RMM vs SPY
RiverNorth Managed Duration 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 505 holdings.
Side-by-Side Comparison
| Metric | RMM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 6.83% | 0.09% | |
| AUM | $299M | $821.1B | |
| Dividend Yield | 6.96% | 1.01% | |
| Holdings | 112 | 505 | |
| YTD Return | +8.91% | +12.68% | |
| 1Y Return | +14.44% | +21.82% | |
| 3Y Return (annualized) | +5.68% | +21.98% | |
| 5Y Return (annualized) | -0.80% | +12.89% | |
| Volatility (annualized) | 35.2% | 15.3% | |
| Max Drawdown | -83.8% | -56.5% | |
| Fund Family | RiverNorth | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jul 25, 2019 | Jan 22, 1993 |
RMM vs SPY Performance
RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) 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 RMM returned +14.44% while SPY returned +21.82%. Year to date, RMM is up 8.91% versus a gain of 12.68% for SPY.
Over three years, RMM compounded at +5.68% per year against +21.98% for SPY; over five years the annualized figures are -0.80% and +12.89% respectively. Across the full 19-year window we track, SPY has the edge at +8.81% annualized vs -6.46%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RMM has been the more volatile fund, with annualized monthly volatility of 35.2% 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 -83.8% for RMM 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 0.63. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
RMM charges 6.83% per year while SPY charges 0.09%. On a $10,000 position that is $683 vs $9 annually, a gap of $674 per year that compounds over a long holding period. On income, RMM currently yields 6.96% against 1.01% for SPY.
Holdings Overlap
RMM and SPY share 0 holdings out of 562 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, RMM or SPY?
RMM has an expense ratio of 6.83% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $674 per year of difference.
Which performed better, RMM or SPY?
Over the past year RMM returned +14.44% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), RMM annualized -6.46% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, RMM or SPY?
RMM has been the more volatile fund at 35.2% annualized versus 15.3% for SPY. Worst drawdown: RMM -83.8% vs SPY -56.5%.
Should I hold both RMM and SPY?
RMM and SPY have a monthly-return correlation of 0.63, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RMM and SPY?
RMM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 562 unique securities.
Which pays a higher dividend, RMM or SPY?
RMM yields 6.96% while SPY yields 1.01%, so RMM currently pays the higher dividend yield.
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