RVNL vs SPY
GraniteShares 2x Long RIVN Daily ETF 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 | RVNL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.15% | 0.09% | |
| AUM | $11M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | -48.73% | +12.68% | |
| 1Y Return | +4.63% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 77.6% | 15.3% | |
| Max Drawdown | -72.9% | -56.5% | |
| Fund Family | GraniteShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 21, 2025 | Jan 22, 1993 |
RVNL vs SPY Performance
GraniteShares 2x Long RIVN Daily ETF (RVNL) is a ETF from GraniteShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RVNL returned +4.63% while SPY returned +21.82%. Year to date, RVNL is down 48.73% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
RVNL has been the more volatile fund, with annualized monthly volatility of 77.6% 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 -72.9% for RVNL 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 0.11. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
RVNL charges 1.15% per year while SPY charges 0.09%. On a $10,000 position that is $115 vs $9 annually, a gap of $106 per year that compounds over a long holding period. On income, RVNL currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
RVNL and SPY share 0 holdings out of 505 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, RVNL or SPY?
RVNL has an expense ratio of 1.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $106 per year of difference.
Which performed better, RVNL or SPY?
Over the past year RVNL returned +4.63% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), RVNL annualized +5.81% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, RVNL or SPY?
RVNL has been the more volatile fund at 77.6% annualized versus 15.3% for SPY. Worst drawdown: RVNL -72.9% vs SPY -56.5%.
Should I hold both RVNL and SPY?
RVNL and SPY have a monthly-return correlation of 0.11, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RVNL and SPY?
RVNL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, RVNL or SPY?
RVNL yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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