RAVI vs SPY

Comparison between FLEXSHARES ULTRA-SHORT INCOME FUND (RAVI, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed RAVI, delivering a return of +13.3% compared to +3.5%

RAVI vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	RAVI(ETF)	SPY(ETF)
Net Assets	$1.40B	$652B
Expense Ratio	0.25%	0.09%
Max Drawdown	4.13%	56.47%
Sharpe Ratio	2.26	2.07
5Y Beta	0.00	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	37.16%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

RAVI

$1.40B

Winner

SPY

$652B

Expense Ratio

RAVI

0.25%

Winner

SPY

0.09%

Max Drawdown

Winner

RAVI

4.13%

SPY

56.47%

Sharpe Ratio

Winner

RAVI

2.26

SPY

2.07

5Y Beta

Winner

RAVI

0.00

SPY

1.00

P/E Ratio

RAVI

N/A

SPY

28.24

Forward P/E

RAVI

N/A

SPY

21.85

5Y Dividends CAGR

Winner

RAVI

37.16%

SPY

5.43%

5Y EPS CAGR

RAVI

N/A

SPY

25.79%

Debt to Equity

RAVI

N/A

SPY

22.35%

P/S Ratio

RAVI

N/A

SPY

3.55

P/B Ratio

RAVI

N/A

SPY

5.29

RAVI vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	RAVI	SPY
1 month	+0.40%	+9.11%
3 months	+0.76%	+6.59%
6 months	+1.96%	+10.56%
1 year	+4.66%	+32.04%
5 years(CAGR)	+3.46%	+13.35%
10 years(CAGR)	+2.65%	+15.49%
Max(CAGR)	+2.66%	+8.50%

RAVI

+0.40%

Winner

SPY

+9.11%

RAVI

+0.76%

Winner

SPY

+6.59%

RAVI

+1.96%

Winner

SPY

+10.56%

RAVI

+4.66%

Winner

SPY

+32.04%

5Y(CAGR)

RAVI

+3.46%

Winner

SPY

+13.35%

10Y(CAGR)

RAVI

+2.65%

Winner

SPY

+15.49%

Max(CAGR)

RAVI

+2.66%

Winner

SPY

+8.50%

RAVI vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	RAVI	SPY
2026	+1.25%	+8.27%
2025	+4.93%	+18.00%
2024	+5.66%	+25.59%
2023	+5.53%	+26.72%
2022	+0.16%	-18.64%
2021	-0.02%	+30.52%
2020	+2.02%	+17.28%
2019	+3.48%	+31.09%
2018	+1.72%	-5.24%
2017	+1.25%	+20.78%
2016	+1.69%	+13.59%
2015	N/A	+1.31%
2014	N/A	+14.56%
2013	N/A	+29.00%
2012	N/A	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

RAVI vs SPY Drawdown Comparison

The maximum drawdown for RAVI was -3.72%, occurring on Mar 20, 2020. Recovery took 56 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

Rank	RAVI	SPY
#1	-3.72% Mar 3, 2020 - May 21, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-3.28% Sep 13, 2021 - Jan 12, 2023	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-0.77% Feb 11, 2016 - Jun 3, 2016	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-0.41% Oct 20, 2016 - Feb 6, 2017	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-0.37% Mar 13, 2023 - Apr 5, 2023	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-0.36% Apr 3, 2025 - Apr 25, 2025	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-0.33% Feb 6, 2017 - Mar 20, 2017	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-0.29% Nov 13, 2018 - Jan 9, 2019	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-0.29% Feb 8, 2016 - Feb 11, 2016	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-0.28% Jan 13, 2016 - Jan 19, 2016	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-0.25% Jan 22, 2016 - Feb 3, 2016	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-0.24% May 11, 2018 - May 17, 2018	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-0.20% Jan 6, 2016 - Jan 13, 2016	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-0.19% Feb 19, 2021 - May 6, 2021	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-0.19% Aug 1, 2017 - Aug 31, 2017	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between RAVI and SPY is 0.98 which considered as a very strong positive correlation - the stocks move almost identically together.

0.98

-101

Dividend Comparison (1999 - 2026)

RAVI vs SPY dividend yield comparison.

Year	RAVI	SPY
2026	1.36%	0.24%
2025	4.59%	1.07%
2024	5.34%	1.21%
2023	4.55%	1.40%
2022	1.70%	1.65%
2021	0.90%	1.20%
2020	1.29%	1.52%
2019	2.53%	1.75%
2018	2.22%	2.04%
2017	1.28%	1.80%
2016	0.90%	2.03%
2015	0.00%	2.06%
2014	0.00%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%