CERY vs. RLY
CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. Both are passively managed. Over the past year, CERY returned 38.05% vs 27.64% for RLY. Their 0.70 correlation means they have sometimes moved together and sometimes differently. CERY charges 0.28%/yr vs 0.50%/yr for RLY.
Performance
CERY vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, CERY achieves a 25.95% return, which is significantly higher than RLY's 15.77% return.
CERY
- 1D
- -0.22%
- 1M
- 7.79%
- 6M
- 15.18%
- YTD
- 25.95%
- 1Y
- 38.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 24.32%
RLY
- 1D
- -0.46%
- 1M
- 4.07%
- 6M
- 7.44%
- YTD
- 15.77%
- 1Y
- 27.64%
- 3Y*
- 12.72%
- 5Y*
- 10.48%
- 10Y*
- 8.27%
- ALL TIME*
- 4.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.02M | $9.94M | $6.85M | |
| $4.60M | $7.84M | $7.75M |
CERY vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 25.95% | 15.68% | 3.80% |
RLY State Street Multi-Asset Real Return ETF | 15.77% | 20.26% | -0.60% |
Correlation
The correlation between CERY and RLY is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | 0.70 |
The correlation between CERY and RLY has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.
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Return for Risk
CERY vs. RLY — Risk / Return Rank
CERY
RLY
CERY vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and State Street 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.
| CERY | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.48 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 3.66 | -1.05 |
| Martin ratioReturn relative to average drawdown | 8.97 | 12.77 | -3.79 |
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Drawdowns
CERY vs. RLY - Drawdown Comparison
The maximum CERY drawdown since its inception was -14.33%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for CERY and RLY.
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Drawdown Indicators
| CERY | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.33% | -37.75% | +23.42% |
Max Drawdown (1Y)Largest decline over 1 year | -14.33% | -7.54% | -6.79% |
Max Drawdown (3Y)Largest decline over 3 years | — | -10.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.17% | — |
Current DrawdownCurrent decline from peak | -6.62% | -2.74% | -3.88% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -9.40% | +6.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 2.16% | +1.99% |
Volatility
CERY vs. RLY - Volatility Comparison
SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a higher volatility of 5.02% compared to State Street Multi-Asset Real Return ETF (RLY) at 2.68%. This indicates that CERY'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.
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Volatility by Period
| CERY | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.02% | 2.68% | +2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 13.85% | 8.44% | +5.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.20% | 10.60% | +5.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.94% | 13.46% | +1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 13.80% | +1.14% |
CERY vs. RLY - Expense Ratio Comparison
CERY has a 0.28% expense ratio, which is lower than RLY's 0.50% expense ratio.
Dividends
CERY vs. RLY - Dividend Comparison
CERY's dividend yield for the trailing twelve months is around 3.97%, more than RLY's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 3.97% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RLY State Street Multi-Asset Real Return ETF | 3.06% | 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
CERY and RLY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CERY has higher volatility (5.02%) compared to RLY (2.68%). In terms of maximum drawdown, CERY dropped -14.33% vs RLY's -37.75%.
On 1-year performance, CERY leads with 38.05% vs 27.64% for RLY. On fees, CERY is cheaper at 0.28% per year. On volatility, RLY has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CERY has performed better with a 38.05% return vs 27.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CERY is cheaper with a 0.28% expense ratio, compared with 0.50% for RLY.
CERY has the higher dividend yield at 3.97%, compared with 3.06% for RLY.
CERY is categorized as Commodities, while RLY is Global Allocation. CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index. Their fees differ too: 0.28% for CERY and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.61 vs 2.30), 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.
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