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 0.1 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 2026-07-13 · computed from daily adjusted closes · how we measure
The read
S&P 600 Small Cap (SPSM) is losing its lead. It built a 0.9-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 0.1 points behind the market — the weakening quadrant of the rotation map. Ranked by one-month spread, it currently stands #41 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 dropped below its moving averages — the outperformance trend is fading. 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 MOLINA HEALTHCARE INC, BRIGHTSPRING HEALTH SERVICES INC and VIASAT INC. Weighted by portfolio, the fund's holdings trade at roughly 75.6× earnings and 4.4× sales. The thing to watch from here is whether this is a pause or a handoff: weakening 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 0.1 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 MOLINA HEALTHCARE INC, BRIGHTSPRING HEALTH SERVICES INC, VIASAT INC, KRYSTAL BIOTECH INC, ARGAN INC — 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 weakening 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.