RFEM vs SPY
First Trust RiverFront Dynamic Emerging Markets ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RFEM or SPY?
Each has led over a different period.
SPY has a lower expense ratio. RFEM led over 1Y, SPY over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.4%.
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 | RFEM | SPY |
|---|---|---|
| Expense Ratio | 0.99% | 0.09%Best |
| AUM | $84M | $804.7B |
| Dividend Yield | 2.51% | 0.98% |
| Holdings | 119 | 505 |
| Volatility (annualized) | 17.1% | 15.3%Best |
| Max Drawdown | -45.6% | -34.1%Best |
| $10,000 over 10.2 years | $24,312 | $39,406Best |
| Top 10 Weight | 38.4% | 37.8%Best |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 14, 2016 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 14 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. RFEM has data through Sep 11, 2026 and SPY through Sep 25, 2026.
Volatility and max drawdown, and the $10,000 over 10.2 years row, are measured over the window both funds cover: Jun 15, 2016 to Sep 11, 2026 (10.2 years).
Risk: Volatility and Drawdowns
RFEM has been the more volatile fund, with annualized monthly volatility of 17.1% 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 -45.6% for RFEM and -34.1% 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 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RFEM charges 0.99% per year while SPY charges 0.09%. On a $10,000 position that is $99 vs $9 annually, a gap of $90 per year that compounds over a long holding period. On income, RFEM currently yields 2.51% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 111 holdings in RFEM and 504 in SPY, totalling 97.3% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 111 positions we hold weights for in RFEM and 504 in SPY, against full books of 119 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for RFEM (99.3% of the fund), and 9 for RFEM that do not appear in SPY (6.8%).
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.
You are not choosing between two funds in isolation.
Whichever of RFEM and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, RFEM or SPY?
RFEM has an expense ratio of 0.99% while SPY charges 0.09%. SPY is the cheaper option, by $90 a year on a $10,000 investment.
Which is riskier, RFEM or SPY?
RFEM has been the more volatile fund at 17.1% annualized versus 15.3% for SPY. Worst drawdown: RFEM -45.6% vs SPY -34.1%.
Should I hold both RFEM and SPY?
RFEM and SPY have a monthly-return correlation of 0.73, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, RFEM or SPY?
RFEM yields 2.51% while SPY yields 0.98%, so RFEM currently pays the higher dividend yield.
Is SPY better than RFEM?
SPY has a lower expense ratio. RFEM led over 1Y, SPY over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.