LIAE vs. RLY

Last updated Aug 1, 2026

LIAE (LifeX 2050 Inflation-Protected Longevity Income ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - LIAE is a Inflation-Protected Bonds fund actively managed by Stone Ridge, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. LIAE is actively managed, while RLY is passively managed. Over the past year, LIAE returned -0.09% vs 27.64% for RLY. Their 0.17 correlation means their historical movements had little consistent relationship. LIAE charges 0.25%/yr vs 0.50%/yr for RLY.

Performance

LIAE vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX 2050 Inflation-Protected Longevity Income ETF (LIAE) 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, LIAE achieves a -1.55% return, which is significantly lower than RLY's 15.77% return.

LIAE

• 1D: -0.36%
• 1M: -2.05%
• 6M: -1.57%
• YTD: -1.55%
• 1Y: -0.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.01%

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%

*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)
LIAE LifeX 2050 Inflation-Protected Longevity Income ETF	$11.56K	$7.81K	$11.30K
RLY State Street Multi-Asset Real Return ETF	$4.60M	$7.84M	$7.75M

LIAE vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LIAE LifeX 2050 Inflation-Protected Longevity Income ETF	-1.55%	6.08%	-6.04%
RLY State Street Multi-Asset Real Return ETF	15.77%	20.26%	-1.31%

Correlation

The correlation between LIAE and RLY is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.17

Return for Risk

LIAE vs. RLY — Risk / Return Rank

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

LIAE

LIAE Risk / Return Rank: 13
LIAE Sharpe Ratio Rank: 14
LIAE Sortino Ratio Rank: 12
LIAE Omega Ratio Rank: 12
LIAE Calmar Ratio Rank: 14
LIAE Martin Ratio Rank: 14

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 94
RLY Sortino Ratio Rank: 93
RLY Omega Ratio Rank: 93
RLY Calmar Ratio Rank: 89
RLY Martin Ratio Rank: 87

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.

LIAE vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX 2050 Inflation-Protected Longevity Income ETF (LIAE) 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.

	LIAE	RLY	Difference
Sharpe ratio: Return per unit of total volatility	0.12	2.61	-2.48
Sortino ratio: Return per unit of downside risk	0.21	3.56	-3.34
Omega ratio: Gain probability vs. loss probability	1.02	1.48	-0.45
Calmar ratio: Return relative to maximum drawdown	0.18	3.66	-3.47
Martin ratio: Return relative to average drawdown	0.40	12.77	-12.37

LIAE vs. RLY - Sharpe Ratio Comparison

The current LIAE Sharpe Ratio is 0.12, which is lower than the RLY Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of LIAE 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

LIAE vs. RLY - Drawdown Comparison

The maximum LIAE drawdown since its inception was -7.03%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for LIAE and RLY.

Drawdown Indicators

	LIAE	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-7.03%	-37.75%	+30.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-7.54%	+3.79%
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	-3.75%	-2.74%	-1.01%
Average Drawdown Average peak-to-trough decline	-2.48%	-9.40%	+6.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	2.16%	-0.45%

Volatility

LIAE vs. RLY - Volatility Comparison

The current volatility for LifeX 2050 Inflation-Protected Longevity Income ETF (LIAE) is 1.23%, while State Street Multi-Asset Real Return ETF (RLY) has a volatility of 2.68%. This indicates that LIAE 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

	LIAE	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	2.68%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	4.12%	8.44%	-4.32%
Volatility (1Y) Calculated over the trailing 1-year period	5.44%	10.60%	-5.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	13.46%	-6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.49%	13.80%	-7.31%

LIAE vs. RLY - Expense Ratio Comparison

LIAE has a 0.25% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

LIAE vs. RLY - Dividend Comparison

LIAE's dividend yield for the trailing twelve months is around 9.89%, more than RLY's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LIAE LifeX 2050 Inflation-Protected Longevity Income ETF	9.89%	10.56%	1.47%	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 LIAE and RLY in my portfolio?

LIAE and RLY have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIAE or RLY?

RLY has higher volatility (2.68%) compared to LIAE (1.23%). In terms of maximum drawdown, LIAE dropped -7.03% vs RLY's -37.75%.

Which ETF is better, LIAE or RLY?

On 1-year performance, RLY leads with 27.64% vs -0.09% for LIAE. On fees, LIAE is cheaper at 0.25% per year. On volatility, LIAE has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIAE or RLY?

Over the 1-year period, RLY has performed better with a 27.64% return vs -0.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIAE or RLY?

LIAE is cheaper with a 0.25% expense ratio, compared with 0.50% for RLY.

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

LIAE has the higher dividend yield at 9.89%, compared with 3.06% for RLY.

What is the main difference between LIAE and RLY?

LIAE is categorized as Inflation-Protected Bonds, while RLY is Global Allocation. They also come from different issuers: Stone Ridge and State Street. Their fees differ too: 0.25% for LIAE and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.61 vs 0.12), 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.