RMT vs SPY
Royce Micro-Cap Trust Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, RMT or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. RMT led over 1Y and 3Y, SPY over 5Y and the full window. RMT is less concentrated, with 14.9% 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 | RMT | SPY |
|---|---|---|
| Expense Ratio | 1.35% | 0.09%Best |
| AUM | $477M | $814.4B |
| Dividend Yield | 5.36% | 1.01% |
| Holdings | 171 | 505 |
| YTD Return | +36.94%Best | +12.71% |
| 1Y Return | +45.68%Best | +19.36% |
| 3Y Return (annualized) | +26.34%Best | +21.09% |
| 5Y Return (annualized) | +12.23% | +12.69%Best |
| Volatility (annualized) | 23.4% | 14.6%Best |
| Max Drawdown | -80.4% | -56.5%Best |
| $10,000 over 5 years | $17,805 | $18,173Best |
| Top 10 Weight | 14.9%Best | 38.0% |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Dec 14, 1993 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 1, 2003 to Sep 8, 2026 (22.8 years).
RMT 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 22.8 years both funds cover.
RMT vs SPY Performance
Royce Micro-Cap Trust Inc. (RMT) is an ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RMT returned +45.68% while SPY returned +19.36%. Year to date, RMT is up 36.94% versus a gain of 12.71% for SPY.
Over three years, RMT compounded at +26.34% per year against +21.09% for SPY; over five years the annualized figures are +12.23% and +12.69% respectively. Across the full 23-year window we track, SPY has the edge at +9.36% annualized vs +2.23%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RMT has been the more volatile fund, with annualized monthly volatility of 23.4% compared with 14.6% 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 -80.4% for RMT and -56.5% 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RMT charges 1.35% per year while SPY charges 0.09%. On a $10,000 position that is $135 vs $9 annually, a gap of $126 per year that compounds over a long holding period. On income, RMT currently yields 5.36% against 1.01% for SPY.
Holdings Overlap
0.1% of RMT's money is in holdings SPY also owns. 0.1% of SPY's money is in holdings RMT also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 169 positions we hold weights for in RMT and 503 in SPY, against full books of 171 and 505.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for RMT (99.3% of the fund), and 148 for RMT that do not appear in SPY (92.0%).
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 RMT | Weight in SPY | Difference |
|---|---|---|---|
| CMGComputer Modelling Group | 0.06% | 0.07% | 0.01% |
You are not choosing between two funds in isolation.
Whichever of RMT 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, RMT or SPY?
RMT has an expense ratio of 1.35% while SPY charges 0.09%. SPY is the cheaper option, by $126 a year on a $10,000 investment.
Which performed better, RMT or SPY?
Over the past year RMT returned +45.68% vs +19.36% for SPY, so RMT leads on 1-year performance. Over the longest common window we track (23 years), RMT annualized +2.23% vs +9.36% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RMT or SPY?
RMT has been the more volatile fund at 23.4% annualized versus 14.6% for SPY. Worst drawdown: RMT -80.4% vs SPY -56.5%.
Should I hold both RMT and SPY?
RMT and SPY have a monthly-return correlation of 0.84, 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, RMT or SPY?
RMT yields 5.36% while SPY yields 1.01%, so RMT currently pays the higher dividend yield.
Is SPY better than RMT?
SPY has a lower expense ratio. RMT led over 1Y and 3Y, SPY over 5Y and the full window. RMT is less concentrated, with 14.9% 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.