SPDR Portfolio S&P 600 Small Cap ETF (SPSM) Valuation
SPSM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 40.3 trailing earnings
- Forward P/E
- 13.7 analyst estimates
- Price / sales
- 1.06
- Price / book
- 1.97
- EV / EBITDA
- 11.2
- Earnings yield
- 2.48% inverse of P/E
- Dividend yield
- 1.62% of the holdings
- Return on equity
- 4.9% combined
- Net margin
- 2.6% combined
- Beta
- 1.09 weighted, vs S&P 500
SPSM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SPSM | 40.3 | 13.7 | 1.06 | 1.97 | 1.62% | 4.9% | 2.6% | 15.0% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
SPSM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 17.3% | 17.4 | 10.7 | 1.09 | 1.42 | 2.52% | 8.1% |
| Industrials | 15.2% | 29.4 | 16.0 | 1.05 | 2.62 | 0.98% | 8.9% |
| Technology | 14.8% | 49.6 | 14.6 | 1.60 | 3.01 | 0.30% | 6.1% |
| Consumer Cyclical | 12.5% | 55.1 | 12.1 | 0.57 | 1.89 | 1.06% | 3.4% |
| Healthcare | 11.1% | n/m | 16.7 | 1.99 | 2.93 | 0.19% | −3.9% |
| Real Estate | 7.0% | 24.6 | 23.6 | 2.43 | 1.46 | 5.60% | 5.9% |
| Energy | 6.0% | 22.4 | 11.4 | 0.86 | 1.51 | 2.45% | 6.8% |
| Consumer Defensive | 4.9% | n/m | 12.7 | 0.62 | 1.58 | 2.24% | −4.1% |
| Basic Materials | 4.5% | n/m | 11.6 | 0.98 | 2.14 | 1.54% | −4.1% |
| Communication Services | 3.4% | 27.7 | 14.9 | 1.46 | 2.04 | 0.96% | 7.4% |
| Utilities | 1.8% | 18.0 | 18.2 | 2.12 | 1.62 | 3.43% | 9.0% |
| Services | 0.1% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
SPSM earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How SPSM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SPSM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MTCH | Match Group, Inc. | 0.58% | 15.2 | 9.7 | 2.8 | 1.86% | 1.61% |
| PAYC | Paycom Software, Inc. | 0.57% | 26.6 | 16.7 | 5.3 | 0.60% | 0.91% |
| GKOS | Glaukos Corporation | 0.57% | — | — | 15.9 | — | −0.48% |
| SM | SM Energy Company | 0.55% | 7.0 | 4.4 | 1.9 | 2.23% | 3.29% |
| RHP | Ryman Hospitality Properties, Inc. | 0.51% | 30.7 | 25.8 | 3.2 | 3.81% | 0.70% |
| PTGX | Protagonist Therapeutics, Inc. | 0.50% | 125.0 | 36.9 | 29.5 | — | 0.17% |
| JXN | Jackson Financial Inc. | 0.50% | 143.5 | — | 1.4 | 2.76% | 0.15% |
| VSAT | Viasat, Inc. | 0.48% | — | 144.9 | 1.8 | — | −0.07% |
| LW | Lamb Weston Holdings, Inc. | 0.45% | 29.3 | 14.7 | 1.1 | 2.84% | 0.64% |
| ESI | Element Solutions Inc | 0.45% | 47.4 | 17.0 | 2.7 | 0.91% | 0.40% |
| TGTX | TG Therapeutics, Inc. | 0.44% | 19.6 | 25.9 | 10.3 | — | 0.94% |
| LTH | Life Time Group Holdings, Inc. | 0.43% | 22.1 | 20.2 | 2.8 | — | 0.82% |
| KMX | CarMax, Inc. | 0.43% | 25.3 | 21.6 | 0.3 | — | 0.72% |
| RAL | Ralliant Corporation | 0.43% | — | 21.7 | 3.4 | 0.30% | −2.99% |
| AWI | Armstrong World Industries, Inc. | 0.43% | 23.0 | 17.1 | 4.2 | 0.81% | 0.79% |
| EMN | Eastman Chemical Company | 0.43% | 16.3 | 9.2 | 0.8 | 5.39% | 1.11% |
| ETSY | Etsy, Inc. | 0.43% | 24.9 | 14.9 | 2.7 | — | 0.72% |
| TRNO | Terreno Realty Corporation | 0.43% | 17.2 | 80.0 | 13.9 | 3.56% | 1.05% |
| ALKS | Alkermes plc | 0.42% | 108.5 | 133.3 | 4.1 | — | 0.16% |
| POOL | Pool Corporation | 0.41% | 15.8 | 17.1 | 1.2 | 3.01% | 1.09% |
| EPAM | EPAM Systems, Inc. | 0.41% | 16.6 | 8.3 | 1.1 | — | 1.04% |
| ZWS | Zurn Elkay Water Solutions Corporation | 0.41% | 29.2 | 22.9 | 4.4 | 0.94% | 0.59% |
| VSXY | Victoria's Secret & Co | 0.41% | 19.5 | 13.6 | 1.0 | — | 0.87% |
| ACA | Arcosa, Inc. | 0.40% | 36.3 | 29.9 | 2.5 | 0.14% | 0.46% |
| CAG | Conagra Brands, Inc. | 0.40% | — | 10.6 | 0.6 | 4.84% | −4.78% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About SPSM valuation
Adding up its 580 holdings with company data, SPSM trades at 40.3 times trailing earnings and 13.7 times analysts' forward estimates, with a price-to-book ratio of 1.97 and a dividend yield of 1.62%. Its earnings yield of 2.48% is 2.85 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 5.2% of the fund and earn 7.3% of its combined profit. By sector, Consumer Cyclical is the most expensive at 55.1 times earnings and Services the cheapest at 14.2. Companies that lost money over the past year are 15.0% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 96.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SPSM chart, SPSM performance, SPSM holdings, SPSM dividends.
SPSM valuation FAQ
What is the P/E ratio of SPSM?
Based on its holdings, SPSM has a trailing P/E of 40.3 and a forward P/E of 13.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SPSM?
The trailing earnings yield is 2.48% (1 ÷ P/E) and the forward earnings yield 7.30%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SPSM more expensive than the S&P 500?
SPSM trades at 40.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.7 and 19.9.
What is the price-to-book ratio of SPSM?
The holdings of SPSM trade at 1.97 times book value, with a combined return on equity of 4.9%.
Which sector in SPSM has the highest P/E?
Consumer Cyclical has the highest P/E at 55.1 and Services the lowest at 14.2.