MBOX vs. RLY
MBOX (Freedom Day Dividend ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - MBOX is a Dividend fund actively managed by EMPIRICAL FINANCE LLC, while RLY is a Hedge Fund fund actively managed by State Street. Both are actively managed. Over the past 5 years, MBOX returned 12.43%/yr vs 10.46%/yr for RLY. A 0.66 correlation means they provide meaningful diversification when combined. MBOX charges 0.39%/yr vs 0.50%/yr for RLY.
Performance
MBOX vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, MBOX achieves a 14.68% return, which is significantly higher than RLY's 12.58% return.
MBOX
- 1D
- -0.55%
- 1M
- 0.52%
- YTD
- 14.68%
- 6M
- 14.35%
- 1Y
- 22.60%
- 3Y*
- 18.20%
- 5Y*
- 12.43%
- 10Y*
- —
RLY
- 1D
- -0.37%
- 1M
- -3.81%
- YTD
- 12.58%
- 6M
- 13.57%
- 1Y
- 23.87%
- 3Y*
- 12.64%
- 5Y*
- 10.46%
- 10Y*
- 8.02%
MBOX vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MBOX Freedom Day Dividend ETF | 14.68% | 8.72% | 16.39% | 15.84% | -4.32% | 10.13% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 12.58% | 20.26% | 2.53% | 2.56% | 7.86% | 7.01% |
Correlation
The correlation between MBOX and RLY is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.66 |
The correlation between MBOX and RLY shifts across timeframes, from 0.56 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MBOX vs. RLY — Risk / Return Rank
MBOX
RLY
MBOX vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Freedom Day Dividend ETF (MBOX) 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.
| MBOX | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.42 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | 4.37 | -0.39 |
| Martin ratioReturn relative to average drawdown | 13.12 | 17.86 | -4.74 |
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Drawdowns
MBOX vs. RLY - Drawdown Comparison
The maximum MBOX drawdown since its inception was -16.42%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for MBOX and RLY.
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Drawdown Indicators
| MBOX | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.42% | -37.75% | +21.33% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -5.43% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -16.37% | -10.08% | -6.29% |
Max Drawdown (5Y)Largest decline over 5 years | -16.42% | -18.94% | +2.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.17% | — |
Current DrawdownCurrent decline from peak | -1.68% | -5.43% | +3.75% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -9.44% | +6.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.33% | +0.41% |
Volatility
MBOX vs. RLY - Volatility Comparison
Freedom Day Dividend ETF (MBOX) has a higher volatility of 3.48% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.12%. This indicates that MBOX'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.
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Volatility by Period
| MBOX | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 3.12% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 7.96% | 8.44% | -0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.90% | 10.46% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.51% | 13.54% | +0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 13.82% | +0.62% |
MBOX vs. RLY - Expense Ratio Comparison
MBOX has a 0.39% expense ratio, which is lower than RLY's 0.50% expense ratio.
Dividends
MBOX vs. RLY - Dividend Comparison
MBOX's dividend yield for the trailing twelve months is around 1.91%, less than RLY's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MBOX Freedom Day Dividend ETF | 1.91% | 1.94% | 1.60% | 2.13% | 2.87% | 1.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 2.98% | 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
MBOX and RLY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MBOX has higher volatility (3.48%) compared to RLY (3.12%). In terms of maximum drawdown, MBOX dropped -16.42% vs RLY's -37.75%.
On 5-year performance, MBOX leads with 12.43% vs 10.46% for RLY. On fees, MBOX is cheaper at 0.39% per year. On volatility, RLY has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MBOX has performed better with a 12.43% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MBOX is cheaper with a 0.39% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 2.98%, compared with 1.91% for MBOX.
MBOX is categorized as Dividend, while RLY is Hedge Fund. They also come from different issuers: EMPIRICAL FINANCE LLC and State Street. Their fees differ too: 0.39% for MBOX and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.27 vs 2.10), 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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