RJMG vs SPY
FT Raymond James Multicap Growth Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RJMG or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. RJMG is less concentrated, with 29.2% of the fund in its ten largest positions against 38.0%.
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 | RJMG | SPY |
|---|---|---|
| Expense Ratio | 0.85% | 0.09%Best |
| AUM | $11M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 41 | 505 |
| Volatility (annualized) | 14.8% | 10.6%Best |
| Max Drawdown | -25.4% | -18.8%Best |
| $10,000 over 2 years | $13,729 | $14,996Best |
| Top 10 Weight | 29.2%Best | 38.0% |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 12, 2024 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 245 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. RJMG has data through Jan 9, 2026 and SPY through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 2 years row, are measured over the window both funds cover: Jan 18, 2024 to Jan 9, 2026 (2 years).
Risk: Volatility and Drawdowns
RJMG has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 10.6% 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 -25.4% for RJMG and -18.8% 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 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RJMG 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, RJMG currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
68.7% of RJMG's money is in holdings SPY also owns. 17.8% of SPY's money is in holdings RJMG also owns.
The two portfolios partly overlap.
The two holdings books were reported 277 days apart, RJMG as of Oct 31, 2025 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.
27 positions in common, counted across the 40 positions we hold weights for in RJMG and 504 in SPY, against full books of 41 and 505.
What only one of them owns
Our book lists 467 positions for SPY that do not appear in our book for RJMG (81.7% of the fund), and 12 for RJMG that do not appear in SPY (28.9%).
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 RJMG | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.44% | 5.50% | 3.06% |
| GOOGLAlphabet A Usd 0.001 | 2.78% | 3.33% | 0.55% |
| MUMicron Technology, Inc. | 3.70% | 1.51% | 2.19% |
| METAMeta Platforms, Inc. | 2.03% | 1.94% | 0.09% |
| CIENCiena Corp | 3.53% | 0.09% | 3.44% |
| VVisa Inc | 2.46% | 0.92% | 1.54% |
| WMTWalmart, Inc. | 2.41% | 0.73% | 1.68% |
| DELLDell Technologies Inc. | 2.93% | 0.20% | 2.73% |
| COSTCostco Wholesale Corp. | 2.41% | 0.63% | 1.78% |
| MAMastercard Inc | 2.32% | 0.69% | 1.63% |
68.7% of RJMG is already inside SPY.
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, RJMG or SPY?
RJMG 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 is riskier, RJMG or SPY?
RJMG has been the more volatile fund at 14.8% annualized versus 10.6% for SPY. Worst drawdown: RJMG -25.4% vs SPY -18.8%.
Should I hold both RJMG and SPY?
RJMG and SPY have a monthly-return correlation of 0.87, 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 RJMG and SPY?
68.7% of RJMG's money is in holdings SPY also owns. 17.8% of SPY's is in holdings RJMG also owns. They hold 27 positions in common, counted across the 40 positions we hold weights for in RJMG and 504 in SPY.
Which pays a higher dividend, RJMG or SPY?
RJMG yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than RJMG?
SPY has a lower expense ratio. SPY led over 1Y and the full window. RJMG is less concentrated, with 29.2% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.