AVDV vs. RLY

Last updated Jun 9, 2026

AVDV (Avantis International Small Cap Value ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis, while RLY is a Hedge Fund fund actively managed by State Street. Both are actively managed. Over the past 5 years, AVDV returned 13.33%/yr vs 9.85%/yr for RLY. A 0.76 correlation means they provide meaningful diversification when combined. AVDV charges 0.36%/yr vs 0.50%/yr for RLY.

Performance

AVDV vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis International Small Cap Value ETF (AVDV) and SPDR SSgA Multi-Asset Real Return ETF (RLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVDV achieves a 13.22% return, which is significantly lower than RLY's 14.36% return.

AVDV

• 1D: 0.26%
• 1M: -2.93%
• YTD: 13.22%
• 6M: 16.29%
• 1Y: 40.16%
• 3Y*: 26.61%
• 5Y*: 13.33%
• 10Y*: —

RLY

• 1D: -0.06%
• 1M: -2.10%
• YTD: 14.36%
• 6M: 16.24%
• 1Y: 28.00%
• 3Y*: 13.90%
• 5Y*: 9.85%
• 10Y*: 8.25%

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

AVDV vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AVDV Avantis International Small Cap Value ETF	13.22%	49.37%	8.67%	16.85%	-11.47%	15.80%	5.01%	12.05%
RLY SPDR SSgA Multi-Asset Real Return ETF	14.36%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	4.18%

Correlation

The correlation between AVDV and RLY is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.76

Over the past year, the correlation between AVDV and RLY has dropped to 0.55 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

AVDV vs. RLY - Sectors Allocation Comparison

Sectors	AVDV	RLY
Basic Materials	22.5%	25.1%
Industrials	21.3%	16.5%
Consumer Cyclical	14.4%	2.6%
Financial Services	13.7%	0.0%
Energy	10.8%	30.1%
Technology	6.4%	-
Consumer Defensive	3.4%	3.6%
Healthcare	2.1%	0.8%
Communication Services	2.0%	-
Utilities	1.7%	15.9%
Real Estate	1.1%	5.4%

Return for Risk

AVDV vs. RLY — Risk / Return Rank

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

AVDV

AVDV Risk / Return Rank: 79
AVDV Sharpe Ratio Rank: 86
AVDV Sortino Ratio Rank: 83
AVDV Omega Ratio Rank: 84
AVDV Calmar Ratio Rank: 67
AVDV Martin Ratio Rank: 73

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 89
RLY Sortino Ratio Rank: 89
RLY Omega Ratio Rank: 89
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 94

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.

AVDV vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis International Small Cap Value ETF (AVDV) and SPDR SSgA Multi-Asset Real Return ETF (RLY). 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.

	AVDV	RLY	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.73	-0.19
Sortino ratio: Return per unit of downside risk	3.35	3.69	-0.34
Omega ratio: Gain probability vs. loss probability	1.46	1.51	-0.05
Calmar ratio: Return relative to maximum drawdown	3.06	7.16	-4.10
Martin ratio: Return relative to average drawdown	12.34	25.86	-13.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVDV vs. RLY - Sharpe Ratio Comparison

The current AVDV Sharpe Ratio is 2.54, which is comparable to the RLY Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of AVDV and RLY, 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

	AVDV	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.73	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.73	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.36	+0.41

Drawdowns

AVDV vs. RLY - Drawdown Comparison

The maximum AVDV drawdown since its inception was -43.01%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for AVDV and RLY.

Drawdown Indicators

	AVDV	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-43.01%	-37.75%	-5.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.19%	-3.93%	-9.26%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-10.08%	-4.09%
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	-18.94%	-9.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.17%	—
Current Drawdown Current decline from peak	-3.74%	-3.93%	+0.19%
Average Drawdown Average peak-to-trough decline	-6.77%	-9.45%	+2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	1.09%	+2.17%

Volatility

AVDV vs. RLY - Volatility Comparison

Avantis International Small Cap Value ETF (AVDV) has a higher volatility of 5.49% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.47%. This indicates that AVDV's price experiences larger fluctuations and is considered to be riskier than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVDV	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	3.47%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	8.46%	+5.03%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	10.34%	+5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	13.57%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	13.83%	+5.92%

AVDV vs. RLY - Expense Ratio Comparison

AVDV has a 0.36% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

AVDV vs. RLY - Dividend Comparison

AVDV's dividend yield for the trailing twelve months is around 2.81%, less than RLY's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	2.81%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.93%	3.24%	3.31%	3.71%	5.66%	12.15%	2.16%	3.45%	2.76%	1.85%	2.07%	1.80%

Frequently Asked Questions

Can I hold both AVDV and RLY in my portfolio?

AVDV and RLY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVDV or RLY?

AVDV has higher volatility (5.49%) compared to RLY (3.47%). In terms of maximum drawdown, AVDV dropped -43.01% vs RLY's -37.75%.

Which ETF is better, AVDV or RLY?

On 5-year performance, AVDV leads with 13.33% vs 9.85% for RLY. On fees, AVDV is cheaper at 0.36% per year. On volatility, RLY has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVDV or RLY?

Over the 5-year period, AVDV has performed better with a 13.33% return vs 9.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVDV or RLY?

AVDV is cheaper with a 0.36% expense ratio, compared with 0.50% for RLY.

Which ETF pays a higher dividend yield, AVDV or RLY?

RLY has the higher dividend yield at 2.93%, compared with 2.81% for AVDV.

What is the main difference between AVDV and RLY?

AVDV is categorized as Foreign Small & Mid Cap Equities, while RLY is Hedge Fund. They also come from different issuers: Avantis and State Street. Their fees differ too: 0.36% for AVDV and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.73 vs 2.54), 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.