year	SPSM	VIOO	Overpaying
10	$55	$128	$73
20	$216	$503	$287
30	$638	$1,480	$842

Expense ratio

0.03%SPSM, cheaper
0.07%VIOO

SPSM0.03%VIOO0.07%

0.03%0.59%

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

SPSM cheapest of 13 funds

VIOO 3rd cheapest of 13 funds

SPSM vs VIOO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPSM 1.51%, better; VIOO 1.15%
Payout (12M): SPSM $0.82; VIOO $1.51
Last payment: SPSM $0.22; VIOO $1.51
Ex-dividend: SPSM Sep 21, 2026; VIOO Dec 22, 2025
Paid on: SPSM Sep 23, 2026; VIOO Dec 24, 2025
Frequency: SPSM Quarterly; VIOO Annual

Distribution history

Per share, 2017 to 2026, same scale for both

SPSMQuarterly · 40 paymentsAll SPSM payments⁠

VIOOAnnual · 9 paymentsAll VIOO payments⁠

SPSM vs VIOO Risk

Fall from peak · 5 years

SPSM
VIOO

Risk facts

VolatilityStd dev, 3 years: SPSM 18.7%, betterVIOO 18.8%
Return per unit of riskSharpe ratio, 3 years: SPSM 0.76, betterVIOO 0.75
Worst fallMax drawdown, 5 years: SPSM −27.9%VIOO −27.9%
Market sensitivityBeta, 5 years: SPSM 1.04VIOO 1.04; Market = 1

SPSM and VIOO 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 VIOO

In short

Stated mandate

Why people hold it

Worth knowing

How SPSM and VIOO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPSM

Only in VIOO

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 VIOO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPSM

Only in VIOO

Weight gaps