RAA vs SPY
SMI 3Fourteen REAL Asset Allocation ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RAA or SPY?
Each has led over a different period.
SPY has a lower expense ratio. RAA led over 5Y, SPY over 1Y, 3Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 57.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | RAA | SPY |
|---|---|---|
| Expense Ratio | 0.85% | 0.09%Best |
| AUM | $616M | $804.7B |
| Dividend Yield | 2.06% | 0.98% |
| Holdings | 185 | 505 |
| YTD Return | +9.65% | +11.45%Best |
| 1Y Return | +13.45% | +15.87%Best |
| 3Y Return (annualized) | +14.37% | +20.93%Best |
| 5Y Return (annualized) | +14.37%Best | +12.59% |
| Volatility (annualized) | 23.4% | 15.3%Best |
| Max Drawdown | -53.8%Best | -56.5% |
| $10,000 over 5 years | $19,569Best | $18,093 |
| Top 10 Weight | 57.0% | 37.8%Best |
| Fund Family | 3FourteenSMI | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Feb 26, 2025 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 1996 to Sep 15, 2026 (30.7 years).
RAA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 30.7 years both funds cover.
RAA vs SPY Performance
SMI 3Fourteen REAL Asset Allocation ETF (RAA) is an ETF from 3FourteenSMI and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RAA returned +13.45% while SPY returned +15.87%. Year to date, RAA is up 9.65% versus a gain of 11.45% for SPY.
Over three years, RAA compounded at +14.37% per year against +20.93% for SPY; over five years the annualized figures are +14.37% and +12.59% respectively. Across the full 31-year window we track, SPY has the edge at +8.77% annualized vs +7.23%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RAA has been the more volatile fund, with annualized monthly volatility of 23.4% compared with 15.3% for SPY. 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 -53.8% for RAA and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.03. They move largely independently of each other.
Fees and Cost Over Time
RAA charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, RAA currently yields 2.06% against 0.98% for SPY.
Holdings Overlap
27.8% of RAA's money is in holdings SPY also owns. 59.8% of SPY's money is in holdings RAA also owns.
The two portfolios partly overlap.
132 positions in common, counted across the 180 positions we hold weights for in RAA and 504 in SPY, against full books of 185 and 505.
What only one of them owns
Our book lists 365 positions for SPY that do not appear in our book for RAA (39.5% of the fund), and 32 for RAA that do not appear in SPY (68.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in RAA | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.34% | 8.01% | 6.67% |
| AAPLApple, Inc | 1.33% | 7.26% | 5.93% |
| MSFTMicrosoft Corp | 0.94% | 5.66% | 4.72% |
| AMZNAmazon.Com Inc | 0.63% | 3.79% | 3.16% |
| GOOGLAlphabet Inc,class A | 0.48% | 2.99% | 2.51% |
| AVGOBroadcom Inc | 0.45% | 2.66% | 2.21% |
| GOOGAlphabet Inc | 0.45% | 2.39% | 1.94% |
| MUMicron Technology, Inc. | 0.81% | 1.60% | 0.79% |
| METAMeta Platforms Inc | 0.43% | 1.93% | 1.50% |
| TSLATesla Inc | 0.47% | 1.52% | 1.05% |
59.8% of SPY is already inside RAA.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, RAA or SPY?
RAA has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option, by $76 a year on a $10,000 investment.
Which performed better, RAA or SPY?
Over the past year RAA returned +13.45% vs +15.87% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), RAA annualized +7.23% vs +8.77% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RAA or SPY?
RAA has been the more volatile fund at 23.4% annualized versus 15.3% for SPY. Worst drawdown: RAA -53.8% vs SPY -56.5%.
Should I hold both RAA and SPY?
RAA and SPY have a monthly-return correlation of 0.03, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between RAA and SPY?
59.8% of SPY's money is in holdings RAA also owns. 59.8% of SPY's is in holdings RAA also owns. They hold 132 positions in common, counted across the 180 positions we hold weights for in RAA and 504 in SPY.
Which pays a higher dividend, RAA or SPY?
RAA yields 2.06% while SPY yields 0.98%, so RAA currently pays the higher dividend yield.
Is SPY better than RAA?
SPY has a lower expense ratio. RAA led over 5Y, SPY over 1Y, 3Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 57.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.