GQRE vs. RLY

Last updated Jun 6, 2026

GQRE (FlexShares Global Quality Real Estate Index Fund) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - GQRE is a REIT fund tracking the Northern Trust Global Quality Real Estate (NR), while RLY is a Hedge Fund fund actively managed by State Street. GQRE is passively managed, while RLY is actively managed. Over the past 10 years, GQRE returned 3.83%/yr vs 8.16%/yr for RLY. A 0.59 correlation means they provide meaningful diversification when combined. GQRE charges 0.45%/yr vs 0.50%/yr for RLY.

Performance

GQRE vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Global Quality Real Estate Index Fund (GQRE) 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, GQRE achieves a 8.43% return, which is significantly lower than RLY's 14.42% return. Over the past 10 years, GQRE has underperformed RLY with an annualized return of 3.83%, while RLY has yielded a comparatively higher 8.16% annualized return.

GQRE

• 1D: 0.13%
• 1M: -2.45%
• YTD: 8.43%
• 6M: 9.40%
• 1Y: 13.08%
• 3Y*: 10.50%
• 5Y*: 2.19%
• 10Y*: 3.83%

RLY

• 1D: -2.18%
• 1M: -2.89%
• YTD: 14.42%
• 6M: 15.47%
• 1Y: 28.25%
• 3Y*: 14.14%
• 5Y*: 9.92%
• 10Y*: 8.16%

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

GQRE vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GQRE FlexShares Global Quality Real Estate Index Fund	8.43%	8.27%	6.09%	9.21%	-27.22%	32.01%	-9.17%	21.84%	-8.88%	13.60%
RLY SPDR SSgA Multi-Asset Real Return ETF	14.42%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%

Correlation

The correlation between GQRE and RLY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 7, 2013	0.59

The correlation between GQRE and RLY shifts across timeframes, from 0.45 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

GQRE vs. RLY - Sectors Allocation Comparison

Sectors	GQRE	RLY
Real Estate	87.9%	5.4%
Financial Services	2.0%	0.0%
Consumer Cyclical	1.0%	2.6%
Technology	0.8%	-
Healthcare	0.6%	0.8%
Consumer Defensive	0.5%	3.6%
Utilities	0.5%	15.9%
Communication Services	0.5%	-
Industrials	0.2%	16.5%
Basic Materials	0.0%	25.1%
Energy	-	30.1%

Return for Risk

GQRE vs. RLY — Risk / Return Rank

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

GQRE

GQRE Risk / Return Rank: 31
GQRE Sharpe Ratio Rank: 33
GQRE Sortino Ratio Rank: 31
GQRE Omega Ratio Rank: 31
GQRE Calmar Ratio Rank: 28
GQRE Martin Ratio Rank: 34

RLY

RLY Risk / Return Rank: 89
RLY Sharpe Ratio Rank: 86
RLY Sortino Ratio Rank: 85
RLY Omega Ratio Rank: 86
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.

GQRE vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Global Quality Real Estate Index Fund (GQRE) 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.

	GQRE	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.75	-1.62
Sortino ratio: Return per unit of downside risk	1.58	3.71	-2.13
Omega ratio: Gain probability vs. loss probability	1.20	1.51	-0.31
Calmar ratio: Return relative to maximum drawdown	1.29	7.32	-6.03
Martin ratio: Return relative to average drawdown	4.92	26.80	-21.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQRE vs. RLY - Sharpe Ratio Comparison

The current GQRE Sharpe Ratio is 1.13, which is lower than the RLY Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of GQRE 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

	GQRE	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	2.75	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.73	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.59	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.36	-0.06

Drawdowns

GQRE vs. RLY - Drawdown Comparison

The maximum GQRE drawdown since its inception was -41.87%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for GQRE and RLY.

Drawdown Indicators

	GQRE	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-37.75%	-4.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-3.88%	-6.27%
Max Drawdown (3Y) Largest decline over 3 years	-16.17%	-10.08%	-6.09%
Max Drawdown (5Y) Largest decline over 5 years	-35.08%	-18.94%	-16.14%
Max Drawdown (10Y) Largest decline over 10 years	-41.87%	-34.17%	-7.70%
Current Drawdown Current decline from peak	-2.45%	-3.88%	+1.43%
Average Drawdown Average peak-to-trough decline	-9.23%	-9.45%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	1.06%	+1.61%

Volatility

GQRE vs. RLY - Volatility Comparison

The current volatility for FlexShares Global Quality Real Estate Index Fund (GQRE) is 3.22%, while SPDR SSgA Multi-Asset Real Return ETF (RLY) has a volatility of 3.61%. This indicates that GQRE 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

	GQRE	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	3.61%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	8.80%	8.46%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	10.32%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	13.56%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	13.83%	+3.83%

GQRE vs. RLY - Expense Ratio Comparison

GQRE has a 0.45% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

GQRE vs. RLY - Dividend Comparison

GQRE's dividend yield for the trailing twelve months is around 4.31%, more than RLY's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GQRE FlexShares Global Quality Real Estate Index Fund	4.31%	4.75%	3.77%	2.91%	2.56%	2.36%	2.05%	4.29%	3.22%	1.97%	4.16%	2.32%
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 GQRE and RLY in my portfolio?

GQRE and RLY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GQRE or RLY?

RLY has higher volatility (3.61%) compared to GQRE (3.22%). In terms of maximum drawdown, GQRE dropped -41.87% vs RLY's -37.75%.

Which ETF is better, GQRE or RLY?

On 10-year performance, RLY leads with 8.16% vs 3.83% for GQRE. On fees, GQRE is cheaper at 0.45% per year. On volatility, GQRE has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GQRE or RLY?

Over the 10-year period, RLY has performed better with a 8.16% return vs 3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GQRE or RLY?

GQRE is cheaper with a 0.45% expense ratio, compared with 0.50% for RLY.

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

GQRE has the higher dividend yield at 4.31%, compared with 2.93% for RLY.

What is the main difference between GQRE and RLY?

GQRE is categorized as REIT, while RLY is Hedge Fund. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.45% for GQRE and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.75 vs 1.13), 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.