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Zensei
Trailing the marketUnderperformers#64 of 115 by 1M spread

Small Cap Stocks

Top 10 of 562 SPSM holdings, updated

As of 12 October 2026, small cap stocks are trailing the S&P 500, over the past month and over the longer run. SPSM trails the S&P 500 by 5.1 points over one month and ranks #64 of 115 groups Zensei tracks. 272 of the 562 small cap stocks Zensei prices in SPSM beat the fund this month.

Prices as of Last update : First tracked: trailing the market
Beat the fund (1M)
272 of 562
Beat the S&P 500 (1M)
149 of 562
Strongest (1M)
PENG +54.7%
Weakest (1M)
LQDA −58.5%

Where small cap stocks stand now

As of 12 October 2026, S&P 600 Small Cap (SPSM) ranks #64 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 5.1 points behind over the past month and 3.9 points behind over the longer, time-shifted window. That is the Underperformers quadrant.

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 562 tracked holdings are led by Glaukos Corp, Viasat Inc and Match Group Inc. Weighted by portfolio, the fund's holdings trade at roughly 17.6× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.

1M spread vs SPY
−5.1 pts
Quadrant
Underperformers
Momentum
Weakening
RS health
Broken

Top small cap stocks right now

The largest small cap stocks by weight in SPSM, and the strongest over the past month. Size and recent return are measurements, not recommendations.

Largest by fund weight

Share of SPSM

  1. 1Glaukos CorpGKOS0.6%
  2. 2Viasat IncVSAT0.6%
  3. 3Match Group IncMTCH0.5%
  4. 4Maxlinear IncMXL0.5%
  5. 5Protagonist Therapeutics IncPTGX0.5%

Strongest this month

1-month return, holdings Zensei prices

  1. 1Penguin Solutions IncPENG+54.7%
  2. 2Rxo IncRXO+47.2%
  3. 3Pacira Biosciences IncPCRX+43.3%
  4. 4Schrodinger IncSDGR+36.2%
  5. 5Tenable Holdings IncTENB+35.4%

Small Cap Stocks vs the S&P 500

Over the week to 12 October 2026, SPSM fell 1.1% while the S&P 500 rose 0.4%. SPSM and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means SPSM won that window.

Window
SPSM
SPY
Spread
1 week−1.1%+0.4%−1.6 pts
2 weeks−0.6%+0.9%−1.5 pts
1 month−3.0%+2.1%−5.1 pts
3 months−4.8%+4.1%−8.9 pts
6 months+4.5%+12.6%−8.1 pts
1 year+21.9%+20.4%+1.5 pts

Prices as of · computed from daily adjusted closes · how we measure

S&P 600 Small Cap on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.

Are small cap stocks expensive?

Fund P/E
17.6×

The price-to-earnings ratio of SPSM as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.

SPSM holdings: the small cap stocks inside

As of 12 October 2026, 272 of the 562 small cap stocks Zensei prices in SPSM beat the fund over the past month. 149 of them beat the S&P 500. The strongest is Penguin Solutions Inc (PENG); the weakest is Liquidia Corp (LQDA). Inside the fund, one or two outliers drive most of the move.

#HoldingWeight1M3Mvs fund 1MMomentumRS health
1
GKOSGlaukos Corp
0.6%+0.5%+10.1%+3.5 ptsCruisingStrong
2
VSATViasat Inc
0.6%−8.9%−2.7%−6.0 ptsWeakBroken
3
MTCHMatch Group Inc
0.5%−1.6%+8.3%+1.4 ptsAcceleratingStrong
4
MXLMaxlinear Inc
0.5%+19.3%−0.3%
5
PTGXProtagonist Therapeutics Inc
0.5%−2.2%+11.5%
6
ESIElement Solutions Inc
0.5%+6.2%−7.7%
7
PAYCPaycom Software Inc
0.5%+7.4%+60.8%
8
SMSm Energy Co
0.5%−1.1%+26.9%
9
RHPRyman Hospitality Properties Inc
0.5%+1.4%−0.5%
10
RALRalliant Corp
0.5%+7.6%+8.0%
See all 562 holdings, each compared with the fund, with momentum and relative strengthUnlock with Premium

All 562 SPSM holdings by weight: Glaukos Corp (GKOS) 0.6%, Viasat Inc (VSAT) 0.6%, Match Group Inc (MTCH) 0.5%, Maxlinear Inc (MXL) 0.5%, Protagonist Therapeutics Inc (PTGX) 0.5%, Element Solutions Inc (ESI) 0.5%, Paycom Software Inc (PAYC) 0.5%, Sm Energy Co (SM) 0.5%, Ryman Hospitality Properties Inc (RHP) 0.5%, Ralliant Corp (RAL) 0.5%, Jackson Financial Inc (JXN) 0.5%, Life Time Group Holdings Inc (LTH) 0.4%, Carmax Inc (KMX) 0.4%, Tg Therapeutics Inc (TGTX) 0.4%, Arcosa Inc (ACA) 0.4%, Eastman Chemical Co (EMN) 0.4%, Federal Signal Corp (FSS) 0.4%, n/a (MSGS) 0.4%, Plexus Corp (PLXS) 0.4%, Lincoln National Corp (LNC) 0.4%, First Bancorp (FBP) 0.4%, Balchem Corp (BCPC) 0.3%, Ptc Therapeutics Inc (PTCT) 0.3%, Casella Waste Systems Inc (CWST) 0.3%, Teleflex Inc (TFX) 0.3%, Noble Corp PLC (NE) 0.3%, Axt Inc (AXTI) 0.3%, Outfront Media Inc (OUT) 0.3%, Iridium Communications Inc (IRDM) 0.3%, Vishay Intertechnology Inc (VSH) 0.3%, The Trade Desk Inc (TTD) 0.3%, Merit Medical Systems Inc (MMSI) 0.3%, Aci Worldwide Inc (ACIW) 0.3%, Mobility Global Inc (MBGL) 0.3%, Axos Financial Inc (AX) 0.3%, n/a (SEI) 0.3%, Granite Construction Inc (GVA) 0.3%, The Cheesecake Factory Inc (CAKE) 0.3%, Virtu Financial Inc (VIRT) 0.3%, Kulicke & Soffa Industries Inc (KLIC) 0.3%, Box Inc (BOX) 0.3%, Ameris Bancorp (ABCB) 0.3%, Radnet Inc (RDNT) 0.3%, International Seaways Inc (INSW) 0.3%, n/a (PECO) 0.3%, Warrior Met Coal Inc (HCC) 0.3%, Rithm Capital Corp (RITM) 0.3%, Myr Group Inc (MYRG) 0.3%, Laureate Education Inc Shs (LAUR) 0.3%, Diodes Inc (DIOD) 0.3%, n/a (DK) 0.3%, Enova International Inc (ENVA) 0.3%, n/a (HASI) 0.3%, Insight Enterprises Inc (NSIT) 0.3%, Remitly Global Inc (RELY) 0.3%, Vse Corp (VSEC) 0.3%, Rxo Inc (RXO) 0.3%, Csw Industrials Inc (CSW) 0.3%, Urban Outfitters Inc (URBN) 0.3%, Eastern Bankshares Inc (EBC) 0.3%, Celanese Corp (CE) 0.3%, Champion Homes Inc (SKY) 0.3%, Enphase Energy Inc (ENPH) 0.3%, Radian Group Inc (RDN) 0.3%, n/a (CNR) 0.3%, Primoris Services Corp (PRIM) 0.3%, Cactus Inc (WHD) 0.3%, Mercury Systems Inc (MRCY) 0.3%, Versant Media Group Inc (VSNT) 0.3%, Acm Research Inc (ACMR) 0.3%, Construction Partners Inc (ROAD) 0.3%, Fulton Financial Corp (FULT) 0.3%, Oceaneering International Inc (OII) 0.3%, Concentra Group Holdings Parent Inc (CON) 0.3%, Pricesmart Inc (PSMT) 0.3%, Covista Inc (CVSA) 0.3%, n/a (CRC) 0.3%, n/a (INDV) 0.3%, Patterson-Uti Energy Inc (PTEN) 0.3%, Tenable Holdings Inc (TENB) 0.3%, Par Pacific Holdings Inc (PARR) 0.3%, Axcelis Technologies Inc (ACLS) 0.3%, Piper Sandler Cos (PIPR) 0.3%, Integer Holdings Corp (ITGR) 0.3%, The Chefs' Warehouse Inc (CHEF) 0.2%, Installed Building Products Inc (IBP) 0.2%, Rush Enterprises Inc (RUSHA) 0.2%, Signet Jewelers Ltd (SIG) 0.2%, Clear Secure Inc (YOU) 0.2%, Moelis & Co (MC) 0.2%, Bgc Group Inc (BGC) 0.2%, Azz Inc (AZZ) 0.2%, Cavco Industries Inc (CVCO) 0.2%, Mara Holdings Inc (MARA) 0.2%, Icu Medical Inc (ICUI) 0.2%, Servisfirst Bancshares Inc (SFBS) 0.2%, Franklin Electric Co Inc (FELE) 0.2%, The Geo Group Inc (GEO) 0.2%, Tanger Inc (SKT) 0.2%, Aar Corp (AIR) 0.2%, Karman Holdings Inc (KRMN) 0.2%, Meritage Homes Corp (MTH) 0.2%, Tutor Perini Corp (TPC) 0.2%, Openlane Inc (OPLN) 0.2%, Mdu Resources Group Inc (MDU) 0.2%, Crescent Energy Co (CRGY) 0.2%, n/a (MIR) 0.2%, United Community Banks Inc (UCB) 0.2%, Helmerich & Payne Inc (HP) 0.2%, Cathay General Bancorp (CATY) 0.2%, Cinemark Holdings Inc (CNK) 0.2%, Penguin Solutions Inc (PENG) 0.2%, Wsfs Financial Corp (WSFS) 0.2%, Independent Bank Corp (INDB) 0.2%, Boot Barn Holdings Inc (BOOT) 0.2%, Bread Financial Holdings Inc (BFH) 0.2%, Herc Holdings Inc (HRI) 0.2%, Skywest Inc (SKYW) 0.2%, Tidewater Inc (TDW) 0.2%, Itron Inc (ITRI) 0.2%, Genworth Financial Inc (GNW) 0.2%, Organon & Co (OGN) 0.2%, Clearway Energy Inc (CWEN) 0.2%, Lxp Industrial Trust (LXP) 0.2%, Unifirst Corp (UNF) 0.2%, n/a (AMRX) 0.2%, Apple Hospitality REIT Inc (APLE) 0.2%, Otter Tail Corp (OTTR) 0.2%, Cvb Financial Corp (CVBF) 0.2%, Renasant Corp (RNST) 0.2%, Brady Corp (BRC) 0.2%, Korn Ferry (KFY) 0.2%, Badger Meter Inc (BMI) 0.2%, Q2 Holdings Inc (QTWO) 0.2%, The Campbell's Co (CPB) 0.2%, Workiva Inc (WK) 0.2%, n/a (STEP) 0.2%, Griffon Corp (GFF) 0.2%, Atmus Filtration Technologies Inc (ATMU) 0.2%, Standex International Corp (SXI) 0.2%, Hni Corp (HNI) 0.2%, Millrose Properties Inc (MRP) 0.2%, Robert Half Inc (RHI) 0.2%, Pjt Partners Inc (PJT) 0.2%, Lazard Inc (LAZ) 0.2%, Telephone and Data Systems Inc (TDS) 0.2%, Sl Green Realty Corp (SLG) 0.2%, Broadstone Net Lease Inc (BNL) 0.2%, Wesbanco Inc (WSBC) 0.2%, Veracyte Inc (VCYT) 0.2%, Dorman Products Inc (DORM) 0.2%, Adt Inc (ADT) 0.2%, Ncr Atleos Corp (NATL) 0.2%, n/a (MWA) 0.2%, Dave Inc (DAVE) 0.2%, Kinetik Holdings Inc (KNTK) 0.2%, Life360 Inc (LIF) 0.2%, Cohu Inc (COHU) 0.2%, M/I Homes Inc (MHO) 0.2%, Extreme Networks Inc (EXTR) 0.2%, Steven Madden Ltd (SHOO) 0.2%, Simmons First National Corp (SFNC) 0.2%, Highwoods Properties Inc (HIW) 0.2%, Nicolet Bankshares Inc (NIC) 0.2%, Kontoor Brands Inc (KTB) 0.2%, American States Water Co (AWR) 0.2%, Palomar Holdings Inc (PLMR) 0.2%, Veeco Instruments Inc (VECO) 0.2%, First Financial Bancorp (FFBC) 0.2%, Bright Horizons Family Solutions Inc (BFAM) 0.2%, Versigent PLC (VGNT) 0.2%, n/a (LFST) 0.2%, Knowles Corp (KN) 0.2%, n/a (ASO) 0.2%, Ultra Clean Holdings Inc (UCTT) 0.2%, Stride Inc (LRN) 0.2%, Corecivic Inc (CXW) 0.2%, Bankunited Inc (BKU) 0.2%, n/a (WSC) 0.2%, Chesapeake Utilities Corp (CPK) 0.2%, Seacoast Banking Corp of Florida (SBCF) 0.2%, Community Financial System Inc (CBU) 0.2%, Peabody Energy Corp (BTU) 0.2%, Dana Inc (DAN) 0.2%, National Health Investors Inc (NHI) 0.2%, Asbury Automotive Group Inc (ABG) 0.2%, Wisdomtree Inc (WT) 0.2%, Kadant Inc (KAI) 0.2%, Waystar Holding Corp (WAY) 0.2%, Liberty Energy Inc (LBRT) 0.2%, Freshpet Inc (FRPT) 0.2%, Osi Systems Inc (OSIS) 0.2%, Park National Corp (PRK) 0.2%, First Hawaiian Inc (FHB) 0.2%, First Interstate Bancsystem Inc (FIBK) 0.2%, Assured Guaranty Ltd (AGO) 0.2%, Curbline Properties Corp (CURB) 0.2%, Cleanspark Inc (CLSK) 0.2%, Marriott Vacations Worldwide Corp (VAC) 0.2%, n/a (SPHR) 0.2%, Abm Industries Inc (ABM) 0.2%, Amentum Holdings Inc (AMTM) 0.2%, Sps Commerce Inc (SPSC) 0.2%, Arcbest Corp (ARCB) 0.2%, Avista Corp (AVA) 0.2%, Power Integrations Inc (POWI) 0.2%, Digi International Inc (DGII) 0.2%, Nmi Holdings Inc (NMIH) 0.2%, Provident Financial Services Inc (PFS) 0.2%, Benchmark Electronics Inc (BHE) 0.2%, Cushman & Wakefield Ltd (CWK) 0.2%, Acadia Healthcare Co Inc (ACHC) 0.2%, Wd-40 Co (WDFC) 0.2%, Alarm.Com Holdings Inc (ALRM) 0.2%, Mge Energy Inc (MGEE) 0.2%, Hawkins Inc (HWKN) 0.2%, Credit Acceptance Corp (CACC) 0.2%, Centrus Energy Corp (LEU) 0.2%, Transmedics Group Inc (TMDX) 0.2%, American Eagle Outfitters Inc (AEO) 0.2%, H.B. Fuller Co (FUL) 0.2%, Mercury General Corp (MCY) 0.2%, California Water Service Group (CWT) 0.2%, Dnow Inc (DNOW) 0.2%, Adeia Inc (ADEA) 0.2%, Teradata Corp (TDC) 0.2%, Netscout Systems Inc (NTCT) 0.2%, Banc of California Inc (BANC) 0.2%, National Healthcare Corp (NHC) 0.2%, Acadian Asset Management Inc (AAMI) 0.2%, Atricure Inc (ATRC) 0.2%, Group 1 Automotive Inc (GPI) 0.2%, n/a (ARQT) 0.2%, Cal-Maine Foods Inc (CALM) 0.2%, Hayward Holdings Inc (HAYW) 0.1%, Acadia Realty Trust (AKR) 0.1%, People Inc (PPLI) 0.1%, Rogers Corp (ROG) 0.1%, Trustmark Corp (TRMK) 0.1%, Acadia Pharmaceuticals Inc (ACAD) 0.1%, United Natural Foods Inc (UNFI) 0.1%, Boise Cascade Co (BCC) 0.1%, Nbt Bancorp Inc (NBTB) 0.1%, Siriuspoint Ltd (SPNT) 0.1%, Diamondrock Hospitality Co (DRH) 0.1%, Northern Oil & Gas Inc (NOG) 0.1%, Fb Financial Corp (FBK) 0.1%, Supernus Pharmaceuticals Inc (SUPN) 0.1%, n/a (WRBY) 0.1%, Agilysys Inc (AGYS) 0.1%, The Vita Coco Co Inc (COCO) 0.1%, Shake Shack Inc (SHAK) 0.1%, Privia Health Group Inc (PRVA) 0.1%, Neogen Corp (NEOG) 0.1%, Bank of Hawaii Corp (BOH) 0.1%, Five9 Inc (FIVN) 0.1%, Customers Bancorp Inc (CUBI) 0.1%, Ingevity Corp (NGVT) 0.1%, n/a (GPOR) 0.1%, n/a (RSI) 0.1%, n/a (APAM) 0.1%, Kennametal Inc (KMT) 0.1%, Corvel Corp (CRVL) 0.1%, Onespaworld Holdings Ltd (OSW) 0.1%, Century Aluminum Co (CENX) 0.1%, Kaiser Aluminum Corp (KALU) 0.1%, Manpowergroup Inc (MAN) 0.1%, Advance Auto Parts Inc (AAP) 0.1%, Innospec Inc (IOSP) 0.1%, The St. Joe Co (JOE) 0.1%, Eplus Inc (PLUS) 0.1%, Newell Brands Inc (NWL) 0.1%, Red Rock Resorts Inc (RRR) 0.1%, Resideo Technologies Inc (REZI) 0.1%, Urban Edge Properties (UE) 0.1%, Bancfirst Corp (BANF) 0.1%, Acushnet Holdings Corp (GOLF) 0.1%, Ltc Properties Inc (LTC) 0.1%, Beacon Financial Corp (BBT) 0.1%, Pitney Bowes Inc (PBI) 0.1%, Ufp Technologies Inc (UFPT) 0.1%, Andersons Inc (ANDE) 0.1%, Liveramp Holdings Inc (RAMP) 0.1%, Banner Corp (BANR) 0.1%, Adma Biologics Inc (ADMA) 0.1%, Diebold Nixdorf Inc (DBD) 0.1%, Proto Labs Inc (PRLB) 0.1%, Prestige Consumer Healthcare Inc (PBH) 0.1%, Cargurus Inc (CARG) 0.1%, Wafd Inc (WAFD) 0.1%, Callaway Golf Co (CALY) 0.1%, Four Corners Property Trust Inc (FCPT) 0.1%, Arcus Biosciences Inc (RCUS) 0.1%, Kohl's Corp (KSS) 0.1%, Inventrust Properties Corp (IVT) 0.1%, Dxp Enterprises Inc (DXPE) 0.1%, Northwest Bancshares Inc (NWBI) 0.1%, Ichor Holdings Ltd (ICHR) 0.1%, A10 Networks Inc (ATEN) 0.1%, First Commonwealth Financial Corp (FCF) 0.1%, Northwest Natural Holding Co (NWN) 0.1%, Perdoceo Education Corp (PRDO) 0.1%, Calix Inc (CALX) 0.1%, Solaredge Technologies Inc (SEDG) 0.1%, Peloton Interactive Inc (PTON) 0.1%, Penn Entertainment Inc (PENN) 0.1%, Minerals Technologies Inc (MTX) 0.1%, Sunstone Hotel Investors Inc (SHO) 0.1%, Pediatrix Medical Group Inc (MD) 0.1%, Quaker Houghton (KWR) 0.1%, Cohen & Steers Inc (CNS) 0.1%, Phinia Inc (PHIN) 0.1%, The Chemours Co (CC) 0.1%, Patrick Industries Inc (PATK) 0.1%, Neogenomics Inc (NEO) 0.1%, Perrigo Co PLC (PRGO) 0.1%, Ofg Bancorp (OFG) 0.1%, Vericel Corp (VCEL) 0.1%, V2x Inc (VVX) 0.1%, Addus Homecare Corp (ADUS) 0.1%, Pdf Solutions Inc (PDFS) 0.1%, Encore Capital Group Inc (ECPG) 0.1%, Talos Energy Inc (TALO) 0.1%, Dorian Lpg Ltd (LPG) 0.1%, Pebblebrook Hotel Trust (PEB) 0.1%, Trinity Industries Inc (TRN) 0.1%, H2o America (HTO) 0.1%, Progyny Inc (PGNY) 0.1%, Interface Inc (TILE) 0.1%, Liquidia Corp (LQDA) 0.1%, Interparfums Inc (IPAR) 0.1%, Hci Group Inc (HCI) 0.1%, Armour Residential REIT Inc (ARR) 0.1%, Werner Enterprises Inc (WERN) 0.1%, n/a (HRMY) 0.1%, Green Brick Partners Inc (GRBK) 0.1%, Payoneer Global Inc (PAYO) 0.1%, Fortrea Holdings Inc (FTRE) 0.1%, The Western Union Co (WU) 0.1%, Worthington Enterprises Inc (WOR) 0.1%, Horace Mann Educators Corp (HMN) 0.1%, Sunrun Inc (RUN) 0.1%, The Bancorp Inc (TBBK) 0.1%, Inspire Medical Systems Inc (INSP) 0.1%, City Holding Co (CHCO) 0.1%, Allegiant Travel Co (ALGT) 0.1%, Olin Corp (OLN) 0.1%, n/a (DXC) 0.1%, Lci Industries Inc (LCII) 0.1%, Doubleverify Holdings Inc (DV) 0.1%, World Kinect Corp (WKC) 0.1%, John Wiley & Sons Inc (WLY) 0.1%, Sezzle Inc (SEZL) 0.1%, Sarepta Therapeutics Inc (SRPT) 0.1%, S&t Bancorp Inc (STBA) 0.1%, Ziff Davis Inc (ZD) 0.1%, National Bank Holdings Corp (NBHC) 0.1%, Photronics Inc (PLAB) 0.1%, Insperity Inc (NSP) 0.1%, Cts Corp (CTS) 0.1%, Xencor Inc (XNCR) 0.1%, First Advantage Corp (FA) 0.1%, Netstreit Corp (NTST) 0.1%, Gentherm Inc (THRM) 0.1%, Midera Food Processing Inc (MFP) 0.1%, Blackstone Mortgage Trust Inc (BXMT) 0.1%, Central Garden & Pet Co (CENTA) 0.1%, Strategic Education Inc (STRA) 0.1%, Hope Bancorp Inc (HOPE) 0.1%, Alpha Metallurgical Resources Inc (AMR) 0.1%, Albany International Corp (AIN) 0.1%, Alamo Group Inc (ALG) 0.1%, Xenia Hotels & Resorts Inc (XHR) 0.1%, Douglas Emmett Inc (DEI) 0.1%, Evertec Inc (EVTC) 0.1%, Sonos Inc (SONO) 0.1%, Lemaitre Vascular Inc (LMAT) 0.1%, Capri Holdings Ltd (CPRI) 0.1%, Global Net Lease Inc (GNL) 0.1%, Ezcorp Inc Registered Shs -A- Non Vtg (EZPW) 0.1%, Cvr Energy Inc (CVI) 0.1%, Enerpac Tool Group Corp (EPAC) 0.1%, Medical Properties Trust Inc (MPT) 0.1%, Omnicell Inc (OMCL) 0.1%, Schrodinger Inc (SDGR) 0.1%, Kemper Corp (KMPR) 0.1%, Schneider National Inc (SNDR) 0.1%, Sally Beauty Holdings Inc (SBH) 0.1%, Pathward Financial Inc (CASH) 0.1%, Getty Realty Corp (GTY) 0.1%, Progress Software Corp (PRGS) 0.1%, Stewart Information Services Corp (STC) 0.1%, Astrana Health Inc (ASTH) 0.1%, Blackbaud Inc (BLKB) 0.1%, Hub Group Inc (HUBG) 0.1%, Hawaiian Electric Industries Inc (HE) 0.1%, Vestis Corp (VSTS) 0.1%, Innoviva Inc (INVA) 0.1%, Alignment Healthcare Inc (ALHC) 0.1%, Dime Commercial Bancshares Inc (DCOM) 0.1%, Wolverine World Wide Inc (WWW) 0.1%, Ellington Financial Inc (EFC) 0.1%, Safety Insurance Group Inc (SAFT) 0.1%, Lakeland Financial Corp (LKFN) 0.1%, Azenta Inc (AZTA) 0.1%, Goodyear Tire & Rubber Co (GT) 0.1%, Dauch Corp (DCH) 0.1%, Stepan Co (SCL) 0.1%, Innovex International Inc (INVX) 0.1%, Blackline Inc (BL) 0.1%, Healthcare Services Group Inc (HCSG) 0.1%, Energizer Holdings Inc (ENR) 0.1%, Everforth Inc (EFOR) 0.1%, Hilltop Holdings Inc (HTH) 0.1%, Vir Biotechnology Inc (VIR) 0.1%, Concentrix Corp (CNXC) 0.1%, National Vision Holdings Inc (EYE) 0.1%, Century Communities Inc (CCS) 0.1%, Innovative Industrial Properties Inc (IIPR) 0.1%, Uniti Group Inc (UNIT) 0.1%, Amn Healthcare Services Inc (AMN) 0.1%, Buckle Inc (BKE) 0.1%, Millerknoll Inc (MLKN) 0.1%, Ani Pharmaceuticals Inc (ANIP) 0.1%, Conmed Corp (CNMD) 0.1%, Monarch Casino & Resort Inc (MCRI) 0.1%, Triumph Financial Inc (TFIN) 0.1%, Adient PLC (ADNT) 0.1%, Masterbrand Inc (MBC) 0.1%, Jetblue Airways Corp (JBLU) 0.1%, n/a (REYN) 0.1%, Bj's Restaurants Inc (BJRI) 0.1%, Arlo Technologies Inc (ARLO) 0.1%, Adi Global Distribution Inc (ADIG) 0.1%, Fmc Corp (FMC) 0.1%, Tompkins Financial Corp (TMP) 0.1%, Lindsay Corp (LNN) 0.1%, Flowers Foods Inc (FLO) 0.1%, US Physical Therapy Inc (USPH) 0.1%, Enact Holdings Inc (ACT) 0.1%, Greenbrier Companies Inc (GBX) 0.1%, Preferred Bank (PFBC) 0.1%, Scansource Inc (SCSC) 0.1%, Napco Security Technologies Inc (NSSC) 0.1%, Merchants Bancorp (MBIN) 0.1%, Prog Holdings Inc (PRG) 0.1%, Westamerica Bancorp (WABC) 0.1%, Grocery Outlet Holding Corp (GO) 0.1%, Rex American Resources Corp (REX) 0.1%, Carter's Inc (CRI) 0.1%, Cracker Barrel Old Country Store Inc (CBRL) 0.1%, Gibraltar Industries Inc (ROCK) 0.1%, Donnelley Financial Solutions Inc (DFIN) 0.1%, Harmonic Inc (HLIT) 0.1%, Walker & Dunlop Inc (WD) 0.1%, La-Z-Boy Inc (LZB) 0.1%, Worthington Steel Inc (WS) 0.1%, Boston Beer Co Inc (SAM) 0.1%, Edgewell Personal Care Co (EPC) 0.1%, J&j Snack Foods Corp (JJSF) 0.1%, Six Flags Entertainment Corp (FUN) 0.1%, United States Lime & Minerals Inc (USLM) 0.1%, United Fire Group Inc (UFCS) 0.1%, Middlesex Water Co (MSEX) 0.1%, Deluxe Corp (DLX) 0.1%, Del Monte Corp (DMC) 0.1%, Repligen Corp (RGEN) 0.1%, Xpel Inc (XPEL) 0.1%, Hornbeck Offshore Services Inc (HOS) 0.1%, Artivion Inc (AORT) 0.1%, The Wendy's Co (WEN) 0.1%, Atlas Energy Solutions Inc (AESI) 0.1%, Easterly Government Properties Inc (DEA) 0.1%, Capitol Federal Financial Inc (CFFN) 0.1%, Universal Corp (UVV) 0.1%, Coty Inc (COTY) 0.1%, Comstock Resources Inc (CRK) 0.1%, Bristow Group Inc (VTOL) 0.1%, Goosehead Insurance Inc (GSHD) 0.1%, Pursuit Attractions and Hospitality Inc (PRSU) 0.1%, Marinemax Inc (HZO) 0.1%, Tennant Co (TNC) 0.1%, Pacira Biosciences Inc (PCRX) 0.1%, G-Iii Apparel Group Ltd (GIII) 0.1%, Pc Connection Inc (CNXN) 0.1%, Tandem Diabetes Care Inc (TNDM) 0.1%, Enovis Corp (ENOV) 0.1%, Sylvamo Corp (SLVM) 0.1%, Certara Inc (CERT) 0.1%, American Assets Trust Inc (AAT) 0.1%, Upwork Inc (UPWK) 0.1%, Universal Technical Institute Inc (UTI) 0.1%, Heritage Financial Corp (HFWA) 0.1%, Liquidity Services Inc (LQDT) 0.1%, Tripadvisor Inc (TRIP) 0.1%, Hanmi Financial Corp (HAFC) 0.1%, Winmark Corp (WINA) 0.1%, Trustco Bank Corp N Y (TRST) 0.1%, Central Pacific Financial Corp (CPF) 0.1%, Standard Motor Products Inc (SMP) 0.1%, Centerspace (CSR) 0.1%, Eagle Bancorp Inc (EGBN) 0.1%, Yelp Inc (YELP) 0.1%, Quanex Building Products Corp (NX) 0.1%, Fox Factory Holding Corp (FOXF) 0.1%, Apogee Enterprises Inc (APOG) 0.1%, Under Armour Inc (UAA) 0.1%, Phibro Animal Health Corp (PAHC) 0.1%, Koppers Holdings Inc (KOP) 0.1%, Quidelortho Corp (QDEL) 0.1%, Employers Holdings Inc (EIG) 0.1%, Trupanion Inc (TRUP) 0.1%, Astec Industries Inc (ASTE) 0.1%, Amphastar Pharmaceuticals Inc (AMPH) 0.1%, Upbound Group Inc (UPBD) 0.1%, Unitil Corp (UTL) 0.1%, Zoominfo Technologies Inc (GTM) 0.1%, Southside Bancshares Inc (SBSI) 0.1%, O-I Glass Inc (OI) 0.1%, Ncr Voyix Corp (VYX) 0.1%, Virtus Investment Partners Inc (VRTS) 0.1%, The Simply Good Foods Co (SMPL) 0.1%, Quinstreet Inc (QNST) 0.1%, Lgi Homes Inc (LGIH) 0.1%, Integra Lifesciences Holdings Corp (IART) 0.1%, Sonic Automotive Inc (SAH) 0.0%, Corsair Gaming Inc (CRSR) 0.0%, Metallus Inc (MTUS) 0.0%, Jbg Smith Properties (JBGS) 0.0%, John B Sanfilippo & Son Inc (JBSS) 0.0%, Adamas Trust Inc (ADAM) 0.0%, Tootsie Roll Industries Inc (TR) 0.0%, Staar Surgical Co (STAA) 0.0%, Rush Enterprises Inc (RUSHB) 0.0%, Marten Transport Ltd (MRTN) 0.0%, Arbor Realty Trust Inc (ABR) 0.0%, Alpha & Omega Semiconductor Ltd (AOSL) 0.0%, Adapthealth Corp (AHCO) 0.0%, Healthstream Inc (HSTM) 0.0%, Sabre Corp (SABR) 0.0%, Marcus & Millichap Inc (MMI) 0.0%, F&g Annuities & Life Inc (FG) 0.0%, National Beverage Corp (FIZZ) 0.0%, Collegium Pharmaceutical Inc (COLL) 0.0%, Legalzoom.Com Inc (LZ) 0.0%, Winnebago Industries Inc (WGO) 0.0%, Papa John's International Inc (PZZA) 0.0%, Sprinklr Inc (CXM) 0.0%, Pennymac Mortgage Investment Trust (PMT) 0.0%, National Presto Industries Inc (NPK) 0.0%, United Parks & Resorts Inc (PRKS) 0.0%, Heartland Express Inc (HTLD) 0.0%, Rpc Inc (RES) 0.0%, Scholastic Corp (SCHL) 0.0%, Under Armour Inc (UA) 0.0%, Navient Corp (NAVI) 0.0%, World Acceptance Corp (WRLD) 0.0%, Safehold Inc (SAFE) 0.0%, Dream Finders Homes Inc (DFH) 0.0%, Agnt Inc (AGNT) 0.0%, Saul Centers Inc (BFS) 0.0%, Central Garden & Pet Co (CENT) 0.0%.

Small Cap Stocks: common questions

What are the top 3 small cap stocks?

As of 12 October 2026, the three largest small cap stocks in SPSM by fund weight are Glaukos Corp (GKOS) (0.6%), Viasat Inc (VSAT) (0.6%) and Match Group Inc (MTCH) (0.5%). Fund weight shows size inside the fund, not a recommendation.

Which small cap stocks are beating the sector?

As of 12 October 2026, 272 of the 562 small cap stocks Zensei prices in SPSM beat the fund over the past month. The strongest over the past month is Penguin Solutions Inc (PENG). The list above shows every holding with its weight and returns.

Are small cap stocks outperforming the S&P 500?

No. As of 12 October 2026, SPSM trails the S&P 500 by 5.1 points over the past month.

Is it a good time to invest in small cap stocks?

Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, small cap stocks are behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.

What is SPSM?

SPSM is SPDR Portfolio S&P 600 Small Cap ETF. Zensei uses it to measure small cap stocks against the S&P 500 (SPY).

What stocks does SPSM own?

As of 12 October 2026, the largest of the 562 positions Zensei tracks in SPSM are Glaukos Corp, Viasat Inc, Match Group Inc, Maxlinear Inc, Protagonist Therapeutics Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.

What quadrant is s&p 600 small cap in right now?

As of 12 October 2026, s&p 600 small cap is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.

Recent changes

  1. ·First tracked: trailing the market

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.