RAAX vs. RLY
RAAX (VanEck Inflation Allocation ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - RAAX is a Diversified Portfolio fund actively managed by VanEck, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. RAAX is actively managed, while RLY is passively managed. Over the past 5 years, RAAX returned 12.74%/yr vs 10.48%/yr for RLY. Their correlation of 0.81 means they have usually moved in the same direction. RAAX charges 0.89%/yr vs 0.50%/yr for RLY.
Performance
RAAX vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, RAAX achieves a 12.97% return, which is significantly lower than RLY's 15.77% return.
RAAX
- 1D
- -0.08%
- 1M
- 0.23%
- 6M
- 2.36%
- YTD
- 12.97%
- 1Y
- 27.41%
- 3Y*
- 17.65%
- 5Y*
- 12.74%
- 10Y*
- —
- ALL TIME*
- 8.80%
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) |
|---|---|---|---|
| $10.97M | $11.14M | $11.05M | |
| $4.60M | $7.84M | $7.75M |
RAAX vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
RAAX VanEck Inflation Allocation ETF | 12.97% | 26.74% | 12.50% | 6.71% | 1.51% | 21.56% | -8.27% | 6.14% | -2.41% |
RLY State Street Multi-Asset Real Return ETF | 15.77% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -10.46% |
Correlation
The correlation between RAAX and RLY is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.81 |
The correlation between RAAX and RLY has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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Return for Risk
RAAX vs. RLY — Risk / Return Rank
RAAX
RLY
RAAX vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Inflation Allocation ETF (RAAX) 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.
| RAAX | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.48 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 3.66 | -0.67 |
| Martin ratioReturn relative to average drawdown | 8.38 | 12.77 | -4.38 |
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Drawdowns
RAAX vs. RLY - Drawdown Comparison
The maximum RAAX drawdown since its inception was -33.91%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for RAAX and RLY.
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Drawdown Indicators
| RAAX | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.91% | -37.75% | +3.84% |
Max Drawdown (1Y)Largest decline over 1 year | -9.06% | -7.54% | -1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -11.59% | -10.08% | -1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -23.55% | -18.94% | -4.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.17% | — |
Current DrawdownCurrent decline from peak | -7.59% | -2.74% | -4.85% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -9.40% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 2.16% | +1.06% |
Volatility
RAAX vs. RLY - Volatility Comparison
VanEck Inflation Allocation ETF (RAAX) has a higher volatility of 4.17% compared to State Street Multi-Asset Real Return ETF (RLY) at 2.68%. This indicates that RAAX'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
| RAAX | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 2.68% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 8.44% | +4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.97% | 10.60% | +4.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.70% | 13.46% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.79% | 13.80% | +1.99% |
RAAX vs. RLY - Expense Ratio Comparison
RAAX has a 0.89% expense ratio, which is higher than RLY's 0.50% expense ratio.
Dividends
RAAX vs. RLY - Dividend Comparison
RAAX's dividend yield for the trailing twelve months is around 2.07%, less than RLY's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RAAX VanEck Inflation Allocation ETF | 2.07% | 2.34% | 1.91% | 3.66% | 1.53% | 8.72% | 6.27% | 2.37% | 0.56% | 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
RAAX and RLY have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RAAX has higher volatility (4.17%) compared to RLY (2.68%). In terms of maximum drawdown, RAAX dropped -33.91% vs RLY's -37.75%.
On 5-year performance, RAAX leads with 12.74% vs 10.48% for RLY. On fees, RLY is cheaper at 0.50% per year. On volatility, RLY has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RAAX has performed better with a 12.74% return vs 10.48%. 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 0.89% for RAAX.
RLY has the higher dividend yield at 3.06%, compared with 2.07% for RAAX.
RAAX is categorized as Diversified Portfolio, while RLY is Global Allocation. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.89% for RAAX and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.61 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.
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