US Small Cap Low Volatility vs the S&P 500 (SMLV): is it outperforming?
Over the past month, SMLV has underperformed the S&P 500 by 4.5 points. Here is where that puts it in the sector rotation — updated daily.
Where SMLV sits on the rotation map
US Small Cap Low Volatility 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.
SMLV vs SPY: head-to-head returns
SMLV (us small cap low volatility) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means SMLV won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
US Small Cap Low Volatility (SMLV) is losing its lead. It built a 9.5-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 4.5 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #88 of the 115 groups Zensei tracks.
On the shorter tape, SMLV's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. SMLV'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 SSGA US Small Cap Low Volatility Index ETF, whose 393 tracked holdings are led by SAFETY INSURANCE GROUP INC, CITY HOLDING CO and AMERICAN STATES WATER CO. Weighted by portfolio, the fund's holdings trade at roughly 44.6× earnings and 3.4× 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 SMLV
Top 5 of 393 tracked holdings, by portfolio weight.
US Small Cap Low Volatility vs the market — common questions
Is us small cap low volatility outperforming the S&P 500?
Right now, no: over the past month SMLV has underperformed the S&P 500 by 4.5 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is SMLV?
SMLV is SPDR SSGA US Small Cap Low Volatility Index ETF, the fund Zensei uses to measure the us small cap low volatility group against the S&P 500 benchmark (SPY).
Which stocks are in SMLV?
SMLV's largest tracked positions are SAFETY INSURANCE GROUP INC, CITY HOLDING CO, AMERICAN STATES WATER CO, HORACE MANN EDUCATORS CORP, n/a — 393 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is us small cap low volatility in right now?
As of the latest daily data, us small cap low volatility 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 us small cap low volatility 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.