RFI vs SPY
Cohen & Steers Total Return Realty Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, RFI or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y 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 | RFI | SPY |
|---|---|---|
| Expense Ratio | 0.89% | 0.09%Best |
| AUM | $297M | $823.2B |
| Dividend Yield | 8.74% | 0.99% |
| Holdings | 193 | 1,515 |
| YTD Return | -0.25% | +13.53%Best |
| 1Y Return | -5.04% | +17.47%Best |
| 3Y Return (annualized) | +8.00% | +22.36%Best |
| 5Y Return (annualized) | -1.24% | +13.21%Best |
| Volatility (annualized) | 22.8% | 15.1%Best |
| Max Drawdown | -80.1% | -56.5%Best |
| $10,000 over 5 years | $9,395 | $18,596Best |
| Fund Family | Cohen & Steers Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Sep 27, 1993 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 22, 2005 to Oct 14, 2026 (20.8 years).
RFI 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 20.8 years both funds cover.
RFI vs SPY Performance
Cohen & Steers Total Return Realty Fund Inc. (RFI) is an ETF from Cohen & Steers Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RFI returned -5.04% while SPY returned +17.47%. Year to date, RFI is down 0.25% versus a gain of 13.53% for SPY.
Over three years, RFI compounded at +8.00% per year against +22.36% for SPY; over five years the annualized figures are -1.24% and +13.21% respectively. Across the full 21-year window we track, SPY has the edge at +9.46% annualized vs -0.43%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RFI has been the more volatile fund, with annualized monthly volatility of 22.8% compared with 15.1% 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 -80.1% for RFI 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 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RFI charges 0.89% per year while SPY charges 0.09%. On a $10,000 position that is $89 vs $9 annually, a gap of $80 per year that compounds over a long holding period. On income, RFI currently yields 8.74% against 0.99% for SPY.
Holdings Overlap
At least 2.2% of SPY's money is in holdings RFI also owns.
Stated as a floor: for RFI, our book for it covers 94.7% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and RFI share little of their money.
The two holdings books were reported 76 days apart, RFI as of Jun 30, 2026 and SPY as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
21 positions in common, counted across the 166 positions we hold weights for in RFI and 504 in SPY, against full books of 193 and 1,515.
Top Shared Holdings
| Stock | Weight in RFI | Weight in SPY | Difference |
|---|---|---|---|
| WELLWelltower, Inc. | 13.20% | 0.25% | 12.95% |
| DLRDigital Realty Trust Inc. | 7.02% | 0.09% | 6.93% |
| AMTAmerican Tower Corporation | 5.31% | 0.13% | 5.18% |
| CCICrown Castle International Corp | 4.21% | 0.05% | 4.16% |
| PLDPrologis Inc | 4.00% | 0.19% | 3.81% |
| KIMKimco Realty Corp. | 3.22% | 0.02% | 3.20% |
| EQIXEquinix Inc. Real Estate Investment Trust | 2.91% | 0.15% | 2.76% |
| PSAPublic Storage | 2.92% | 0.07% | 2.85% |
| EXRExtra Space Storage Inc | 2.88% | 0.04% | 2.84% |
| SPGSimon Property Group Inc | 2.59% | 0.10% | 2.49% |
You are not choosing between two funds in isolation.
Whichever of RFI 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, RFI or SPY?
RFI has an expense ratio of 0.89% while SPY charges 0.09%. SPY is the cheaper option, by $80 a year on a $10,000 investment.
Which performed better, RFI or SPY?
Over the past year RFI returned -5.04% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), RFI annualized -0.43% vs +9.46% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RFI or SPY?
RFI has been the more volatile fund at 22.8% annualized versus 15.1% for SPY. Worst drawdown: RFI -80.1% vs SPY -56.5%.
Should I hold both RFI and SPY?
RFI and SPY have a monthly-return correlation of 0.73, 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 RFI and SPY?
At least 2.2% of SPY's money is in holdings RFI also owns. Our book for RFI is partial, so the real figure is this or higher. They hold 21 positions in common, counted across the 166 positions we hold weights for in RFI and 504 in SPY.
Which pays a higher dividend, RFI or SPY?
RFI yields 8.74% while SPY yields 0.99%, so RFI currently pays the higher dividend yield.
Is SPY better than RFI?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.