RW vs SPY
Rainwater Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RW or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 51.9%.
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 | RW | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $17M | $804.7B |
| Dividend Yield | 0.10% | 0.98% |
| Holdings | 33 | 505 |
| YTD Return | -1.41% | +11.97%Best |
| 1Y Return | -3.86% | +16.40%Best |
| 3Y Return (annualized) | - | +21.10% |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 12.4% | 12.0%Best |
| Max Drawdown | -17.0% | -8.9%Best |
| $10,000 over 1.2 years | $9,873 | $12,809Best |
| Top 10 Weight | 51.9% | 37.8%Best |
| Fund Family | Rainwater ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Jun 17, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jun 18, 2025 to Sep 14, 2026 (1.2 years).
RW 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 1.2 years both funds cover.
RW vs SPY Performance
Rainwater Equity ETF (RW) is an ETF from Rainwater ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RW returned -3.86% while SPY returned +16.40%. Year to date, RW is down 1.41% versus a gain of 11.97% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RW has been the more volatile fund, with annualized monthly volatility of 12.4% compared with 12.0% 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 -17.0% for RW 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RW charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, RW currently yields 0.10% against 0.98% for SPY.
Holdings Overlap
48.7% of RW's money is in holdings SPY also owns. 28.9% of SPY's money is in holdings RW also owns.
The two portfolios partly overlap.
19 positions in common, counted across the 35 positions we hold weights for in RW and 504 in SPY, against full books of 33 and 505.
What only one of them owns
Our book lists 478 positions for SPY that do not appear in our book for RW (70.5% of the fund), and 10 for RW that do not appear in SPY (36.2%).
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 RW | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 4.64% | 7.26% | 2.62% |
| NVDANvidia Corp | 1.02% | 8.01% | 6.99% |
| MSFTMicrosoft Corp | 1.53% | 5.66% | 4.13% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 5.47% | 1.40% | 4.07% |
| GOOGLAlphabet Inc,class A | 3.19% | 2.99% | 0.20% |
| MAMastercard Inc | 3.24% | 0.71% | 2.53% |
| GEGeneral Electric Co. | 3.21% | 0.53% | 2.68% |
| AMEAmetek Inc | 3.39% | 0.08% | 3.31% |
| CSXCsx Corp. | 2.76% | 0.14% | 2.62% |
| APDAir Products & Chemicals Inc. | 2.64% | 0.10% | 2.54% |
48.7% of RW is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, RW or SPY?
RW has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, RW or SPY?
Over the past year RW returned -3.86% vs +16.40% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), RW annualized -1.06% vs +22.91% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RW or SPY?
RW has been the more volatile fund at 12.4% annualized versus 12.0% for SPY. Worst drawdown: RW -17.0% vs SPY -8.9%.
Should I hold both RW and SPY?
RW and SPY have a monthly-return correlation of 0.86, 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 RW and SPY?
48.7% of RW's money is in holdings SPY also owns. 28.9% of SPY's is in holdings RW also owns. They hold 19 positions in common, counted across the 35 positions we hold weights for in RW and 504 in SPY.
Which pays a higher dividend, RW or SPY?
RW yields 0.10% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than RW?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 51.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.