For investors seeking momentum, State Street SPDR S&P 600 Small Cap Growth ETF (SLYG Quick QuoteSLYG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 31.48% from its 52-week low price of $85.20/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

SLYG in Focus

The underlying S&P SmallCap 600 Growth Index measures the performance of the small-capitalization growth sector in the U.S. equity market. The product charges 15 bps in annual fees (see: all the Small Cap Growth ETFs here).

Why the Move?

The small-cap growth sector of the market has been an area to watch lately, given the optimistic development around the ceasefire agreement. On Thursday, President Trump signaled a de-escalation in hostilities following a series of reciprocal strikes earlier in the week, calling off planned strikes and pointing to progress in negotiations with Iran. This improved market sentiment and turned investors more risk-on.

More Gains Ahead?

Currently, SLYG has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. It might continue its strong performance in the near term, with a positive weighted alpha of 31.62 (as per Barchart.com), which gives cues of a further rally.