RIV vs SPY
RiverNorth Opportunities Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, RIV or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | RIV | SPY |
|---|---|---|
| Expense Ratio | 5.11% | 0.09%Best |
| AUM | $330M | $804.7B |
| Dividend Yield | 11.76% | 0.98% |
| Holdings | 442 | 505 |
| YTD Return | -0.35% | +12.09%Best |
| 1Y Return | +0.89% | +16.29%Best |
| 3Y Return (annualized) | +11.65% | +21.20%Best |
| 5Y Return (annualized) | +2.75% | +13.37%Best |
| Volatility (annualized) | 15.3% | 15.1%Best |
| Max Drawdown | -55.6% | -34.1%Best |
| $10,000 over 5 years | $11,453 | $18,728Best |
| Fund Family | RiverNorth | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Dec 23, 2015 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 24, 2015 to Sep 18, 2026 (10.7 years).
RIV 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 10.7 years both funds cover.
RIV vs SPY Performance
RiverNorth Opportunities Fund Inc. (RIV) 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 RIV returned +0.89% while SPY returned +16.29%. Year to date, RIV is down 0.35% versus a gain of 12.09% for SPY.
Over three years, RIV compounded at +11.65% per year against +21.20% for SPY; over five years the annualized figures are +2.75% and +13.37% respectively. Across the full 11-year window we track, SPY has the edge at +13.75% annualized vs +0.86%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RIV has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.1% 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 -55.6% for RIV 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 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
RIV charges 5.11% per year while SPY charges 0.09%. On a $10,000 position that is $511 vs $9 annually, a gap of $502 per year that compounds over a long holding period. On income, RIV currently yields 11.76% against 0.98% for SPY.
Holdings Overlap
At least 3.3% of SPY's money is in holdings RIV also owns.
Only one direction is shown: for RIV, our book for it lists positions totalling 126.1% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and RIV share little of their money.
The two holdings books were reported 244 days apart, RIV as of Dec 31, 2025 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
3 positions in common, counted across the 259 positions we hold weights for in RIV and 504 in SPY, against full books of 442 and 505.
You are not choosing between two funds in isolation.
Whichever of RIV 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, RIV or SPY?
RIV has an expense ratio of 5.11% while SPY charges 0.09%. SPY is the cheaper option, by $502 a year on a $10,000 investment.
Which performed better, RIV or SPY?
Over the past year RIV returned +0.89% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), RIV annualized +0.86% vs +13.75% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RIV or SPY?
RIV has been the more volatile fund at 15.3% annualized versus 15.1% for SPY. Worst drawdown: RIV -55.6% vs SPY -34.1%.
Should I hold both RIV and SPY?
RIV and SPY have a monthly-return correlation of 0.69, 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 RIV and SPY?
At least 3.3% of SPY's money is in holdings RIV also owns. Our book for RIV is partial, so the real figure is this or higher. They hold 3 positions in common, counted across the 259 positions we hold weights for in RIV and 504 in SPY.
Which pays a higher dividend, RIV or SPY?
RIV yields 11.76% while SPY yields 0.98%, so RIV currently pays the higher dividend yield.
Is SPY better than RIV?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.