At a glance
SPGM charges 0.09% a year, above the 0.06% average of the 8 funds most like it (the 7th cheapest of 9). It has $1.83B in assets, the 9th largest of that group; it paid 1.78% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +14.2% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +24.0% a year. At its worst it fell 33.7% in the 2020 crash (S&P 500: 33.7%) and 25.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 15 months after the lows. Its ten largest positions make up 20.8% of the fund, out of 2,929 in all.
The short version
SPDR Portfolio MSCI Global Stock Market ETF (SPGM) is a State Street index fund. It tracks the MSCI ACWI IMI Index, which covers about 99% of the world's stock markets, developed and emerging. It holds companies of all sizes in one fund, with about 60% in US stocks as of June 30, 2026. Its 0.09% yearly expense ratio is above the 0.06% average of comparable funds, most of which hold only US stocks.
Price history
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SPGM +14.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPGM official prospectus, to Dec 31, 2025 | — | +23.65% | — | +11.61% | +11.98% | — |
| SPGM price data to Oct 27, 2026 | +13.6% | +14.2% | +24.0% | +10.9% | +12.4% | +10.6% |
- Over the year to Oct 27, 2026, SPGM returned +14.2%, 1st of 9 among similar funds.
- Its 5-year annualized return was +10.9% and its 10-year +12.4%.
- In the 2020 COVID crash it fell 33.7% and regained its old high 5.1 months after the low.
- Its worst full calendar year was 2022 (-17.5%); its best was 2019 (+26.6%).
- The deepest fall in its price history was 34% (Feb 12, 2020 to Mar 23, 2020), recovered by Aug 24, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.6% | — |
| 2025 | +23.6% | +23.65% |
| 2024 | +16.8% | +16.66% |
| 2023 | +21.3% | +21.34% |
| 2022 | -17.5% | -17.54% |
| 2021 | +21.1% | +19.99% |
| 2020 | +15.3% | +16.20% |
| 2019 | +26.6% | +26.31% |
| 2018 | -10.9% | -9.58% |
| 2017 | +21.8% | +23.95% |
| 2016 | +7.6% | +8.83% |
| 2015 | -3.7% | — |
| 2014 | +7.3% | — |
| 2013 | +24.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.7% over that stretch · deepest drop along the way 33.7%, back to its old high 5.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.7% over that stretch · deepest drop along the way 25.9%, back to its old high 15.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6700 | |
| 2025 | $1.4500 | +15.1% |
| 2024 | $1.2600 | +8.6% |
| 2023 | $1.1600 | +4.5% |
| 2022 | $1.1100 | -0.9% |
| 2021 | $1.1200 | +57.7% |
| 2020 | $0.7100 | -32.7% |
| 2019 | $1.0550 | +221.2% |
| 2018 | $0.3285 | -27.1% |
| 2017 | $0.4507 | +47.0% |
| 2016 | $0.3065 | -46.1% |
| 2015 | $0.5690 | +60.5% |
| 2014 | $0.3545 | +32.8% |
| 2013 | $0.2670 |
What's inside
As of Jun 30, 2026, the fund held 2,929 securities; the ten largest made up 20.75% of assets, and 2.17% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 4.10% | |
| Apple Inc | 3.70% | |
| Microsoft Corp | 2.31% | |
| Amazon.com Inc | 1.92% | |
| Alphabet Inc | 1.83% | |
| Taiwan Semiconductor Manufacturing Co Ltd | 1.70% | |
| Alphabet Inc | 1.52% | |
| Broadcom Inc | 1.47% | |
| Micron Technology Inc | 1.12% | |
| Meta Platforms Inc | 1.08% | |
| Tesla Inc | 1.03% | |
| Samsung Electronics Co Ltd | 0.91% | |
| JPMorgan Chase & Co | 0.89% | |
| SK hynix Inc | 0.88% | |
| Eli Lilly & Co | 0.83% |
By country
United States 60.15%Japan 5.5%Taiwan 3.3%United Kingdom 3.11%Canada 3.05%By asset type
Stocks 99.43%Preferred stock 0.12%Other 0.01%By sector
Sectors of the companies held, for the 53.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $217.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.02%, +4.95%, -0.55%.
How it works
SPGM follows the MSCI ACWI IMI Index, which MSCI builds and maintains. It is not affiliated with State Street. The index aims to capture about 99% of global stock markets. To qualify, a company must be big enough, have enough shares available to trade and trade often enough. Emerging-market companies face a lower size bar than developed-market ones. Stocks are weighted by free float-adjusted market value. That means bigger companies count for more, but only shares that are actually available to trade are counted. As of November 30, 2025, the index held 8,252 securities.
The fund does not have to buy every stock in the index. It uses sampling: the adviser, SSGA Funds Management, can hold a subset of stocks chosen to match the index's risk and return. As of June 30, 2026, it had 2,929 holdings. At least 80% of assets must be in index stocks or depositary receipts (certificates that let foreign shares trade on other exchanges). The fund may also use futures contracts and cash to manage money coming in and going out.
MSCI fully reviews the index every quarter. Portfolio turnover was a low 4%. Because most holdings trade in foreign currencies, changes in exchange rates against the dollar affect returns. Like any ETF, its market price can drift slightly above or below the value of its holdings.
What it really costs
- SPGM charges 0.09% a year, versus an average of 0.06% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $115 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPGM | $9 | $29 | $51 | $115 |
In a retirement portfolio
It holds stocks from developed and emerging markets, large and small, in one low-turnover index fund, so it could serve as the stock base of a portfolio.
SPGM offers broad global stock exposure, but it falls with stock markets. In the 2020 COVID crash it dropped 33.7% and recovered by August 24, 2020. In the 2022 bear market it fell 25.9% and did not recover until January 25, 2024, about 15 months after the October 2022 low. Its worst calendar year was 2022, at −17.54%. The fund launched in 2012, so it has no 2008 record. Anyone selling shares for income during those stretches would have sold at low prices. The yield was 1.78% as of October 27, 2026, paid twice a year, so it is not an income fund. Costs are 0.09% a year. That works out to about $115 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US, international and emerging-market stocks in one fund tracking the MSCI ACWI IMI Index, with US stocks near 60%.
- Long-term holders who can ride out declines like the 34% drop in early 2020 and the 25.9% fall in 2022.
- Buy-and-hold investors who value 4% turnover and a 0.09% expense ratio, about $115 over 10 years on $10,000.
Look elsewhere if
- Investors who want only US stocks at lower cost: VTI, VOO and IVV charge 0.03% versus SPGM's 0.09%.
- Income-focused investors: the trailing yield was 1.78% as of October 27, 2026, paid only twice a year.
- Anyone who may need the money within a few years: recovery took about 15 months after the October 2022 low.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPGM this fund | — | 0.09% | $1.83B | +14.2% | +24.0% |
| USPX Franklin U.S. Equity Index ETF | 55% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPY SPDR S&P 500 ETF Trust | 54% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 54% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 54% | 0.03% | $1.67T | +12.4% | +23.6% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 54% | 0% | $5.47B | +13.4% | +25.4% |
| VTI Vanguard Total Stock Market ETF | 54% | 0.03% | $2.30T | +12.5% | +23.4% |
| ITOT iShares Core S&P Total U.S. Stock Market ETF | 54% | 0.03% | $94.14B | +11.4% | +21.8% |
Questions investors ask
What does SPGM hold?
SPGM holds stocks from developed and emerging markets and tracks the MSCI ACWI IMI Index. As of June 30, 2026, it had 2,929 holdings, and the 10 largest made up 20.75% of assets. The top names were NVIDIA (4.1%), Apple (3.7%), Microsoft (2.3%) and Amazon (1.9%), plus Alphabet through two share classes. Taiwan Semiconductor Manufacturing, at 1.7%, was the largest non-US holding. US stocks made up about 60% of the fund, followed by Japan at 5.5%.
What's the difference between SPGM and VTI?
SPGM owns stocks around the world, while VTI holds only US stocks. As of June 30, 2026, about 60% of SPGM was in US companies. The rest was spread across markets such as Japan, Taiwan, the UK, Canada and South Korea. The two funds overlap by about 54% of holdings. VTI costs less, at 0.03% a year versus 0.09%. Over three years through late October 2026, VTI returned 24.6% a year versus 24% for SPGM. SPGM also carries currency and emerging-market risks that VTI does not.
Does SPGM pay dividends?
Yes. SPGM pays dividends twice a year. Its trailing 12-month yield was 1.78% as of October 27, 2026, or about $1.54 per share. The money comes from dividends paid by the companies it holds, so the amount can change from one payment to the next. Because the fund pays only twice a year and the yield is modest, it may suit growth-focused investors more than those who rely on regular income.
What is SPGM's expense ratio?
SPGM's expense ratio is 0.09% a year, according to its January 2026 prospectus, with no fee waiver. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $9 in the first year, $51 over five years and $115 over 10 years. That is above the 0.06% average of the funds we compared. Most of those hold only US stocks, and several, such as VOO and VTI, charge 0.03%.
How has SPGM performed over 10 years?
SPGM returned an average of 11.98% a year over the 10 years ended December 31, 2025, according to its prospectus. Its five-year average was 11.61%, and it gained 23.65% in 2025. It had down years along the way: −9.58% in 2018 and −17.54% in 2022. Its worst quarter was the first quarter of 2020, at −21.99%. Through October 27, 2026, it was up 13.6% for the year to date. Past results don't predict future returns.