CDDYX vs. RLY

Last updated Jun 13, 2026

CDDYX (Columbia Dividend Income Fund Institutional 3 Class) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both funds - CDDYX is a Large Cap Value Equities fund managed by Columbia, while RLY is a Hedge Fund fund actively managed by State Street. Over the past 10 years, CDDYX returned 12.81%/yr vs 8.43%/yr for RLY. A 0.65 correlation means they provide meaningful diversification when combined. CDDYX charges 0.55%/yr vs 0.50%/yr for RLY.

Performance

CDDYX vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Dividend Income Fund Institutional 3 Class (CDDYX) 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, CDDYX achieves a 9.15% return, which is significantly lower than RLY's 15.03% return. Over the past 10 years, CDDYX has outperformed RLY with an annualized return of 12.81%, while RLY has yielded a comparatively lower 8.43% annualized return.

CDDYX

• 1D: 1.18%
• 1M: 2.41%
• YTD: 9.15%
• 6M: 8.77%
• 1Y: 20.36%
• 3Y*: 16.65%
• 5Y*: 10.94%
• 10Y*: 12.81%

RLY

• 1D: 0.47%
• 1M: -3.14%
• YTD: 15.03%
• 6M: 15.93%
• 1Y: 27.41%
• 3Y*: 13.98%
• 5Y*: 9.93%
• 10Y*: 8.43%

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

CDDYX vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDDYX Columbia Dividend Income Fund Institutional 3 Class	9.15%	15.95%	15.17%	10.65%	-4.84%	26.43%	7.92%	28.74%	-4.27%	20.34%
RLY SPDR SSgA Multi-Asset Real Return ETF	15.03%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%

Correlation

The correlation between CDDYX and RLY is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Nov 9, 2012	0.65

The correlation between CDDYX and RLY shifts across timeframes, from 0.52 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CDDYX vs. RLY — Risk / Return Rank

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

CDDYX

CDDYX Risk / Return Rank: 84
CDDYX Sharpe Ratio Rank: 82
CDDYX Sortino Ratio Rank: 82
CDDYX Omega Ratio Rank: 76
CDDYX Calmar Ratio Rank: 89
CDDYX Martin Ratio Rank: 89

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 90
RLY Sortino Ratio Rank: 89
RLY Omega Ratio Rank: 89
RLY Calmar Ratio Rank: 94
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.

CDDYX vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Dividend Income Fund Institutional 3 Class (CDDYX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CDDYX	RLY	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.66	-0.38
Sortino ratio: Return per unit of downside risk	3.27	3.61	-0.33
Omega ratio: Gain probability vs. loss probability	1.40	1.49	-0.09
Calmar ratio: Return relative to maximum drawdown	3.80	5.95	-2.15
Martin ratio: Return relative to average drawdown	14.30	22.94	-8.64

CDDYX vs. RLY - Sharpe Ratio Comparison

The current CDDYX Sharpe Ratio is 2.28, which is comparable to the RLY Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of CDDYX 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.

Drawdowns

CDDYX vs. RLY - Drawdown Comparison

The maximum CDDYX drawdown since its inception was -32.74%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for CDDYX and RLY.

Drawdown Indicators

	CDDYX	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-32.74%	-37.75%	+5.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.51%	-4.63%	-0.88%
Max Drawdown (3Y) Largest decline over 3 years	-12.99%	-10.08%	-2.91%
Max Drawdown (5Y) Largest decline over 5 years	-16.91%	-18.94%	+2.03%
Max Drawdown (10Y) Largest decline over 10 years	-32.74%	-34.17%	+1.43%
Current Drawdown Current decline from peak	0.00%	-3.37%	+3.37%
Average Drawdown Average peak-to-trough decline	-2.76%	-9.44%	+6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.20%	+0.26%

Volatility

CDDYX vs. RLY - Volatility Comparison

The current volatility for Columbia Dividend Income Fund Institutional 3 Class (CDDYX) is 2.70%, while SPDR SSgA Multi-Asset Real Return ETF (RLY) has a volatility of 3.25%. This indicates that CDDYX experiences smaller price fluctuations and is considered to be less risky than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDDYX	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	3.25%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	6.96%	8.47%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.19%	10.37%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	13.57%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.69%	13.82%	+1.87%

CDDYX vs. RLY - Expense Ratio Comparison

CDDYX has a 0.55% expense ratio, which is higher than RLY's 0.50% expense ratio.

Dividends

CDDYX vs. RLY - Dividend Comparison

CDDYX's dividend yield for the trailing twelve months is around 4.93%, more than RLY's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDDYX Columbia Dividend Income Fund Institutional 3 Class	4.93%	5.33%	5.99%	4.96%	3.90%	2.93%	1.85%	3.28%	7.65%	4.03%	3.84%	8.35%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.92%	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 CDDYX and RLY in my portfolio?

CDDYX and RLY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDDYX or RLY?

RLY has higher volatility (3.25%) compared to CDDYX (2.70%). In terms of maximum drawdown, CDDYX dropped -32.74% vs RLY's -37.75%.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.66 vs 2.28), 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.