PAYR vs RIV
Federated Hermes Enhanced Income ETF vs RiverNorth Opportunities Fund Inc.
Which is better, PAYR or RIV?
PAYR has been ahead.
PAYR has a lower expense ratio. PAYR led over 1Y and the full window.
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 | PAYR | RIV |
|---|---|---|
| Expense Ratio | 0.40%Best | 5.11% |
| AUM | $82M | $350M |
| Dividend Yield | 8.32% | 13.60% |
| Holdings | 55 | 442 |
| YTD Return | +7.05%Best | -4.13% |
| 1Y Return | +10.06%Best | -2.50% |
| 3Y Return (annualized) | - | +12.10% |
| 5Y Return (annualized) | - | +1.89% |
| Volatility (annualized) | 12.9%Best | 13.3% |
| Max Drawdown | -8.8%Best | -16.5% |
| $10,000 over 1 years | $11,027Best | $9,688 |
| Fund Family | Federated Hermes Funds | RiverNorth |
| Category | Allocation/Balanced | Allocation/Balanced |
| Style | Allocation/Balanced | Allocation/Balanced |
| Inception | Oct 7, 2025 | Dec 23, 2015 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Oct 8, 2025 to Oct 15, 2026 (1 years).
PAYR vs RIV 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 years both funds cover.
PAYR vs RIV Performance
Federated Hermes Enhanced Income ETF (PAYR) is an ETF from Federated Hermes Funds and RiverNorth Opportunities Fund Inc. (RIV) is an ETF from RiverNorth. Over the past year PAYR returned +10.06% while RIV returned -2.50%. Year to date, PAYR is up 7.05% versus a loss of 4.13% for RIV.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RIV has been the more volatile fund, with annualized monthly volatility of 13.3% compared with 12.9% for PAYR. 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 -8.8% for PAYR and -16.5% for RIV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.50. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PAYR charges 0.40% per year while RIV charges 5.11%. On a $10,000 position that is $40 vs $511 annually, a gap of $471 per year that compounds over a long holding period. On income, PAYR currently yields 8.32% against 13.60% for RIV.
Holdings Overlap
We hold position weights for 46 holdings in PAYR and 259 in RIV, totalling 91.8% and 126.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 275 days apart, PAYR as of Oct 2, 2026 and RIV as of Dec 31, 2025, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 46 positions we hold weights for in PAYR and 259 in RIV, against full books of 55 and 442.
You are not choosing between two funds in isolation.
Whichever of PAYR and RIV 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, PAYR or RIV?
PAYR has an expense ratio of 0.40% while RIV charges 5.11%. PAYR is the cheaper option, by $471 a year on a $10,000 investment.
Which performed better, PAYR or RIV?
Over the past year PAYR returned +10.06% vs -2.50% for RIV, so PAYR leads on 1-year performance. Over the longest common window we track (1 years), PAYR annualized +10.27% vs -3.12% for RIV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PAYR or RIV?
RIV has been the more volatile fund at 13.3% annualized versus 12.9% for PAYR. Worst drawdown: PAYR -8.8% vs RIV -16.5%.
Should I hold both PAYR and RIV?
PAYR and RIV have a monthly-return correlation of 0.50, 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, PAYR or RIV?
PAYR yields 8.32% while RIV yields 13.60%, so RIV currently pays the higher dividend yield.
Is RIV better than PAYR?
PAYR has a lower expense ratio. PAYR led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.