RLY vs. CDX
RLY (SPDR SSgA Multi-Asset Real Return ETF) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, RLY returned 13.98%/yr vs 7.84%/yr for CDX. At a 0.23 correlation, their price movements are largely independent. RLY charges 0.50%/yr vs 0.26%/yr for CDX.
Performance
RLY vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 15.03% return, which is significantly higher than CDX's -1.56% return.
RLY
- 1D
- 0.47%
- 1M
- -2.69%
- YTD
- 15.03%
- 6M
- 15.93%
- 1Y
- 26.61%
- 3Y*
- 13.98%
- 5Y*
- 9.93%
- 10Y*
- 8.43%
CDX
- 1D
- -0.09%
- 1M
- 0.33%
- YTD
- -1.56%
- 6M
- -1.47%
- 1Y
- -0.54%
- 3Y*
- 7.84%
- 5Y*
- —
- 10Y*
- —
RLY vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 15.03% | 20.26% | 2.53% | 2.56% | 2.29% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.56% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between RLY and CDX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.23 |
The correlation between RLY and CDX shifts across timeframes, from 0.07 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RLY vs. CDX — Risk / Return Rank
RLY
CDX
RLY vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and Simplify High Yield PLUS Credit Hedge ETF (CDX). 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 | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.78 | ||
| Sortino ratioReturn per unit of downside risk | +3.74 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 0.98 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 5.95 | -0.17 | +6.12 |
| Martin ratioReturn relative to average drawdown | 22.94 | -0.39 | +23.32 |
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Drawdowns
RLY vs. CDX - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for RLY and CDX.
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Drawdown Indicators
| RLY | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -13.24% | -24.51% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -4.18% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -8.88% | -1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | — | — |
Current DrawdownCurrent decline from peak | -3.37% | -6.57% | +3.20% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -4.35% | -5.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.85% | -0.65% |
Volatility
RLY vs. CDX - Volatility Comparison
SPDR SSgA Multi-Asset Real Return ETF (RLY) has a higher volatility of 3.25% compared to Simplify High Yield PLUS Credit Hedge ETF (CDX) at 1.73%. This indicates that RLY's price experiences larger fluctuations and is considered to be riskier than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLY | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 1.73% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 8.47% | 4.81% | +3.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.37% | 5.80% | +4.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 11.08% | +2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.82% | 11.08% | +2.74% |
RLY vs. CDX - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than CDX's 0.26% expense ratio.
Dividends
RLY vs. CDX - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 2.92%, less than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
RLY and CDX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RLY has higher volatility (3.25%) compared to CDX (1.73%). In terms of maximum drawdown, RLY dropped -37.75% vs CDX's -13.24%.
On 3-year performance, RLY leads with 13.98% vs 7.84% for CDX. On fees, CDX is cheaper at 0.26% per year. On volatility, CDX has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RLY has performed better with a 13.98% return vs 7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.26% expense ratio, compared with 0.50% for RLY.
CDX has the higher dividend yield at 8.29%, compared with 2.92% for RLY.
RLY is categorized as Hedge Fund, while CDX is High Yield Bonds. They also come from different issuers: State Street and Simplify. Their fees differ too: 0.50% for RLY and 0.26% for CDX.
RLY currently has the higher Sharpe Ratio (2.66 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.
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