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Both the Vanguard Small-Cap Value ETF (NYSEMKT:VBR) and the State Street SPDR S&P 600 Small Cap Value ETF (NYSEMKT:SLYV)target the “value” slice of the small-cap market, holding companies that trade at low price multiples relative to fundamental metrics.
However, they track different benchmark indexes, which creates meaningful differences in concentration, risk-adjusted returns, and historical performance. This comparison examines how each fund manages the unique risks of small-cap investing while seeking long-term growth.
Snapshot (cost & size)
|
Metric |
SLYV |
VBR |
|---|---|---|
|
Issuer |
State Street |
Vanguard |
|
Expense ratio |
0.15% |
0.05% |
|
1-yr return (as of June 9, 2026) |
36.36% |
24.86% |
|
Dividend yield |
1.82% |
1.76% |
|
Beta (5Y monthly) |
1.12 |
1.01 |
|
Assets under management (AUM) |
$4.7 billion |
$65.5 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
VBR provides a notable cost advantage with a lower expense ratio than SLYV. For income-seeking investors, the payout levels are very similar, but SLYV offers a slight edge with a higher trailing-12-month distribution yield.
Performance & risk comparison
|
Metric |
SLYV |
VBR |
|---|---|---|
|
Max drawdown (5 yr) |
-28.7% |
-24.2% |
|
Growth of $1,000 over 5 years (total return) |
$1,292 |
$1,442 |
What’s inside
VBR provides broad diversification with 839 positions. Its largest sector allocations include financial services and industrials, each at around 18%, followed by consumer cyclical at around 13%. Its largest positions include Jabil, Flexand NRG Energyeach of which makes up less than 1% of the overall portfolio.
In contrast, SLYV is more concentrated with 460 holdings. It leans more heavily into financial services at 20%, followed by consumer cyclical at 15%, and industrials at 13%. Its top holdings include Enphase Energy, Molina Healthcareand Eastman Chemicaleach accounting for roughly 1% of total assets.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
Small-cap value stocks can add meaningful diversification to a core portfolio, capturing an often overlooked sector of the market.
VBR is the broader of the two, holding almost twice as many stocks. It’s also more affordable on fees, offering a 0.05% expense ratio compared to SLYV’s 0.15%. In other words, investors can expect to pay $5 per year in fees for every $10,000 invested in VBR, compared to $15 per $10,000 invested in SLYV. For those with large account balances, that can add up substantially over time.
