RVT vs SPY
Royce Small-Cap Trust Inc vs State Street SPDR S&P 500 ETF Trust
Which is better, RVT or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. RVT led over 1Y, SPY over 3Y, 5Y and the full window. RVT is less concentrated, with 12.4% 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 | RVT | SPY |
|---|---|---|
| Expense Ratio | 1.34% | 0.09%Best |
| AUM | $1.7B | $814.4B |
| Dividend Yield | 6.98% | 1.01% |
| Holdings | 473 | 505 |
| YTD Return | +18.72%Best | +13.34% |
| 1Y Return | +24.68%Best | +19.97% |
| 3Y Return (annualized) | +19.93% | +21.20%Best |
| 5Y Return (annualized) | +8.48% | +12.81%Best |
| Volatility (annualized) | 22.8% | 15.2%Best |
| Max Drawdown | -79.1% | -56.5%Best |
| $10,000 over 5 years | $15,023 | $18,270Best |
| Top 10 Weight | 12.4%Best | 38.0% |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Nov 19, 1986 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 4, 2026 (30.7 years).
RVT 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 30.7 years both funds cover.
RVT vs SPY Performance
Royce Small-Cap Trust Inc (RVT) 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 RVT returned +24.68% while SPY returned +19.97%. Year to date, RVT is up 18.72% versus a gain of 13.34% for SPY.
Over three years, RVT compounded at +19.93% per year against +21.20% for SPY; over five years the annualized figures are +8.48% and +12.81% respectively. Across the full 31-year window we track, SPY has the edge at +8.82% annualized vs +2.96%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RVT has been the more volatile fund, with annualized monthly volatility of 22.8% compared with 15.2% 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 -79.1% for RVT 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RVT charges 1.34% per year while SPY charges 0.09%. On a $10,000 position that is $134 vs $9 annually, a gap of $125 per year that compounds over a long holding period. On income, RVT currently yields 6.98% against 1.01% for SPY.
Holdings Overlap
1.1% of RVT's money is in holdings SPY also owns. 0.2% of SPY's money is in holdings RVT also owns.
RVT and SPY share little of their money.
6 positions in common, counted across the 424 positions we hold weights for in RVT and 503 in SPY, against full books of 473 and 505.
What only one of them owns
Our book lists 487 positions for SPY that do not appear in our book for RVT (99.2% of the fund), and 378 for RVT that do not appear in SPY (84.3%).
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 RVT | Weight in SPY | Difference |
|---|---|---|---|
| TECHBio-Techne Corp | 0.43% | 0.02% | 0.41% |
| TDYTeledyne Technologies Inc | 0.24% | 0.05% | 0.19% |
| RLRalph Lauren Corp. Class A | 0.22% | 0.02% | 0.20% |
| ARESAres Management Corp Preferred Stock 7 | 0.13% | 0.05% | 0.08% |
| CMGComputer Modelling Group | 0.04% | 0.07% | 0.03% |
| FDSFactset Research Systems Inc | 0.09% | 0.02% | 0.07% |
You are not choosing between two funds in isolation.
Whichever of RVT 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, RVT or SPY?
RVT has an expense ratio of 1.34% while SPY charges 0.09%. SPY is the cheaper option, by $125 a year on a $10,000 investment.
Which performed better, RVT or SPY?
Over the past year RVT returned +24.68% vs +19.97% for SPY, so RVT leads on 1-year performance. Over the longest common window we track (31 years), RVT annualized +2.96% vs +8.82% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RVT or SPY?
RVT has been the more volatile fund at 22.8% annualized versus 15.2% for SPY. Worst drawdown: RVT -79.1% vs SPY -56.5%.
Should I hold both RVT and SPY?
RVT and SPY have a monthly-return correlation of 0.81, 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 RVT and SPY?
1.1% of RVT's money is in holdings SPY also owns. 0.2% of SPY's is in holdings RVT also owns. They hold 6 positions in common, counted across the 424 positions we hold weights for in RVT and 503 in SPY.
Which pays a higher dividend, RVT or SPY?
RVT yields 6.98% while SPY yields 1.01%, so RVT currently pays the higher dividend yield.
Is SPY better than RVT?
SPY has a lower expense ratio. RVT led over 1Y, SPY over 3Y, 5Y and the full window. RVT is less concentrated, with 12.4% 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.