RFXIX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Rational Special Situations Income Fund (RFXIX) and State Street SPDR S&P 500 ETF (SPY).

RFXIX is managed by Rational Funds. It was launched on Jul 16, 2019. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

RFXIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rational Special Situations Income Fund (RFXIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

RFXIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RFXIX Rational Special Situations Income Fund	1.01%	4.73%	8.95%	4.08%	-0.85%	5.30%	2.84%	1.91%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	9.13%

Returns By Period

In the year-to-date period, RFXIX achieves a 1.01% return, which is significantly higher than SPY's -4.37% return.

RFXIX

• 1D: 0.12%
• 1M: -0.27%
• YTD: 1.01%
• 6M: 2.55%
• 1Y: 4.36%
• 3Y*: 5.84%
• 5Y*: 4.27%
• 10Y*: —

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RFXIX vs. SPY - Expense Ratio Comparison

RFXIX has a 1.76% expense ratio, which is higher than SPY's 0.09% expense ratio.

RFXIX

Rational Special Situations Income Fund

SPY

State Street SPDR S&P 500 ETF

Return for Risk

RFXIX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RFXIX

RFXIX Risk / Return Rank: 97
RFXIX Sharpe Ratio Rank: 97
RFXIX Sortino Ratio Rank: 97
RFXIX Omega Ratio Rank: 97
RFXIX Calmar Ratio Rank: 97
RFXIX Martin Ratio Rank: 97

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RFXIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rational Special Situations Income Fund (RFXIX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	RFXIX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.77	0.93	+1.84
Sortino ratio Return per unit of downside risk	3.92	1.45	+2.47
Omega ratio Gain probability vs. loss probability	1.73	1.22	+0.51
Calmar ratio Return relative to maximum drawdown	4.22	1.53	+2.69
Martin ratio Return relative to average drawdown	15.72	7.30	+8.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFXIX vs. SPY - Sharpe Ratio Comparison

The current RFXIX Sharpe Ratio is 2.77, which is higher than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of RFXIX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RFXIX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	0.93	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.20	0.69	+1.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	0.56	+0.83

Correlation

The correlation between RFXIX and SPY is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

RFXIX vs. SPY - Dividend Comparison

RFXIX's dividend yield for the trailing twelve months is around 5.57%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFXIX Rational Special Situations Income Fund	5.57%	5.02%	6.69%	7.85%	6.08%	5.04%	4.99%	1.39%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

RFXIX vs. SPY - Drawdown Comparison

The maximum RFXIX drawdown since its inception was -12.91%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RFXIX and SPY.

Drawdown Indicators

	RFXIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-12.91%	-55.19%	+42.28%
Max Drawdown (1Y) Largest decline over 1 year	-0.94%	-12.05%	+11.11%
Max Drawdown (5Y) Largest decline over 5 years	-4.93%	-24.50%	+19.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.27%	-6.24%	+5.97%
Average Drawdown Average peak-to-trough decline	-0.89%	-9.09%	+8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	2.52%	-2.24%

Volatility

RFXIX vs. SPY - Volatility Comparison

The current volatility for Rational Special Situations Income Fund (RFXIX) is 0.37%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that RFXIX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFXIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	5.31%	-4.94%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	9.47%	-8.59%
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	19.05%	-17.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.95%	17.06%	-15.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.98%	17.92%	-14.94%