IVV vs RMM
iShares Core S&P 500 ETF vs RiverNorth Managed Duration Municipal Income Fund, Inc.
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | RMM | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 6.83% | |
| AUM | $907.0B | $299M | |
| Dividend Yield | 1.10% | 6.96% | |
| Holdings | 508 | 112 | |
| YTD Return | +12.71% | +8.91% | |
| 1Y Return | +21.89% | +14.44% | |
| 3Y Return (annualized) | +22.08% | +5.68% | |
| 5Y Return (annualized) | +12.96% | -0.80% | |
| Volatility (annualized) | 15.1% | 35.2% | |
| Max Drawdown | -56.5% | -83.8% | |
| Fund Family | iShares by BlackRock (US) | RiverNorth | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Jul 25, 2019 |
IVV vs RMM Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) is a ETF from RiverNorth. Over the past year IVV returned +21.89% while RMM returned +14.44%. Year to date, IVV is up 12.71% versus a gain of 8.91% for RMM.
Over three years, IVV compounded at +22.08% per year against +5.68% for RMM; over five years the annualized figures are +12.96% and -0.80% respectively. Across the full 19-year window we track, IVV has the edge at +7.00% annualized vs -6.46%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RMM has been the more volatile fund, with annualized monthly volatility of 35.2% compared with 15.1% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -83.8% for RMM. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.63. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while RMM charges 6.83%. On a $10,000 position that is $3 vs $683 annually, a gap of $680 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 6.96% for RMM.
Holdings Overlap
IVV and RMM share 0 holdings out of 563 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or RMM?
IVV has an expense ratio of 0.03% while RMM charges 6.83%. IVV is the cheaper option. On a $10,000 investment, that is $680 per year of difference.
Which performed better, IVV or RMM?
Over the past year IVV returned +21.89% vs +14.44% for RMM, so IVV leads on 1-year performance. Over the longest common window we track (19 years), IVV annualized +7.00% vs -6.46% for RMM. Past performance does not guarantee future results.
Which is riskier, IVV or RMM?
RMM has been the more volatile fund at 35.2% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs RMM -83.8%.
Should I hold both IVV and RMM?
IVV and RMM have a monthly-return correlation of 0.63, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and RMM?
IVV and RMM share 0 common holdings with a 0.0% weight overlap. Combined, they hold 563 unique securities.
Which pays a higher dividend, IVV or RMM?
IVV yields 1.10% while RMM yields 6.96%, so RMM currently pays the higher dividend yield.
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