IVOL vs. RLY
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. IVOL is actively managed, while RLY is passively managed. Over the past 5 years, IVOL returned -5.87%/yr vs 10.48%/yr for RLY. Their 0.08 correlation means their historical movements had little consistent relationship. IVOL charges 0.99%/yr vs 0.50%/yr for RLY.
Performance
IVOL vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -7.33% return, which is significantly lower than RLY's 15.77% return.
IVOL
- 1D
- 0.17%
- 1M
- 0.36%
- 6M
- -6.64%
- YTD
- -7.33%
- 1Y
- -7.62%
- 3Y*
- -1.90%
- 5Y*
- -5.87%
- 10Y*
- —
- ALL TIME*
- -1.42%
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) |
|---|---|---|---|
| $1.46M | $1.22M | $2.07M | |
| $4.60M | $7.84M | $7.75M |
IVOL vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
RLY State Street Multi-Asset Real Return ETF | 15.77% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 6.76% |
Correlation
The correlation between IVOL and RLY is 0.01, 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. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.08 |
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Return for Risk
IVOL vs. RLY — Risk / Return Rank
IVOL
RLY
IVOL vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) 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.
| IVOL | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.53 | ||
| Sortino ratioReturn per unit of downside risk | -4.81 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.48 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 3.66 | -4.16 |
| Martin ratioReturn relative to average drawdown | -0.99 | 12.77 | -13.75 |
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Drawdowns
IVOL vs. RLY - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for IVOL and RLY.
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Drawdown Indicators
| IVOL | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -37.75% | +6.59% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -7.54% | -4.63% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -10.08% | -4.40% |
Max Drawdown (5Y)Largest decline over 5 years | -30.07% | -18.94% | -11.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.17% | — |
Current DrawdownCurrent decline from peak | -27.12% | -2.74% | -24.38% |
Average DrawdownAverage peak-to-trough decline | -13.60% | -9.40% | -4.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 2.16% | +4.06% |
Volatility
IVOL vs. RLY - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 1.74%, while State Street Multi-Asset Real Return ETF (RLY) has a volatility of 2.68%. This indicates that IVOL 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
| IVOL | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 2.68% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 8.44% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 10.60% | -3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 13.46% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.91% | 13.80% | -1.89% |
IVOL vs. RLY - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than RLY's 0.50% expense ratio.
Dividends
IVOL vs. RLY - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.88%, more than RLY's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.88% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 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
IVOL and RLY have a correlation of 0.01, 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 IVOL (1.74%). In terms of maximum drawdown, IVOL dropped -31.16% vs RLY's -37.75%.
On 5-year performance, RLY leads with 10.48% vs -5.87% for IVOL. On fees, RLY is cheaper at 0.50% per year. On volatility, IVOL has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RLY has performed better with a 10.48% return vs -5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY is cheaper with a 0.50% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.88%, compared with 3.06% for RLY.
IVOL is categorized as Inflation-Protected Bonds, while RLY is Global Allocation. They also come from different issuers: CICC and State Street. Their fees differ too: 0.99% for IVOL and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.61 vs -0.92), 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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