RFI vs SPY
Cohen & Steers Total Return Realty Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | RFI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.89% | 0.09% | |
| AUM | $1,524.6 | $821.1B | |
| Dividend Yield | 7.96% | 1.01% | |
| Holdings | 193 | 505 | |
| YTD Return | +10.56% | +12.22% | |
| 1Y Return | +4.99% | +20.83% | |
| 3Y Return (annualized) | +9.95% | +21.70% | |
| 5Y Return (annualized) | +1.63% | +12.98% | |
| Volatility (annualized) | 22.8% | 15.3% | |
| Max Drawdown | -80.1% | -56.5% | |
| Fund Family | Cohen & Steers Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 27, 1993 | Jan 22, 1993 |
RFI vs SPY Performance
Cohen & Steers Total Return Realty Fund Inc. (RFI) is a ETF from Cohen & Steers Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RFI returned +4.99% while SPY returned +20.83%. Year to date, RFI is up 10.56% versus a gain of 12.22% for SPY.
Over three years, RFI compounded at +9.95% per year against +21.70% for SPY; over five years the annualized figures are +1.63% and +12.98% respectively. Across the full 21-year window we track, SPY has the edge at +8.79% annualized vs +0.07%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RFI has been the more volatile fund, with annualized monthly volatility of 22.8% 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 -80.1% for RFI and -56.5% for SPY. 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 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RFI charges 0.89% per year while SPY charges 0.09%. On a $10,000 position that is $89 vs $9 annually, a gap of $80 per year that compounds over a long holding period. On income, RFI currently yields 7.96% against 1.01% for SPY.
Holdings Overlap
RFI and SPY share 22 holdings out of 639 unique holdings combined, representing a 1.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, RFI or SPY?
RFI has an expense ratio of 0.89% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $80 per year of difference.
Which performed better, RFI or SPY?
Over the past year RFI returned +4.99% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), RFI annualized +0.07% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, RFI or SPY?
RFI has been the more volatile fund at 22.8% annualized versus 15.3% for SPY. Worst drawdown: RFI -80.1% vs SPY -56.5%.
Should I hold both RFI and SPY?
RFI and SPY have a monthly-return correlation of 0.73, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RFI and SPY?
RFI and SPY share 22 common holdings with a 1.8% weight overlap. Combined, they hold 639 unique securities.
Which pays a higher dividend, RFI or SPY?
RFI yields 7.96% while SPY yields 1.01%, so RFI currently pays the higher dividend yield.
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