LCORX vs. RLY
LCORX (Leuthold Core Investment Fund) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both funds - LCORX is a Tactical Allocation fund managed by Leuthold, while RLY is a Hedge Fund fund actively managed by State Street. Over the past 10 years, LCORX returned 8.25%/yr vs 7.97%/yr for RLY. A 0.62 correlation means they provide meaningful diversification when combined. LCORX charges 1.16%/yr vs 0.50%/yr for RLY.
Performance
LCORX vs. RLY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LCORX achieves a 5.91% return, which is significantly lower than RLY's 10.09% return. Both investments have delivered pretty close results over the past 10 years, with LCORX having a 8.25% annualized return and RLY not far behind at 7.97%.
LCORX
- 1D
- -0.50%
- 1M
- -0.04%
- YTD
- 5.91%
- 6M
- 4.84%
- 1Y
- 14.50%
- 3Y*
- 11.97%
- 5Y*
- 7.51%
- 10Y*
- 8.25%
RLY
- 1D
- -1.11%
- 1M
- -5.93%
- YTD
- 10.09%
- 6M
- 9.21%
- 1Y
- 22.47%
- 3Y*
- 12.88%
- 5Y*
- 9.39%
- 10Y*
- 7.97%
LCORX vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LCORX Leuthold Core Investment Fund | 5.91% | 14.39% | 8.01% | 11.71% | -6.78% | 15.19% | 10.08% | 11.58% | -6.23% | 15.79% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 10.09% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
Correlation
The correlation between LCORX and RLY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.62 |
The correlation between LCORX and RLY shifts across timeframes, from 0.48 (1 year) to 0.62 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
LCORX vs. RLY — Risk / Return Rank
LCORX
RLY
LCORX vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leuthold Core Investment Fund (LCORX) 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.
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.
| LCORX | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 3.00 | -0.69 |
| Martin ratioReturn relative to average drawdown | 8.77 | 14.99 | -6.23 |
Loading charts...
Drawdowns
LCORX vs. RLY - Drawdown Comparison
The maximum LCORX drawdown since its inception was -41.31%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for LCORX and RLY.
Loading charts...
Drawdown Indicators
| LCORX | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.31% | -37.75% | -3.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -7.51% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -9.98% | -10.08% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -13.88% | -18.94% | +5.06% |
Max Drawdown (10Y)Largest decline over 10 years | -19.38% | -34.17% | +14.79% |
Current DrawdownCurrent decline from peak | -1.77% | -7.51% | +5.74% |
Average DrawdownAverage peak-to-trough decline | -5.00% | -9.43% | +4.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.50% | +0.23% |
Volatility
LCORX vs. RLY - Volatility Comparison
The current volatility for Leuthold Core Investment Fund (LCORX) is 2.99%, while SPDR SSgA Multi-Asset Real Return ETF (RLY) has a volatility of 3.28%. This indicates that LCORX 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.
Loading charts...
Volatility by Period
| LCORX | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 3.28% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 7.17% | 8.55% | -1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.82% | 10.55% | -1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.21% | 13.54% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.66% | 13.81% | -4.15% |
LCORX vs. RLY - Expense Ratio Comparison
LCORX has a 1.16% expense ratio, which is higher than RLY's 0.50% expense ratio.
Dividends
LCORX vs. RLY - Dividend Comparison
LCORX's dividend yield for the trailing twelve months is around 7.54%, more than RLY's 3.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LCORX Leuthold Core Investment Fund | 7.54% | 7.93% | 7.03% | 5.57% | 7.20% | 5.00% | 0.24% | 1.89% | 10.74% | 3.22% | 0.45% | 3.94% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 3.05% | 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
LCORX and RLY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RLY has higher volatility (3.28%) compared to LCORX (2.99%). In terms of maximum drawdown, LCORX dropped -41.31% vs RLY's -37.75%.
RLY currently has the higher Sharpe Ratio (2.14 vs 1.73), 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.
Find the right allocation for LCORX and RLY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer