State Street SPDR Portfolio S&P 500 ETF

SPYM

Market cap $141B

The S&P 500 shook off a rocky start to the week, rallying in the back half to secure a 0.6% weekly gain. The turnaround was anchored by a massive 1.8% surge on Thursday, which marked the index's best single-day performance in over two months.

Investors have poured billions into ETFs this year, but the flow data tells a more nuanced story than simple optimism towards equities. While broad U.S. market funds continue to attract the lion's share of inflows, investors are increasingly allocating capital towards international markets, fixed income, and specialized themes tied to the AI buildout.

The S&P 500 Index has pulled back in the past few days, moving from the year-to-date high of $7,618 to $7,400. This retreat has happened amid profit-taking among investors and as US bond yields jumped following last week's strong jobs numbers.

The S&P 500 is near an all-time high, and its P/E ratio has soared. The SPYM ETF is one of the best core options, as it is the cheapest of the major S&P 500 ETFs.

Although the S&P 500 reached multiple record highs early in the week, its upward momentum was halted on Friday by the stronger-than-expected jobs report, which triggered the index's largest single-day drop since April 2025. This sharp plunge served as the primary driver behind the 2.6% weekly loss, ultimately snapping the index's nine-week winning streak.

The State Street SPDR Portfolio S&P 500 ETF (SPYM) was launched on November 8, 2005, and is a passively managed exchange traded fund designed to offer broad exposure to the Large Cap Blend segment of the US equity market.

The top-performing non-leveraged ETFs of 2026 span a distinct blend of digital assets, next-generation semiconductor technology, and localized international equity plays. For advisors assessing portfolio allocations heading into the second half of the year, these performance figures highlight a sustained risk-on appetite among investors.

State Street Investment Management recently released its Midyear Outlook, and it captured the market's moment incredibly well, depicting an environment marked by both resilience and fragility. When we dive into the latest macro economic data, we see exactly that: a market that's anchored on solid fundamentals but that's also growing fragile as confidence wanes.

Building on the last week's strength, the S&P 500 rose every day this week and set multiple new record highs. With a 1.6% weekly increase, the index secured its ninth straight weekly gain, matching its longest winning streak from 2023.

The S&P 500 median company is currently overvalued by 8% vs. historical averages, with quality scores marginally above baseline. Energy leads in both value and quality scores; real estate and healthcare sectors are also notably undervalued relative to 11-year averages. Recent performance highlights significant mega-cap bias, with SPYM's 12-month total return at 29.9% compared to 20.4% for the equal-weighted index.