RFM vs SPY
RiverNorth Flexible Municipal Income Fund, Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, RFM or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 59.0%.
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 | RFM | SPY |
|---|---|---|
| Expense Ratio | 3.68% | 0.09%Best |
| AUM | $94M | $804.7B |
| Dividend Yield | 6.92% | 0.98% |
| Holdings | 93 | 505 |
| YTD Return | +3.98% | +11.52%Best |
| 1Y Return | +5.25% | +17.48%Best |
| 3Y Return (annualized) | +3.94% | +20.62%Best |
| 5Y Return (annualized) | -2.08% | +12.73%Best |
| Volatility (annualized) | 15.0%Best | 15.9% |
| Max Drawdown | -33.8% | -24.5%Best |
| $10,000 over 5 years | $9,002 | $18,205Best |
| Top 10 Weight | 59.0% | 38.0%Best |
| Fund Family | RiverNorth | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Mar 26, 2020 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 27, 2020 to Sep 10, 2026 (6.5 years).
RFM 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 6.5 years both funds cover.
RFM vs SPY Performance
RiverNorth Flexible Municipal Income Fund, Inc. (RFM) is an ETF from RiverNorth and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RFM returned +5.25% while SPY returned +17.48%. Year to date, RFM is up 3.98% versus a gain of 11.52% for SPY.
Over three years, RFM compounded at +3.94% per year against +20.62% for SPY; over five years the annualized figures are -2.08% and +12.73% respectively. Across the full 7-year window we track, SPY has the edge at +19.86% annualized vs +1.69%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.9% compared with 15.0% for RFM. 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 -33.8% for RFM and -24.5% 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 0.61. They move together some of the time, and apart the rest.
Fees and Cost Over Time
RFM charges 3.68% per year while SPY charges 0.09%. On a $10,000 position that is $368 vs $9 annually, a gap of $359 per year that compounds over a long holding period. On income, RFM currently yields 6.92% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 47 holdings in RFM and 504 in SPY, totalling 103.0% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 126 days apart, RFM as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 47 positions we hold weights for in RFM and 504 in SPY, against full books of 93 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for RFM (99.5% of the fund), and 46 for RFM that do not appear in SPY (103.0%).
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 RFM 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, RFM or SPY?
RFM has an expense ratio of 3.68% while SPY charges 0.09%. SPY is the cheaper option, by $359 a year on a $10,000 investment.
Which performed better, RFM or SPY?
Over the past year RFM returned +5.25% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), RFM annualized +1.69% vs +19.86% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RFM or SPY?
SPY has been the more volatile fund at 15.9% annualized versus 15.0% for RFM. Worst drawdown: RFM -33.8% vs SPY -24.5%.
Should I hold both RFM and SPY?
RFM and SPY have a monthly-return correlation of 0.61, 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, RFM or SPY?
RFM yields 6.92% while SPY yields 0.98%, so RFM currently pays the higher dividend yield.
Is SPY better than RFM?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 59.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.