RLY vs. COWZ
RLY (State Street Multi-Asset Real Return ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both exchange-traded funds - RLY is a Hedge Fund fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index, while COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past 5 years, RLY returned 10.60%/yr vs 10.54%/yr for COWZ. A 0.70 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.49%/yr for COWZ.
Performance
RLY vs. COWZ - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 13.94% return, which is significantly higher than COWZ's 8.02% return.
RLY
- 1D
- -0.31%
- 1M
- 1.21%
- 6M
- 8.76%
- YTD
- 13.94%
- 1Y
- 24.26%
- 3Y*
- 12.31%
- 5Y*
- 10.60%
- 10Y*
- 8.02%
- ALL TIME*
- 4.68%
COWZ
- 1D
- -0.34%
- 1M
- 4.66%
- 6M
- 5.39%
- YTD
- 8.02%
- 1Y
- 18.38%
- 3Y*
- 11.05%
- 5Y*
- 10.54%
- 10Y*
- —
- ALL TIME*
- 12.62%
RLY vs. COWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 13.94% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
COWZ Pacer US Cash Cows 100 ETF | 8.02% | 8.98% | 10.64% | 14.73% | 0.19% | 42.57% | 11.65% | 23.41% | -10.05% | 20.22% |
Correlation
The correlation between RLY and COWZ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2016 | 0.70 |
Over the past year, the correlation between RLY and COWZ has dropped to 0.46 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.
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Return for Risk
RLY vs. COWZ — Risk / Return Rank
RLY
COWZ
RLY vs. COWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Multi-Asset Real Return ETF (RLY) and Pacer US Cash Cows 100 ETF (COWZ). 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 | COWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.28 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 3.10 | +0.13 |
| Martin ratioReturn relative to average drawdown | 11.48 | 8.70 | +2.78 |
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Drawdowns
RLY vs. COWZ - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, roughly equal to the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for RLY and COWZ.
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Drawdown Indicators
| RLY | COWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -38.63% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.54% | -5.95% | -1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -22.00% | +11.92% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -22.00% | +3.06% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | — | — |
Current DrawdownCurrent decline from peak | -4.28% | -1.06% | -3.22% |
Average DrawdownAverage peak-to-trough decline | -9.42% | -4.78% | -4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 2.12% | 0.00% |
Volatility
RLY vs. COWZ - Volatility Comparison
The current volatility for State Street Multi-Asset Real Return ETF (RLY) is 2.91%, while Pacer US Cash Cows 100 ETF (COWZ) has a volatility of 3.90%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLY | COWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 3.90% | -0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 8.44% | 8.09% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.56% | 11.51% | -0.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.47% | 17.63% | -4.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.79% | 19.86% | -6.07% |
RLY vs. COWZ - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than COWZ's 0.49% expense ratio.
Dividends
RLY vs. COWZ - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 3.11%, more than COWZ's 1.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COWZ Pacer US Cash Cows 100 ETF | 1.91% | 2.19% | 1.82% | 1.92% | 1.96% | 1.48% | 2.54% | 1.96% | 1.67% | 1.95% | 0.13% | 0.00% |
RLY State Street Multi-Asset Real Return ETF | 3.11% | 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 COWZ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COWZ has higher volatility (3.90%) compared to RLY (2.91%). In terms of maximum drawdown, RLY dropped -37.75% vs COWZ's -38.63%.
On 5-year performance, RLY leads with 10.60% vs 10.54% for COWZ. On fees, COWZ is cheaper at 0.49% per year. On volatility, RLY has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RLY has performed better with a 10.60% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COWZ is cheaper with a 0.49% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 3.11%, compared with 1.91% for COWZ.
RLY is categorized as Hedge Fund, while COWZ is Mid Cap Value Equities. RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index, while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: State Street and Pacer. Their fees differ too: 0.50% for RLY and 0.49% for COWZ.
RLY currently has the higher Sharpe Ratio (2.31 vs 1.61), 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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