GII vs. RLY

Last updated Jun 9, 2026

GII (SPDR S&P Global Infrastructure ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - GII is a Utilities Equities fund tracking the S&P Global Infrastructure, while RLY is a Hedge Fund fund actively managed by State Street. GII is passively managed, while RLY is actively managed. Over the past 10 years, GII returned 8.22%/yr vs 8.25%/yr for RLY. A 0.70 correlation means they provide meaningful diversification when combined. GII charges 0.40%/yr vs 0.50%/yr for RLY.

Performance

GII vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Infrastructure ETF (GII) 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, GII achieves a 6.75% return, which is significantly lower than RLY's 14.36% return. Both investments have delivered pretty close results over the past 10 years, with GII having a 8.22% annualized return and RLY not far ahead at 8.25%.

GII

• 1D: -0.87%
• 1M: -2.02%
• YTD: 6.75%
• 6M: 7.80%
• 1Y: 13.78%
• 3Y*: 15.30%
• 5Y*: 9.70%
• 10Y*: 8.22%

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)

GII vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GII SPDR S&P Global Infrastructure ETF	6.75%	21.79%	14.30%	5.90%	-0.54%	11.39%	-6.81%	26.32%	-10.08%	19.07%
RLY SPDR SSgA Multi-Asset Real Return ETF	14.36%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%

Correlation

The correlation between GII and RLY is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012	0.70

The correlation between GII and RLY shifts across timeframes, from 0.57 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

GII vs. RLY - Sectors Allocation Comparison

Sectors	GII	RLY
Industrials	27.6%	16.5%
Utilities	26.3%	15.9%
Energy	20.7%	30.1%
Financial Services	4.7%	0.0%
Technology	2.6%	-
Communication Services	0.3%	-
Real Estate	0.1%	5.4%
Basic Materials	-	25.1%
Consumer Cyclical	-	2.6%
Consumer Defensive	-	3.6%
Healthcare	-	0.8%

Return for Risk

GII vs. RLY — Risk / Return Rank

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

GII

GII Risk / Return Rank: 43
GII Sharpe Ratio Rank: 40
GII Sortino Ratio Rank: 39
GII Omega Ratio Rank: 39
GII Calmar Ratio Rank: 52
GII Martin Ratio Rank: 46

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.

GII vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Infrastructure ETF (GII) 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.

	GII	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.73	-1.44
Sortino ratio: Return per unit of downside risk	1.83	3.69	-1.86
Omega ratio: Gain probability vs. loss probability	1.23	1.51	-0.28
Calmar ratio: Return relative to maximum drawdown	2.33	7.16	-4.83
Martin ratio: Return relative to average drawdown	7.00	25.86	-18.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GII vs. RLY - Sharpe Ratio Comparison

The current GII Sharpe Ratio is 1.28, which is lower than the RLY Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of GII 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

	GII	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.73	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.73	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.60	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.36	-0.08

Drawdowns

GII vs. RLY - Drawdown Comparison

The maximum GII drawdown since its inception was -50.98%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for GII and RLY.

Drawdown Indicators

	GII	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-50.98%	-37.75%	-13.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.94%	-3.93%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-10.08%	-4.23%
Max Drawdown (5Y) Largest decline over 5 years	-20.67%	-18.94%	-1.73%
Max Drawdown (10Y) Largest decline over 10 years	-42.84%	-34.17%	-8.67%
Current Drawdown Current decline from peak	-5.42%	-3.93%	-1.49%
Average Drawdown Average peak-to-trough decline	-11.51%	-9.45%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.09%	+0.88%

Volatility

GII vs. RLY - Volatility Comparison

SPDR S&P Global Infrastructure ETF (GII) has a higher volatility of 3.74% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.47%. This indicates that GII'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

	GII	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.47%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	8.46%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	10.34%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	13.57%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	13.83%	+3.32%

GII vs. RLY - Expense Ratio Comparison

GII has a 0.40% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

GII vs. RLY - Dividend Comparison

GII's dividend yield for the trailing twelve months is around 2.74%, less than RLY's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.74%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
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 GII and RLY in my portfolio?

GII and RLY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GII or RLY?

GII has higher volatility (3.74%) compared to RLY (3.47%). In terms of maximum drawdown, GII dropped -50.98% vs RLY's -37.75%.

Which ETF is better, GII or RLY?

On 10-year performance, RLY leads with 8.25% vs 8.22% for GII. On fees, GII is cheaper at 0.40% 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, GII or RLY?

Over the 10-year period, RLY has performed better with a 8.25% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GII or RLY?

GII is cheaper with a 0.40% expense ratio, compared with 0.50% for RLY.

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

RLY has the higher dividend yield at 2.93%, compared with 2.74% for GII.

What is the main difference between GII and RLY?

GII is categorized as Utilities Equities, while RLY is Hedge Fund. Their fees differ too: 0.40% for GII and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.73 vs 1.28), 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.