SPDR S&P 600 Small Cap ETF
ALTAR
Score™
7.5% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
24.9x P/Sales
ratio
0.8x
P/BV
ratio
1.4x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR DJ Wilshire Small Cap ETF objective is to replicate as closely as possible the performance of the Dow Jones Wilshire Small Cap Index. The Fund will invest in the common stocks that compri

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Nov 15, 2005
Assets (mns) $1,021
Currency USD
Expense ratio 15 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 601
Wgt avg mkt cap (mns) $1,704
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 35.7%
Small cap (<$2bn) 64.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
STRAYER EDUCATION INC 0.6 %
QUALYS INC 0.6 %
MOMENTA PHARMACEUTICALS INC 0.6 %
TOPBUILD CORP 0.6 %
EMERGENT BIOSOLUTIONS INC 0.6 %
EXPONENT INC 0.6 %
WINGSTOP, INC. 0.6 %
NEOGEN CORP 0.6 %
GLACIER BANCORP INC 0.6 %
EHEALTH INC 0.6 %
Total 6.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.4 %
CAYMAN ISLANDS 0.6 %
PUERTO RICO 0.6 %
BERMUDA 0.4 %
BRITAIN 0.4 %
NETHERLANDS 0.2 %
IRELAND 0.1 %




HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-20.8% -8.2% 3.8% 10.0% 7.8%

Market Correlations
versus... Beta R-squared
S&P500 1.29 86%
MSCI EAFE 1.31 76%
MSCI Emg. Mkts. 0.95 61%

Technical Indicators
Recent close $57.10
30d moving avg. $52.94
Annualized volatility 23.5%
Short interest (ETF) 0.1%
Short interest (Underlying) 6.5%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 140
Turnover 0.8%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $8,057

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the SPDR S&P 600 Small Cap ETF ETF based on the alternatives' overlap in portfolio holdings with SLY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SLY Expense: 15 bp ALTAR Score™: 7.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SLY
Ticker Fund
Name
Overlap1
vs SLY
(%)
Expense
ratio
(bp)
Savings
vs SLY
(bp)
ALTAR
Score™
(%)
ALTAR
vs SLY
(%)
SPSM SPDR Portfolio Small Cap ETF 99.5 5 10 7.6 +0.1
IJR iShares Core S&P Small Cap ETF 99.4 7 8 7.5 +0.0
VIOO Vanguard S&P Small-Cap 600 ETF 96.8 10 5 7.4 -0.1
SLYG SPDR S&P 600 Small Cap Growth ETF 69.0 15 0 5.6 -1.9
IJT iShares S&P Small-Cap 600 Growth ETF 69.0 25 -10 5.5 -2.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 68.6 16 -1 5.6 -1.9
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 68.6 40 -25 6.4 -1.1
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 65.8 39 -24 6.4 -1.1
SLYV SPDR S&P 600 Small Cap Value ETF 62.3 15 0 9.9 +2.4
IJS iShares S&P Small-cap 600 Value ETF 62.3 25 -10 9.7 +2.2
VIOV Vanguard S&P Small-Cap 600 Value ETF 61.4 15 0 9.6 +2.1
RWJ Invesco S&P SmallCap 600 Revenue ETF 51.4 39 -24 6.0 -1.5
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 44.9 29 -14 6.3 -1.2
TPSC Timothy Plan US Small Cap Core ETF 43.3 52 -37 8.0 +0.5
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 40.4 35 -20 8.6 +1.1
ISMD Inspire Small/Mid Cap Impact ETF 38.9 61 -46 7.0 -0.5
IWN iShares Russell 2000 Value ETF 37.9 24 -9 7.6 +0.1
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 37.7 20 -5 6.4 -1.1
VTWV Vanguard Russell 2000 Value Index Fund 37.1 15 0 7.7 +0.2
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 36.9 35 -20 6.5 -1.0
EES WisdomTree SmallCap Earnings Fund 36.4 38 -23 12.0 +4.6
FYX First Trust Small Cap Core AlphaDEX Fund 35.8 63 -48 7.0 -0.5
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 35.0 39 -24 4.4 -3.1
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 34.7 35 -20 8.7 +1.2
IWM iShares Russell 2000 ETF 34.1 19 -4 3.9 -3.6
VTWO Vanguard Russell 2000 Index Fund 32.9 10 5 3.9 -3.5
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 32.8 30 -15 8.0 +0.5
DES WisdomTree U.S. SmallCap Dividend Fund 32.3 38 -23 9.0 +1.5
RZG Invesco S&P Smallcap 600 Pure Growth ETF 31.9 35 -20 6.6 -0.9
IWO iShares Russell 2000 Growth ETF 31.4 24 -9 0.9 -6.6
PSC Principal U.S. Small Cap Index ETF 31.2 38 -23 7.7 +0.2
RNSC Small Cap US Equity Select ETF 31.1 60 -45 8.1 +0.6
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 30.7 29 -14 2.2 -5.3
VTWG Vanguard Russell 2000 Growth Index Fund 30.3 15 0 1.0 -6.5
PXSG Invesco S&P SmallCap Momentum ETF 30.0 39 -24 5.4 -2.1
CSML IQ Chaikin U.S. Small Cap ETF 29.8 35 -20 5.2 -2.3
AFSM First Trust Active Factor Small Cap ETF 28.8 75 -60 6.6 -0.9
XSLV Invesco S&P SmallCap Low Volatility ETF 28.8 25 -10 6.1 -1.4
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 28.0 24 -9 7.9 +0.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 28.0 25 -10 6.8 -0.6
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 27.4 12 3 8.7 +1.2
IUSS Invesco Strategic US Small Company ETF 27.1 23 -8 6.3 -1.1
FYC First Trust Small Cap Growth AlphaDEX Fund 26.9 70 -55 2.8 -4.7
SCHA Schwab U.S. Small-Cap ETF 25.2 4 11 5.1 -2.4
XSHQ Invesco S&P SmallCap Quality ETF 24.8 29 -14 6.2 -1.3
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 24.8 29 -14 10.9 +3.4
ROGS Hartford Multifactor Global Small Cap ETF 24.7 34 -19 8.4 +1.0
JKJ iShares Morningstar Small-Cap ETF 23.1 25 -10 6.6 -0.8
AVUV Avantis U.S. Small Cap Value ETF 22.8 25 -10 9.8 +2.3
PSCF Invesco S&P SmallCap Financials ETF 22.3 29 -14 12.3 +4.8
NUSC Nuveen ESG Small-Cap ETF 21.9 40 -25 5.3 -2.2
DWAS Invesco DWA SmallCap Momentum ETF 21.2 60 -45 -1.1 -8.6
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 21.1 17 -2 5.2 -2.3
JKK iShares Morningstar Small-Cap Growth ETF 21.1 30 -15 1.4 -6.1
FYT First Trust Small Cap Value AlphaDEX Fund 20.6 72 -57 9.8 +2.4
PBSM Invesco PureBeta MSCI USA Small Cap ETF 20.5 6 9 5.4 -2.1
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 20.0 38 -23 9.2 +1.7
FSMD Fidelity Small-Mid Factor ETF 19.1 29 -14 7.3 -0.2
VBR Vanguard Small Cap Value Index Fund 18.1 7 8 8.9 +1.4
PSCI Invesco S&P SmallCap Industrials ETF 17.5 29 -14 7.1 -0.4
XSVM Invesco S&P SmallCap Value with Momentum ETF 17.0 39 -24 10.7 +3.2
VFMF Vanguard U.S. Multifactor ETF 16.8 18 -3 7.4 -0.0
VFQY Vanguard U.S. Quality Factor ETF 16.4 13 2 6.4 -1.1
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 16.2 20 -5 6.2 -1.3
PSCT Invesco S&P SmallCap Information Technology ETF 15.6 29 -14 5.8 -1.6
JSML Janus Henderson Small Cap Growth Alpha ETF 15.6 35 -20 6.2 -1.3
VB Vanguard Small-Cap ETF 15.1 5 10 5.8 -1.7
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 14.9 29 -14 9.3 +1.8
SQLV Legg Mason Small-Cap Quality Value 14.9 62 -47 7.7 +0.2
RZV Invesco S&P Smallcap 600 Pure Value ETF 13.8 35 -20 9.7 +2.2
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 13.6 80 -65 5.6 -1.9
VXF Vanguard Extended Market Index Fund 13.3 7 8 4.1 -3.4
PSCH Invesco S&P SmallCap Health Care ETF 13.2 29 -14 3.1 -4.3
BFOR Barron's 400 ETF 13.1 66 -51 6.5 -1.0
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 12.9 35 -20 5.3 -2.2
JHSC John Hancock Multifactor Small Cap ETF 12.9 50 -35 6.1 -1.4
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 12.8 48 -33 6.6 -0.9
FAD First Trust Multi Cap Growth AlphaDEX Fund 12.7 66 -51 2.7 -4.8
CALF Pacer US Small Cap Cash Cows 100 ETF 12.6 59 -44 11.9 +4.4
VBK Vanguard Small-Cap Growth Index Fund 12.4 7 8 2.7 -4.8
VFVA Vanguard U.S. Value Factor ETF 12.2 13 2 12.1 +4.6
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 12.0 20 -5 10.2 +2.7
IWC iShares Micro-Cap ETF 11.3 60 -45 -4.0 -11.5
FNY First Trust Mid Cap Growth AlphaDEX Fund 11.3 70 -55 2.1 -5.4
BUY USCF SummerHaven SHPEI Index Fund 11.2 80 -65 11.6 +4.2
VFLQ Vanguard U.S. Liquidity Factor ETF 11.2 13 2 3.7 -3.8
FAB First Trust Multi Cap Value AlphaDEX Fund 10.9 71 -56 10.3 +2.8
VUSE Vident Core US Equity Fund 9.9 48 -33 8.1 +0.6
VFMO Vanguard U.S. Momentum Factor ETF 9.6 13 2 2.1 -5.4
JKL iShares Morningstar Small Cap Value ETF 9.5 30 -15 10.4 +3.0
VAMO Cambria Value & Momentum ETF 9.4 64 -49 7.9 +0.4
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 9.4 30 -15 12.6 +5.1
SMDV ProShares Russell 2000 Dividend Growers ETF 8.8 40 -25 7.1 -0.3
TUSA First Trust Total US Market AlphaDEX ETF 8.6 70 -55 6.5 -1.0
EZM WisdomTree U.S. MidCap Earnings Fund 8.6 38 -23 9.7 +2.2
FNX First Trust Mid Cap Core AlphaDEX Fund 8.5 61 -46 7.2 -0.3
KOMP SPDR Kensho New Economies Composite ETF 8.3 20 -5 1.8 -5.7
RNMC Mid Cap US Equity Select ETF 7.7 60 -45 8.3 +0.8
KSCD KFA Small Cap Quality Dividend Index ETF 7.6 51 -36 6.3 -1.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR S&P 600 Small Cap ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.3 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 7.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.52
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.