TMFE vs. SPY

Last updated Jun 4, 2026

TMFE (The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TMFE is a Large Cap Blend Equities fund tracking the Motley Fool Capital Efficiency 100 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, TMFE returned 18.83%/yr vs 22.35%/yr for SPY. Their correlation of 0.90 suggests significant overlap in exposure. TMFE charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

TMFE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMFE achieves a 1.48% return, which is significantly lower than SPY's 10.91% return.

TMFE

• 1D: -0.63%
• 1M: 1.94%
• YTD: 1.48%
• 6M: 1.24%
• 1Y: 7.52%
• 3Y*: 18.83%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

TMFE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TMFE The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF	1.48%	11.10%	27.95%	41.12%	-25.84%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%

Correlation

The correlation between TMFE and SPY is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 3, 2022	0.90

The correlation between TMFE and SPY has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

TMFE vs. SPY - Sectors Allocation Comparison

Sectors	TMFE	SPY
Technology	30.0%	35.9%
Consumer Cyclical	18.1%	10.3%
Communication Services	16.1%	11.3%
Consumer Defensive	10.8%	4.8%
Financial Services	9.4%	11.8%
Healthcare	9.3%	8.4%
Industrials	4.5%	7.8%
Basic Materials	1.9%	1.8%
Energy	-	3.6%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

TMFE vs. SPY — Risk / Return Rank

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

TMFE

TMFE Risk / Return Rank: 19
TMFE Sharpe Ratio Rank: 19
TMFE Sortino Ratio Rank: 18
TMFE Omega Ratio Rank: 18
TMFE Calmar Ratio Rank: 17
TMFE Martin Ratio Rank: 21

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
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.

TMFE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) 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.

	TMFE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.62	2.38	-1.76
Sortino ratio: Return per unit of downside risk	0.95	3.24	-2.29
Omega ratio: Gain probability vs. loss probability	1.11	1.43	-0.32
Calmar ratio: Return relative to maximum drawdown	0.67	3.16	-2.50
Martin ratio: Return relative to average drawdown	2.49	14.72	-12.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMFE vs. SPY - Sharpe Ratio Comparison

The current TMFE Sharpe Ratio is 0.62, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TMFE and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TMFE	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	2.38	-1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.59	-0.08

Drawdowns

TMFE vs. SPY - Drawdown Comparison

The maximum TMFE drawdown since its inception was -31.07%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TMFE and SPY.

Drawdown Indicators

	TMFE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.07%	-55.19%	+24.12%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-8.88%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-18.76%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.83%	-0.70%	-1.13%
Average Drawdown Average peak-to-trough decline	-8.27%	-9.05%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	1.91%	+1.11%

Volatility

TMFE vs. SPY - Volatility Comparison

The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.84% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMFE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	2.84%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	8.90%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	11.83%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	17.05%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	17.94%	+1.32%

TMFE vs. SPY - Expense Ratio Comparison

TMFE has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TMFE vs. SPY - Dividend Comparison

TMFE's dividend yield for the trailing twelve months is around 0.31%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TMFE The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF	0.31%	0.32%	0.44%	0.45%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMFE and SPY in my portfolio?

TMFE and SPY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMFE or SPY?

SPY has higher volatility (2.84%) compared to TMFE (2.84%). In terms of maximum drawdown, TMFE dropped -31.07% vs SPY's -55.19%.

Which ETF is better, TMFE or SPY?

On 3-year performance, SPY leads with 22.35% vs 18.83% for TMFE. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMFE or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 18.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMFE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for TMFE.

Which ETF pays a higher dividend yield, TMFE or SPY?

SPY has the higher dividend yield at 0.98%, compared with 0.31% for TMFE.

What is the main difference between TMFE and SPY?

TMFE is categorized as Large Cap Blend Equities, while SPY is S&P 500. TMFE tracks Motley Fool Capital Efficiency 100 Index, while SPY tracks S&P 500 Index. They also come from different issuers: RBB Fund and State Street. Their fees differ too: 0.50% for TMFE and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 0.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.