Our U.S. Ecosystem

S&P DJI has a strong investment ecosystem of core building blocks. Combining the S&P 500® with the S&P MidCap 400®, S&P SmallCap 600®, and S&P Composite 1500®—all of which fuel U.S. equity active and passive strategies alike—investors have a suite of leading market-cap indices they can trust in creating a diversified portfolio with no gaps or overlaps.

S&P 500®

The S&P 500 is widely regarded as the best single gauge of the large-cap U.S. equity market and is the world’s most tracked index by AUM. The index includes 500 leading companies and covers approximately 80% of the U.S. equity market’s available market cap.

Understanding the S&P 500

S&P 400™

As a benchmark for the U.S. mid-cap equity market, the S&P MidCap 400 is designed to reflect this market segment’s distinctive risk and return characteristics, Many mid-cap stocks, by definition, have survived beyond their startup phases and may offer both stability and potential growth opportunities.

Understanding the S&P 400

Potential Applications of the S&P 400

S&P 600™

Designed to track the U.S. small-cap market, which is typically known for less liquidity and potentially less financial viability than large caps, the S&P SmallCap 600 tracks 600 small-sized companies that meet specific inclusion criteria to ensure they meet certain liquid and financial thresholds.

Understanding the S&P 600

The Ins & Outs of Index Construction for Small Caps

S&P 1500™

The S&P 1500™ combines the S&P 500, S&P MidCap 400, and S&P SmallCap 600 to cover approximately 90% of U.S. market cap. The index is designed for investors seeking to replicate the performance of the U.S. equity market as a whole or benchmark against a representative universe of tradable stocks.

How the 1500 is an Efficient Measure of the U.S. Equity Market

Building a More Comprehensive Core

Why Index Construction Matters

Quality exposure

Because our methodology includes an earnings screen that requires companies to have a history of positive earnings, our U.S. indices have significant, positive quality exposure.

Lower turnover

We review our U.S. indices on an ongoing, as-needed basis instead of on a regular review schedule. This method has resulted in lower turnover historically, which means clients who track our indices through ETFs and other products incur lower trading costs.

Distinct size segments

Our U.S. equity indices give investors access to securities across the size spectrum without overlaps or gaps in coverage that can contribute to unintended or missing exposures.

The S&P 500 in Practice

  • What Happened to the Index Effect? A Look at Three Decades of S&P 500 Adds and Drops

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  • Returns, Values, and Outcomes: A Counterfactual History

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  • Comparing Iconic Indices: The S&P 500® and DJIA®

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