JFLI vs. RLY

Last updated Aug 6, 2026

JFLI (JPMorgan Flexible Income ETF) and RLY (State Street Multi-Asset Real Return ETF) are both Global Allocation funds. JFLI is actively managed, while RLY is passively managed. Over the past year, JFLI returned 17.37% vs 26.40% for RLY. Their 0.44 correlation means their historical movements had little consistent relationship. JFLI charges 0.35%/yr vs 0.50%/yr for RLY.

Performance

JFLI vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Flexible Income ETF (JFLI) and State Street 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, JFLI achieves a 10.47% return, which is significantly lower than RLY's 15.71% return.

JFLI

• 1D: -0.04%
• 1M: 0.43%
• 6M: 7.74%
• YTD: 10.47%
• 1Y: 17.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.96%

RLY

• 1D: 0.22%
• 1M: 3.59%
• 6M: 6.19%
• YTD: 15.71%
• 1Y: 26.40%
• 3Y*: 13.07%
• 5Y*: 10.63%
• 10Y*: 8.20%
• ALL TIME*: 4.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JFLI JPMorgan Flexible Income ETF	$237.72K	$286.10K	$283.34K
RLY State Street Multi-Asset Real Return ETF	$4.72M	$7.90M	$7.84M

JFLI vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025
JFLI JPMorgan Flexible Income ETF	10.47%	9.73%
RLY State Street Multi-Asset Real Return ETF	15.71%	15.33%

Correlation

The correlation between JFLI and RLY is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.44

Return for Risk

JFLI vs. RLY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JFLI

JFLI Risk / Return Rank: 71
JFLI Sharpe Ratio Rank: 69
JFLI Sortino Ratio Rank: 69
JFLI Omega Ratio Rank: 71
JFLI Calmar Ratio Rank: 66
JFLI Martin Ratio Rank: 79

RLY

RLY Risk / Return Rank: 87
RLY Sharpe Ratio Rank: 91
RLY Sortino Ratio Rank: 90
RLY Omega Ratio Rank: 91
RLY Calmar Ratio Rank: 84
RLY Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JFLI vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Flexible Income ETF (JFLI) 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.

	JFLI	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.51	-0.70
Sortino ratio: Return per unit of downside risk	2.57	3.43	-0.87
Omega ratio: Gain probability vs. loss probability	1.34	1.46	-0.12
Calmar ratio: Return relative to maximum drawdown	2.61	3.52	-0.90
Martin ratio: Return relative to average drawdown	11.43	12.14	-0.72

JFLI vs. RLY - Sharpe Ratio Comparison

The current JFLI Sharpe Ratio is 1.81, which is comparable to the RLY Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of JFLI 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.

Drawdowns

JFLI vs. RLY - Drawdown Comparison

The maximum JFLI drawdown since its inception was -12.87%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for JFLI and RLY.

Drawdown Indicators

	JFLI	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-12.87%	-37.75%	+24.88%
Max Drawdown (1Y) Largest decline over 1 year	-6.67%	-7.54%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.17%	—
Current Drawdown Current decline from peak	-0.09%	-2.80%	+2.71%
Average Drawdown Average peak-to-trough decline	-1.43%	-9.39%	+7.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	2.18%	-0.66%

Volatility

JFLI vs. RLY - Volatility Comparison

JPMorgan Flexible Income ETF (JFLI) has a higher volatility of 3.12% compared to State Street Multi-Asset Real Return ETF (RLY) at 2.59%. This indicates that JFLI'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

	JFLI	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	2.59%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	7.62%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	9.65%	10.58%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.00%	13.44%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.00%	13.80%	-1.80%

JFLI vs. RLY - Expense Ratio Comparison

JFLI has a 0.35% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

JFLI vs. RLY - Dividend Comparison

JFLI's dividend yield for the trailing twelve months is around 7.20%, more than RLY's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JFLI JPMorgan Flexible Income ETF	7.20%	6.81%	0.00%	0.00%	0.00%	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

Can I hold both JFLI and RLY in my portfolio?

JFLI and RLY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JFLI or RLY?

JFLI has higher volatility (3.12%) compared to RLY (2.59%). In terms of maximum drawdown, JFLI dropped -12.87% vs RLY's -37.75%.

Which ETF is better, JFLI or RLY?

On 1-year performance, RLY leads with 26.40% vs 17.37% for JFLI. On fees, JFLI is cheaper at 0.35% per year. On volatility, RLY has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JFLI or RLY?

Over the 1-year period, RLY has performed better with a 26.40% return vs 17.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JFLI or RLY?

JFLI is cheaper with a 0.35% expense ratio, compared with 0.50% for RLY.

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

JFLI has the higher dividend yield at 7.20%, compared with 3.06% for RLY.

What is the main difference between JFLI and RLY?

They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.35% for JFLI and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.51 vs 1.81), 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.