FPKFX vs. RLY

Last updated Jun 9, 2026

FPKFX (Fidelity Puritan K6 Fund) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both funds - FPKFX is a Diversified Portfolio fund managed by Fidelity, while RLY is a Hedge Fund fund actively managed by State Street. Over the past 5 years, FPKFX returned 8.87%/yr vs 9.85%/yr for RLY. A 0.59 correlation means they provide meaningful diversification when combined. FPKFX charges 0.32%/yr vs 0.50%/yr for RLY.

Performance

FPKFX vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Puritan K6 Fund (FPKFX) 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, FPKFX achieves a 7.31% return, which is significantly lower than RLY's 14.36% return.

FPKFX

• 1D: -2.69%
• 1M: -0.43%
• YTD: 7.31%
• 6M: 7.15%
• 1Y: 18.91%
• 3Y*: 15.96%
• 5Y*: 8.87%
• 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)

FPKFX vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FPKFX Fidelity Puritan K6 Fund	7.31%	11.37%	18.95%	20.29%	-17.11%	19.10%	20.22%	9.41%
RLY SPDR SSgA Multi-Asset Real Return ETF	14.36%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	5.77%

Correlation

The correlation between FPKFX and RLY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019	0.59

Over the past year, the correlation between FPKFX and RLY has dropped to 0.32 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

FPKFX vs. RLY — Risk / Return Rank

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

FPKFX

FPKFX Risk / Return Rank: 49
FPKFX Sharpe Ratio Rank: 45
FPKFX Sortino Ratio Rank: 41
FPKFX Omega Ratio Rank: 46
FPKFX Calmar Ratio Rank: 51
FPKFX Martin Ratio Rank: 61

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.

FPKFX vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Puritan K6 Fund (FPKFX) 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.

	FPKFX	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.73	-0.85
Sortino ratio: Return per unit of downside risk	2.56	3.69	-1.13
Omega ratio: Gain probability vs. loss probability	1.35	1.51	-0.16
Calmar ratio: Return relative to maximum drawdown	2.60	7.16	-4.56
Martin ratio: Return relative to average drawdown	11.58	25.86	-14.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPKFX vs. RLY - Sharpe Ratio Comparison

The current FPKFX Sharpe Ratio is 1.87, which is lower than the RLY Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of FPKFX 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

	FPKFX	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.73	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.73	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.36	+0.49

Drawdowns

FPKFX vs. RLY - Drawdown Comparison

The maximum FPKFX drawdown since its inception was -24.46%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for FPKFX and RLY.

Drawdown Indicators

	FPKFX	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-24.46%	-37.75%	+13.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	-3.93%	-3.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.90%	-10.08%	-4.82%
Max Drawdown (5Y) Largest decline over 5 years	-22.33%	-18.94%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.17%	—
Current Drawdown Current decline from peak	-2.69%	-3.93%	+1.24%
Average Drawdown Average peak-to-trough decline	-4.79%	-9.45%	+4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.09%	+0.58%

Volatility

FPKFX vs. RLY - Volatility Comparison

Fidelity Puritan K6 Fund (FPKFX) has a higher volatility of 4.06% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.47%. This indicates that FPKFX'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

	FPKFX	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	3.47%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	8.50%	8.46%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	10.34%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.69%	13.57%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	13.83%	+0.50%

FPKFX vs. RLY - Expense Ratio Comparison

FPKFX has a 0.32% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

FPKFX vs. RLY - Dividend Comparison

FPKFX's dividend yield for the trailing twelve months is around 3.91%, more than RLY's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPKFX Fidelity Puritan K6 Fund	3.91%	4.19%	3.83%	1.67%	1.62%	4.34%	1.40%	0.63%	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 FPKFX and RLY in my portfolio?

FPKFX and RLY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPKFX or RLY?

FPKFX has higher volatility (4.06%) compared to RLY (3.47%). In terms of maximum drawdown, FPKFX dropped -24.46% vs RLY's -37.75%.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.73 vs 1.87), 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.