Dividend comparison
VBR vs SPSM: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard Morningstar Small-Cap Value ETF and State Street SPDR Portfolio S&P 600 Small Cap ETF, side by side. Updated October 21, 2026.
VBR vs SPSM: key differences
The short answer, from the latest data on this page.
- Fees. SPSM is cheaper at 0.03% a year versus 0.05% for VBR. On $10,000 that is $2 a year less in fees.
- Income. VBR pays more income, yielding 1.85% over the last twelve months versus 1.54% for SPSM. That is about $32 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, VBR returned 45.7% versus 31.7% for SPSM, with dividends reinvested. $10,000 would have grown to $14,570 in VBR and $13,165 in SPSM.
- Risk. SPSM has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -27.9%, against -24.2% for VBR.
- Diversification. VBR holds 841 positions and SPSM holds 607. The ten largest positions make up 5.7% of VBR and 5.3% of SPSM.
- Dividend growth. VBR grew its yearly payout 7.2% a year over the last 4 years, versus 4.8% for SPSM.
- Size. VBR is the larger fund with $64.1 billion in assets, against $15.5 billion for SPSM.
Bottom line: VBR fits better if you care most about more income today, stronger 5-year returns, smaller drawdowns and faster dividend growth. SPSM fits better if you care most about lower fees.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | VBR Vanguard Morningstar Small-Cap Value ETF | SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF |
|---|---|---|
| Dividend yield (TTM) | 1.85% | 1.54% |
| Dividend / share (TTM) | $4.42 | $0.82 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $1.0300 on Sep 30, 2026 | $0.2202 on Sep 23, 2026 |
| Ex-dividend date | Sep 28, 2026 | Sep 21, 2026 |
| Dividend growth (CAGR) | 7.2% over 4 yrs | 4.8% over 4 yrs |
| Price | $238.81 | $53.53 |
| Dividend growth streak | 5 years | — |
| Beta | 0.97 | 1.04 |
| Max drawdown (5Y) | -24.2% | -27.9% |
| Market cap | $64.10B | $15.52B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.05% | 0.03% |
| Assets under management | $64.10B | $15.53B |
| Number of holdings | 841 | 607 |
| Top 10 concentration | 5.7% | 5.3% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
VBR
$15.42/mo
$185 /yr at 1.85% yield
SPSM
$12.80/mo
$154 /yr at 1.54% yield
Dividend history
Total dividends paid per share in each calendar year. VBR pays quarterly; SPSM pays quarterly.
| Year | VBR | SPSM |
|---|---|---|
| 2025 | $4.1371 | $0.7571 |
| 2024 | $3.9201 | $0.8294 |
| 2023 | $3.8078 | $0.6797 |
| 2022 | $3.2283 | $0.5088 |
| 2021 | $3.1305 | $0.6276 |
Strategy: Small and mid cap
Funds that hold companies below the large-cap tier, where there is more room for growth and less coverage by analysts. Small-cap indexes differ meaningfully: some screen for profitability, some include every listed company, and value-tilted funds lean toward the cheapest names. Those rules drive more of the difference between funds than fees do.
Smaller companies are more sensitive to recessions and borrowing costs, so drawdowns run deeper than in large-cap funds.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $14,570 in VBR and $13,165 in SPSM.
| Period | VBR | SPSM |
|---|---|---|
| 1 month | 0.45% | -0.89% |
| 3 months | -2.18% | -4.73% |
| Year to date | 12.76% | 15.54% |
| 1 year | 14.59% | 16.80% |
| 3 years | 63.48% | 60.41% |
| 5 years | 45.70% | 31.65% |
- VBR
- SPSM
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- VBR
- SPSM
VBR vs SPSM holdings overlap
At least 0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Quick verdict
VBR fits better if you care most about more income today, stronger 5-year returns, smaller drawdowns and faster dividend growth. SPSM fits better if you care most about lower fees. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how VBR vs SPSM fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is VBR or SPSM better for dividend income?
It depends on your goals. VBR currently yields 1.85% Trailing Twelve Months (TTM) while SPSM yields 1.54%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between VBR and SPSM?
Vanguard Morningstar Small-Cap Value ETF (VBR) is an ETF listed on AMEX. State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, VBR or SPSM?
SPSM has the lower expense ratio. VBR charges 0.05% a year and SPSM charges 0.03%, a difference of $2 a year on a $10,000 investment.
Which has performed better, VBR or SPSM?
Over the last 5 years, VBR has the higher total return with dividends reinvested: VBR returned 45.7% and SPSM returned 31.7%. Past performance does not predict future returns.
Which is riskier, VBR or SPSM?
Measured by the worst peak-to-trough decline over the last five years, SPSM has been riskier: VBR fell as much as 24.2% and SPSM as much as 27.9%. Their betas are 0.97 and 1.04.
How often do VBR and SPSM pay dividends?
Both pay quarterly. The most recent payments were $1.0300 for VBR and $0.2202 for SPSM.
How much income does $10,000 in VBR vs SPSM generate?
At current TTM yields, $10,000 in VBR would generate roughly $15.42 per month ($185 annually). The same amount in SPSM would produce about $12.80 per month ($154 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both VBR and SPSM?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare VBR vs SPSM with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VBR and SPSM fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.