RMI vs SPY
RiverNorth Opportunistic Municipal Income Fund, Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, RMI or SPY?
Municipal Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 52.6%.
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 | RMI | SPY |
|---|---|---|
| Expense Ratio | 3.34% | 0.09%Best |
| AUM | $99M | $804.7B |
| Dividend Yield | 6.91% | 0.98% |
| Holdings | 100 | 505 |
| YTD Return | +7.35% | +12.09%Best |
| 1Y Return | +8.02% | +16.29%Best |
| 3Y Return (annualized) | +5.32% | +21.20%Best |
| 5Y Return (annualized) | -1.43% | +13.37%Best |
| Volatility (annualized) | 15.7%Best | 16.7% |
| Max Drawdown | -32.7%Best | -34.1% |
| $10,000 over 5 years | $9,305 | $18,728Best |
| Top 10 Weight | 52.6% | 37.8%Best |
| Fund Family | RiverNorth | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Oct 25, 2018 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 26, 2018 to Sep 18, 2026 (7.9 years).
RMI 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 7.9 years both funds cover.
RMI vs SPY Performance
RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI) 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 RMI returned +8.02% while SPY returned +16.29%. Year to date, RMI is up 7.35% versus a gain of 12.09% for SPY.
Over three years, RMI compounded at +5.32% per year against +21.20% for SPY; over five years the annualized figures are -1.43% and +13.37% respectively. Across the full 8-year window we track, SPY has the edge at +15.37% annualized vs +1.66%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 15.7% for RMI. 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 -32.7% for RMI 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 0.51. They move together some of the time, and apart the rest.
Fees and Cost Over Time
RMI charges 3.34% per year while SPY charges 0.09%. On a $10,000 position that is $334 vs $9 annually, a gap of $325 per year that compounds over a long holding period. On income, RMI currently yields 6.91% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 50 holdings in RMI and 504 in SPY, totalling 99.8% and 99.9% 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 154 days apart, RMI as of Mar 31, 2026 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.
0 positions in common, counted across the 50 positions we hold weights for in RMI and 504 in SPY, against full books of 100 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for RMI (99.3% of the fund), and 49 for RMI that do not appear in SPY (99.8%).
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 RMI 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, RMI or SPY?
RMI has an expense ratio of 3.34% while SPY charges 0.09%. SPY is the cheaper option, by $325 a year on a $10,000 investment.
Which performed better, RMI or SPY?
Over the past year RMI returned +8.02% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), RMI annualized +1.66% vs +15.37% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RMI or SPY?
SPY has been the more volatile fund at 16.7% annualized versus 15.7% for RMI. Worst drawdown: RMI -32.7% vs SPY -34.1%.
Should I hold both RMI and SPY?
RMI and SPY have a monthly-return correlation of 0.51, 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, RMI or SPY?
RMI yields 6.91% while SPY yields 0.98%, so RMI currently pays the higher dividend yield.
Is SPY better than RMI?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 52.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.