IRVH vs. RLY
IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - IRVH is a Inflation-Protected Bonds fund actively managed by Global X, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. IRVH is actively managed, while RLY is passively managed. Over the past 3 years, IRVH returned 0.11%/yr vs 12.72%/yr for RLY. Their 0.12 correlation means their historical movements had little consistent relationship. Both charge a 0.50% expense ratio.
Performance
IRVH vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, IRVH achieves a -4.59% return, which is significantly lower than RLY's 15.77% return.
IRVH
- 1D
- -0.11%
- 1M
- -0.67%
- 6M
- -4.04%
- YTD
- -4.59%
- 1Y
- -3.57%
- 3Y*
- 0.11%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.19%
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) |
|---|---|---|---|
| $471.52 | $4.02K | $5.19K | |
| $4.60M | $7.84M | $7.75M |
IRVH vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | -4.59% | 7.71% | -5.49% | 0.83% | -6.69% |
RLY State Street Multi-Asset Real Return ETF | 15.77% | 20.26% | 2.53% | 2.56% | 5.53% |
Correlation
The correlation between IRVH and RLY is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2022 | 0.12 |
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Return for Risk
IRVH vs. RLY — Risk / Return Rank
IRVH
RLY
IRVH vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.
| IRVH | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.29 | ||
| Sortino ratioReturn per unit of downside risk | -4.48 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.48 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 3.66 | -4.15 |
| Martin ratioReturn relative to average drawdown | -0.97 | 12.77 | -13.74 |
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Drawdowns
IRVH vs. RLY - Drawdown Comparison
The maximum IRVH drawdown since its inception was -14.98%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for IRVH and RLY.
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Drawdown Indicators
| IRVH | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.98% | -37.75% | +22.77% |
Max Drawdown (1Y)Largest decline over 1 year | -6.48% | -7.54% | +1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -10.08% | +2.05% |
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 | -11.49% | -2.74% | -8.75% |
Average DrawdownAverage peak-to-trough decline | -9.76% | -9.40% | -0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 2.16% | +1.10% |
Volatility
IRVH vs. RLY - Volatility Comparison
The current volatility for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) is 0.88%, while State Street Multi-Asset Real Return ETF (RLY) has a volatility of 2.68%. This indicates that IRVH 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.
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Volatility by Period
| IRVH | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 2.68% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 8.44% | -5.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.66% | 10.60% | -5.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.70% | 13.46% | -4.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 13.80% | -5.10% |
IRVH vs. RLY - Expense Ratio Comparison
Both IRVH and RLY have an expense ratio of 0.50%.
Dividends
IRVH vs. RLY - Dividend Comparison
IRVH's dividend yield for the trailing twelve months is around 5.68%, more than RLY's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | 5.31% | 4.89% | 3.34% | 3.69% | 2.73% | 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
IRVH and RLY have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RLY has higher volatility (2.68%) compared to IRVH (0.88%). In terms of maximum drawdown, IRVH dropped -14.98% vs RLY's -37.75%.
On 3-year performance, RLY leads with 12.72% vs 0.11% for IRVH. Both ETFs have the same 0.50% expense ratio. On volatility, IRVH has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RLY has performed better with a 12.72% return vs 0.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IRVH and RLY have the same expense ratio: 0.50% per year.
IRVH has the higher dividend yield at 5.31%, compared with 3.06% for RLY.
IRVH is categorized as Inflation-Protected Bonds, while RLY is Global Allocation. They also come from different issuers: Global X and State Street.
RLY currently has the higher Sharpe Ratio (2.61 vs -0.68), 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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