RNIN vs SPY
Bushido Capital US SMID Cap Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RNIN or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. RNIN led over 1Y and the full window. RNIN is less concentrated, with 16.5% 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 | RNIN | SPY |
|---|---|---|
| Expense Ratio | 0.68% | 0.09%Best |
| AUM | $211M | $804.7B |
| Dividend Yield | 0.75% | 0.98% |
| Holdings | 83 | 505 |
| YTD Return | +32.81%Best | +12.19% |
| 1Y Return | +36.39%Best | +18.53% |
| 3Y Return (annualized) | - | +20.88% |
| 5Y Return (annualized) | - | +12.69% |
| Volatility (annualized) | 13.0% | 11.9%Best |
| Max Drawdown | -5.7%Best | -8.9% |
| $10,000 over 1.3 years | $14,669Best | $13,041 |
| Top 10 Weight | 16.5%Best | 38.0% |
| Fund Family | Bushido Capital | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | May 14, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: May 15, 2025 to Sep 9, 2026 (1.3 years).
RNIN 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 1.3 years both funds cover.
RNIN vs SPY Performance
Bushido Capital US SMID Cap Equity ETF (RNIN) is an ETF from Bushido Capital and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RNIN returned +36.39% while SPY returned +18.53%. Year to date, RNIN is up 32.81% versus a gain of 12.19% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RNIN has been the more volatile fund, with annualized monthly volatility of 13.0% compared with 11.9% 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 -5.7% for RNIN and -8.9% 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 0.34. They move together some of the time, and apart the rest.
Fees and Cost Over Time
RNIN charges 0.68% per year while SPY charges 0.09%. On a $10,000 position that is $68 vs $9 annually, a gap of $59 per year that compounds over a long holding period. On income, RNIN currently yields 0.75% against 0.98% for SPY.
Holdings Overlap
18.0% of RNIN's money is in holdings SPY also owns. 0.5% of SPY's money is in holdings RNIN also owns.
RNIN and SPY share little of their money.
15 positions in common, counted across the 81 positions we hold weights for in RNIN and 504 in SPY, against full books of 83 and 505.
What only one of them owns
Our book lists 480 positions for SPY that do not appear in our book for RNIN (98.9% of the fund), and 64 for RNIN that do not appear in SPY (79.0%).
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 RNIN | Weight in SPY | Difference |
|---|---|---|---|
| WDAYWorkday, Inc., Class A | 1.65% | 0.05% | 1.60% |
| ITGartner Inc. | 1.49% | 0.02% | 1.47% |
| EXPEExpedia Group Inc (consumer Discretionary) | 1.39% | 0.05% | 1.34% |
| NTAPNetapp Inc | 1.36% | 0.06% | 1.30% |
| GDDYGodaddy Inc. Class A | 1.29% | 0.02% | 1.27% |
| UHSUniversal Health Services Inc. | 1.27% | 0.01% | 1.26% |
| SQBlock Inc | 1.16% | 0.07% | 1.09% |
| LENLennar Corp. Class A | 1.19% | 0.03% | 1.16% |
| DLTRDollar Tree Inc. | 1.18% | 0.04% | 1.14% |
| TAPMolson Coors Beverage Company | 1.10% | 0.01% | 1.09% |
You are not choosing between two funds in isolation.
Whichever of RNIN 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, RNIN or SPY?
RNIN has an expense ratio of 0.68% while SPY charges 0.09%. SPY is the cheaper option, by $59 a year on a $10,000 investment.
Which performed better, RNIN or SPY?
Over the past year RNIN returned +36.39% vs +18.53% for SPY, so RNIN leads on 1-year performance. Over the longest common window we track (1 years), RNIN annualized +34.28% vs +22.66% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RNIN or SPY?
RNIN has been the more volatile fund at 13.0% annualized versus 11.9% for SPY. Worst drawdown: RNIN -5.7% vs SPY -8.9%.
Should I hold both RNIN and SPY?
RNIN and SPY have a monthly-return correlation of 0.34, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between RNIN and SPY?
18.0% of RNIN's money is in holdings SPY also owns. 0.5% of SPY's is in holdings RNIN also owns. They hold 15 positions in common, counted across the 81 positions we hold weights for in RNIN and 504 in SPY.
Which pays a higher dividend, RNIN or SPY?
RNIN yields 0.75% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than RNIN?
SPY has a lower expense ratio. RNIN led over 1Y and the full window. RNIN is less concentrated, with 16.5% 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.