RMMZ vs SPY
RiverNorth Managed Duration Municipal Income Fund II, 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 | RMMZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 6.81% | 0.09% | |
| AUM | $135M | $821.1B | |
| Dividend Yield | 5.75% | 1.01% | |
| Holdings | 100 | 505 | |
| YTD Return | +5.28% | +12.68% | |
| 1Y Return | +6.50% | +21.82% | |
| 3Y Return (annualized) | +5.13% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 16.8% | 15.3% | |
| Max Drawdown | -27.1% | -56.5% | |
| Fund Family | RiverNorth | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Feb 10, 2022 | Jan 22, 1993 |
RMMZ vs SPY Performance
RiverNorth Managed Duration Municipal Income Fund II, Inc (RMMZ) 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 RMMZ returned +6.50% while SPY returned +21.82%. Year to date, RMMZ is up 5.28% versus a gain of 12.68% for SPY.
Over three years, RMMZ compounded at +5.13% per year against +21.98% for SPY. Across the full 5-year window we track, SPY has the edge at +8.81% annualized vs +1.68%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RMMZ has been the more volatile fund, with annualized monthly volatility of 16.8% 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 -27.1% for RMMZ 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
RMMZ charges 6.81% per year while SPY charges 0.09%. On a $10,000 position that is $681 vs $9 annually, a gap of $672 per year that compounds over a long holding period. On income, RMMZ currently yields 5.75% against 1.01% for SPY.
Holdings Overlap
RMMZ and SPY share 0 holdings out of 556 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, RMMZ or SPY?
RMMZ has an expense ratio of 6.81% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $672 per year of difference.
Which performed better, RMMZ or SPY?
Over the past year RMMZ returned +6.50% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), RMMZ annualized +1.68% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, RMMZ or SPY?
RMMZ has been the more volatile fund at 16.8% annualized versus 15.3% for SPY. Worst drawdown: RMMZ -27.1% vs SPY -56.5%.
Should I hold both RMMZ and SPY?
RMMZ and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RMMZ and SPY?
RMMZ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 556 unique securities.
Which pays a higher dividend, RMMZ or SPY?
RMMZ yields 5.75% while SPY yields 1.01%, so RMMZ currently pays the higher dividend yield.
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