Data as of Oct 28, 2026.
SPY vs XRMI: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to XRMI's +8.6%, and SPY charges 0.09% to XRMI's 0.60%.
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Net assets: $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust, and $62m on Oct 12, 2026 for Global X S&P 500 Risk Managed Income ETF.
Pair scorecard
SPY costs 0.51 points a year less; their one-year returns differ by 5.0 points; SPY is far larger, $821.1bn against $62m.
| Measure | SPY | XRMI |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +8.6% |
| Price change, 1 year | rose 12.4% | fell 3.8% |
| Latest payout, annualized | 10.6% | |
| Return of capital, issuer estimate | 95% of the Sep 24, 2026 payment | |
| Benchmark | ||
| What it tracks | S&P 500 Index | Benchmark: S&P 500, measured through SPY |
| Cost and size | ||
| Expense ratio | 0.09% | 0.60% |
| Net assets, as of Oct 12, 2026 | $821.1bn | $62m |
| Holdings | ||
| Holdings in common | 95% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method
Risk and return
Sep 3, 2021 to Oct 23, 2026 · 268 weekly returnsEach against its own benchmark: SPY against VOO, Sep 17, 2010 to Oct 23, 2026; XRMI against SPY, Sep 3, 2021 to Oct 23, 2026.
SPY returned more: +79.9% to +16.4%. XRMI swung less: 6.5% to 16.1%. XRMI fell less at its worst: −15.1% to −23.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPY | XRMI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +79.9% | +16.4% | SPY | Price change plus distributions, reinvested. |
| Annualized | +12.1% | +3.0% | SPY | Total return as a yearly rate. |
| Price return | +67.7% | −36.5% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.1% | 6.5% | XRMI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.8% | 5.0% | XRMI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −23.9% | −15.1% | XRMI | Deepest fall from a high to the low after it. |
| Upside capture | 99.8% | 22.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 100.0% | 44.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 0.33 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.68 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.55 | −0.10 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 0.82 | −0.13 | SPY | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.133 | −0.020 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.50 | 0.20 | SPY | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | SPY | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | −3.6% a year | SPY not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.51 | −2.24 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.3% to +0.1% | −6.8% to −0.4% | SPY includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.15 | −0.84 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.4% | 11.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 268 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and XRMI hold 95% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
95% in common
Only in one fund ↓
Side by side
SPY and XRMI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
SPY and XRMI do different jobs. What does each one do in a portfolio?
- What each follows. SPY follows S&P 500 Index and XRMI is measured against S&P 500 through SPY.
- One-year total return. Over 1 year to Oct 28, 2026 SPY returned +13.6% and XRMI +8.6% with distributions reinvested, a gap of 5.0 points.
- Cost. SPY charges 0.09% of assets a year and XRMI 0.60%, a gap of 0.51 points.
Data as of Oct 28, 2026.
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SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
XRMI
Over the year to Oct 28, 2026, XRMI paid 11.9% of its starting value in cash distributions while its price fell 3.8%. With every distribution reinvested, the fund returned +8.6%. S&P 500 (SPY) returned +13.6% over the same days, so a holder was behind by 5.0 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 10.6%, paid monthly. Global X estimates that 95% of the distribution paid Sep 24, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are SPY and XRMI in the same category?
- SPY is a stock ETF and XRMI is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, SPY or XRMI?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and XRMI +8.6%.
- Which is cheaper, SPY or XRMI?
- SPY is cheaper, by 0.51 percentage points a year. That is about $51 on $10,000 held for a year. Fees come from each fund's prospectus.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SPY against XRMI, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-xrmi
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