RLY vs. CDDYX

Last updated Jun 13, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and CDDYX (Columbia Dividend Income Fund Institutional 3 Class) are both funds - RLY is a Hedge Fund fund actively managed by State Street, while CDDYX is a Large Cap Value Equities fund managed by Columbia. Over the past 10 years, RLY returned 8.43%/yr vs 12.81%/yr for CDDYX. A 0.65 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.55%/yr for CDDYX.

Performance

RLY vs. CDDYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSgA Multi-Asset Real Return ETF (RLY) and Columbia Dividend Income Fund Institutional 3 Class (CDDYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RLY achieves a 15.03% return, which is significantly higher than CDDYX's 9.15% return. Over the past 10 years, RLY has underperformed CDDYX with an annualized return of 8.43%, while CDDYX has yielded a comparatively higher 12.81% annualized return.

RLY

• 1D: 0.47%
• 1M: -3.14%
• YTD: 15.03%
• 6M: 15.93%
• 1Y: 27.41%
• 3Y*: 13.98%
• 5Y*: 9.93%
• 10Y*: 8.43%

CDDYX

• 1D: 1.18%
• 1M: 2.41%
• YTD: 9.15%
• 6M: 8.77%
• 1Y: 20.36%
• 3Y*: 16.65%
• 5Y*: 10.94%
• 10Y*: 12.81%

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

RLY vs. CDDYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RLY SPDR SSgA Multi-Asset Real Return ETF	15.03%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%
CDDYX Columbia Dividend Income Fund Institutional 3 Class	9.15%	15.95%	15.17%	10.65%	-4.84%	26.43%	7.92%	28.74%	-4.27%	20.34%

Correlation

The correlation between RLY and CDDYX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Nov 9, 2012	0.65

The correlation between RLY and CDDYX shifts across timeframes, from 0.52 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RLY vs. CDDYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 90
RLY Sortino Ratio Rank: 89
RLY Omega Ratio Rank: 89
RLY Calmar Ratio Rank: 94
RLY Martin Ratio Rank: 94

CDDYX

CDDYX Risk / Return Rank: 84
CDDYX Sharpe Ratio Rank: 82
CDDYX Sortino Ratio Rank: 82
CDDYX Omega Ratio Rank: 76
CDDYX Calmar Ratio Rank: 89
CDDYX Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RLY vs. CDDYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and Columbia Dividend Income Fund Institutional 3 Class (CDDYX). 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.

	RLY	CDDYX	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.28	+0.38
Sortino ratio: Return per unit of downside risk	3.61	3.27	+0.33
Omega ratio: Gain probability vs. loss probability	1.49	1.40	+0.09
Calmar ratio: Return relative to maximum drawdown	5.95	3.80	+2.15
Martin ratio: Return relative to average drawdown	22.94	14.30	+8.64

RLY vs. CDDYX - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 2.66, which is comparable to the CDDYX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of RLY and CDDYX, 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

RLY vs. CDDYX - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, which is greater than CDDYX's maximum drawdown of -32.74%. Use the drawdown chart below to compare losses from any high point for RLY and CDDYX.

Drawdown Indicators

	RLY	CDDYX	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-32.74%	-5.01%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-5.51%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-12.99%	+2.91%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-16.91%	-2.03%
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	-32.74%	-1.43%
Current Drawdown Current decline from peak	-3.37%	0.00%	-3.37%
Average Drawdown Average peak-to-trough decline	-9.44%	-2.76%	-6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.46%	-0.26%

Volatility

RLY vs. CDDYX - Volatility Comparison

SPDR SSgA Multi-Asset Real Return ETF (RLY) has a higher volatility of 3.25% compared to Columbia Dividend Income Fund Institutional 3 Class (CDDYX) at 2.70%. This indicates that RLY's price experiences larger fluctuations and is considered to be riskier than CDDYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	CDDYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	2.70%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	6.96%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	9.19%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	13.29%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.82%	15.69%	-1.87%

RLY vs. CDDYX - Expense Ratio Comparison

RLY has a 0.50% expense ratio, which is lower than CDDYX's 0.55% expense ratio.

Dividends

RLY vs. CDDYX - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.92%, less than CDDYX's 4.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDDYX Columbia Dividend Income Fund Institutional 3 Class	4.93%	5.33%	5.99%	4.96%	3.90%	2.93%	1.85%	3.28%	7.65%	4.03%	3.84%	8.35%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.92%	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 RLY and CDDYX in my portfolio?

RLY and CDDYX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RLY or CDDYX?

RLY has higher volatility (3.25%) compared to CDDYX (2.70%). In terms of maximum drawdown, RLY dropped -37.75% vs CDDYX's -32.74%.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.66 vs 2.28), 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.