S&P 600 Small Cap vs the S&P 500 (SPSM): is it outperforming?
Over the past month, SPSM has underperformed the S&P 500 by 4.4 points. Here is where that puts it in the sector rotation — updated daily.
Where SPSM sits on the rotation map
S&P 600 Small Cap highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
SPSM vs SPY: head-to-head returns
SPSM (s&p 600 small cap) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means SPSM won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
S&P 600 Small Cap (SPSM) is losing its lead. It built a 7.7-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 4.4 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #84 of the 115 groups Zensei tracks.
On the shorter tape, SPSM's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. SPSM's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via SPDR Portfolio S&P 600 Small Cap ETF, whose 561 tracked holdings are led by CORCEPT THERAPEUTICS INC, GLAUKOS CORP and VIASAT INC. Weighted by portfolio, the fund's holdings trade at roughly 36.8× earnings and 3.5× sales. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
What's inside SPSM
Top 5 of 561 tracked holdings, by portfolio weight.
S&P 600 Small Cap vs the market — common questions
Is s&p 600 small cap outperforming the S&P 500?
Right now, no: over the past month SPSM has underperformed the S&P 500 by 4.4 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is SPSM?
SPSM is SPDR Portfolio S&P 600 Small Cap ETF, the fund Zensei uses to measure the s&p 600 small cap group against the S&P 500 benchmark (SPY).
Which stocks are in SPSM?
SPSM's largest tracked positions are CORCEPT THERAPEUTICS INC, GLAUKOS CORP, VIASAT INC, BRINKER INTERNATIONAL INC, MATCH GROUP INC ORDINARY SHARES NEW — 561 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is s&p 600 small cap in right now?
As of the latest daily data, s&p 600 small cap is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track s&p 600 small cap against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.