DBEF vs. RLY

Last updated Jun 4, 2026

DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both Hedge Fund funds. DBEF is passively managed, while RLY is actively managed. Over the past 10 years, DBEF returned 12.12%/yr vs 8.56%/yr for RLY. A 0.58 correlation means they provide meaningful diversification when combined. DBEF charges 0.36%/yr vs 0.50%/yr for RLY.

Performance

DBEF vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) 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, DBEF achieves a 10.25% return, which is significantly lower than RLY's 17.13% return. Over the past 10 years, DBEF has outperformed RLY with an annualized return of 12.12%, while RLY has yielded a comparatively lower 8.56% annualized return.

DBEF

• 1D: -0.47%
• 1M: 4.76%
• YTD: 10.25%
• 6M: 12.54%
• 1Y: 24.51%
• 3Y*: 17.72%
• 5Y*: 13.11%
• 10Y*: 12.12%

RLY

• 1D: -0.30%
• 1M: -0.30%
• YTD: 17.13%
• 6M: 18.27%
• 1Y: 31.78%
• 3Y*: 15.11%
• 5Y*: 10.43%
• 10Y*: 8.56%

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

DBEF vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	10.25%	23.16%	13.40%	20.15%	-5.13%	19.60%	2.03%	24.94%	-9.52%	16.74%
RLY SPDR SSgA Multi-Asset Real Return ETF	17.13%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%

Correlation

The correlation between DBEF and RLY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012	0.58

Over the past year, the correlation between DBEF and RLY has dropped to 0.37 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

DBEF vs. RLY - Sectors Allocation Comparison

Sectors	DBEF	RLY
Financial Services	24.6%	0.0%
Industrials	19.9%	16.5%
Healthcare	10.5%	0.8%
Technology	10.3%	-
Consumer Cyclical	7.5%	2.6%
Consumer Defensive	6.8%	3.6%
Basic Materials	5.9%	25.1%
Communication Services	4.5%	-
Energy	4.1%	30.1%
Utilities	3.9%	15.9%
Real Estate	1.9%	5.4%

Return for Risk

DBEF vs. RLY — Risk / Return Rank

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

DBEF

DBEF Risk / Return Rank: 57
DBEF Sharpe Ratio Rank: 57
DBEF Sortino Ratio Rank: 58
DBEF Omega Ratio Rank: 59
DBEF Calmar Ratio Rank: 52
DBEF Martin Ratio Rank: 60

RLY

RLY Risk / Return Rank: 92
RLY Sharpe Ratio Rank: 90
RLY Sortino Ratio Rank: 91
RLY Omega Ratio Rank: 90
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 95

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.

DBEF vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) 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.

	DBEF	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.99	3.17	-1.18
Sortino ratio: Return per unit of downside risk	2.80	4.33	-1.53
Omega ratio: Gain probability vs. loss probability	1.37	1.60	-0.23
Calmar ratio: Return relative to maximum drawdown	2.62	8.60	-5.98
Martin ratio: Return relative to average drawdown	11.01	31.17	-20.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEF vs. RLY - Sharpe Ratio Comparison

The current DBEF Sharpe Ratio is 1.99, which is lower than the RLY Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of DBEF 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

	DBEF	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	3.17	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.77	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.62	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.38	+0.17

Drawdowns

DBEF vs. RLY - Drawdown Comparison

The maximum DBEF drawdown since its inception was -32.46%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for DBEF and RLY.

Drawdown Indicators

	DBEF	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-32.46%	-37.75%	+5.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-3.71%	-5.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.62%	-10.08%	-4.54%
Max Drawdown (5Y) Largest decline over 5 years	-14.95%	-18.94%	+3.99%
Max Drawdown (10Y) Largest decline over 10 years	-32.46%	-34.17%	+1.71%
Current Drawdown Current decline from peak	-0.47%	-1.60%	+1.13%
Average Drawdown Average peak-to-trough decline	-4.74%	-9.46%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	1.02%	+1.21%

Volatility

DBEF vs. RLY - Volatility Comparison

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) has a higher volatility of 3.99% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.00%. This indicates that DBEF'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

	DBEF	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	3.00%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	8.15%	+1.99%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	10.06%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.74%	13.54%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	13.81%	+1.98%

DBEF vs. RLY - Expense Ratio Comparison

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

Dividends

DBEF vs. RLY - Dividend Comparison

DBEF's dividend yield for the trailing twelve months is around 5.03%, more than RLY's 2.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	5.03%	5.55%	1.29%	4.46%	15.85%	2.28%	2.41%	3.03%	3.22%	2.98%	2.55%	3.70%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.86%	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 DBEF and RLY in my portfolio?

DBEF and RLY have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBEF or RLY?

DBEF has higher volatility (3.99%) compared to RLY (3.00%). In terms of maximum drawdown, DBEF dropped -32.46% vs RLY's -37.75%.

Which ETF is better, DBEF or RLY?

On 10-year performance, DBEF leads with 12.12% vs 8.56% for RLY. On fees, DBEF is cheaper at 0.36% per year. On volatility, RLY has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEF or RLY?

Over the 10-year period, DBEF has performed better with a 12.12% return vs 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEF or RLY?

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

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

DBEF has the higher dividend yield at 5.03%, compared with 2.86% for RLY.

What is the main difference between DBEF and RLY?

They also come from different issuers: DWS and State Street. Their fees differ too: 0.36% for DBEF and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (3.17 vs 1.99), 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.