RMI vs SPY
RiverNorth Opportunistic Municipal Income 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 503 holdings.
Side-by-Side Comparison
| Metric | RMI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.34% | 0.09% | |
| AUM | $101M | $789.1B | |
| Dividend Yield | 6.81% | 1.01% | |
| Holdings | 100 | 505 | |
| YTD Return | +13.05% | +13.68% | |
| 1Y Return | +19.88% | +21.53% | |
| 3Y Return (annualized) | +6.45% | +21.44% | |
| 5Y Return (annualized) | -0.33% | +13.18% | |
| Volatility (annualized) | 15.7% | 15.3% | |
| Max Drawdown | -32.7% | -56.5% | |
| Fund Family | RiverNorth | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 25, 2018 | Jan 22, 1993 |
RMI vs SPY Performance
RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI) is a ETF from RiverNorth and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RMI returned +19.88% while SPY returned +21.53%. Year to date, RMI is up 13.05% versus a gain of 13.68% for SPY.
Over three years, RMI compounded at +6.45% per year against +21.44% for SPY; over five years the annualized figures are -0.33% and +13.18% respectively. Across the full 8-year window we track, SPY has the edge at +8.85% annualized vs +2.36%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RMI has been the more volatile fund, with annualized monthly volatility of 15.7% 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 -32.7% for RMI 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 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
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 6.81% against 1.01% for SPY.
Holdings Overlap
RMI and SPY share 0 holdings out of 553 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $325 per year of difference.
Which performed better, RMI or SPY?
Over the past year RMI returned +19.88% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), RMI annualized +2.36% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, RMI or SPY?
RMI has been the more volatile fund at 15.7% annualized versus 15.3% for SPY. Worst drawdown: RMI -32.7% vs SPY -56.5%.
Should I hold both RMI and SPY?
RMI and SPY have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RMI and SPY?
RMI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 553 unique securities.
Which pays a higher dividend, RMI or SPY?
RMI yields 6.81% while SPY yields 1.01%, so RMI currently pays the higher dividend yield.
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