RLY vs. ELM

Last updated Aug 4, 2026

RLY (State Street Multi-Asset Real Return ETF) and ELM (Elm Market Navigator ETF) are both exchange-traded funds - RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index, while ELM is a Tactical Allocation fund actively managed by Elm. RLY is passively managed, while ELM is actively managed. Over the past year, RLY returned 27.11% vs 16.87% for ELM. Their 0.45 correlation means their historical movements had little consistent relationship. RLY charges 0.50%/yr vs 0.24%/yr for ELM.

Performance

RLY vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Multi-Asset Real Return ETF (RLY) and Elm Market Navigator ETF (ELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RLY achieves a 15.29% return, which is significantly higher than ELM's 7.67% return.

RLY

• 1D: -0.42%
• 1M: 3.64%
• 6M: 8.40%
• YTD: 15.29%
• 1Y: 27.11%
• 3Y*: 12.93%
• 5Y*: 10.64%
• 10Y*: 8.16%
• ALL TIME*: 4.75%

ELM

• 1D: 0.57%
• 1M: 0.59%
• 6M: 4.39%
• YTD: 7.67%
• 1Y: 16.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ELM Elm Market Navigator ETF	$405.83K	$463.79K	$577.38K
RLY State Street Multi-Asset Real Return ETF	$5.13M	$7.99M	$7.88M

RLY vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
RLY State Street Multi-Asset Real Return ETF	15.29%	14.94%
ELM Elm Market Navigator ETF	7.67%	11.88%

Correlation

The correlation between RLY and ELM is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.45

Return for Risk

RLY vs. ELM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RLY

RLY Risk / Return Rank: 90
RLY Sharpe Ratio Rank: 93
RLY Sortino Ratio Rank: 92
RLY Omega Ratio Rank: 92
RLY Calmar Ratio Rank: 88
RLY Martin Ratio Rank: 86

ELM

ELM Risk / Return Rank: 69
ELM Sharpe Ratio Rank: 71
ELM Sortino Ratio Rank: 70
ELM Omega Ratio Rank: 73
ELM Calmar Ratio Rank: 60
ELM Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RLY vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Multi-Asset Real Return ETF (RLY) and Elm Market Navigator ETF (ELM). 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	ELM	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.73	+0.84
Sortino ratio: Return per unit of downside risk	3.51	2.41	+1.10
Omega ratio: Gain probability vs. loss probability	1.47	1.32	+0.15
Calmar ratio: Return relative to maximum drawdown	3.61	2.25	+1.36
Martin ratio: Return relative to average drawdown	12.56	9.01	+3.54

RLY vs. ELM - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 2.57, which is higher than the ELM Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of RLY and ELM, 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. ELM - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for RLY and ELM.

Drawdown Indicators

	RLY	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-9.02%	-28.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.54%	-7.52%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	—	—
Current Drawdown Current decline from peak	-3.15%	-0.47%	-2.68%
Average Drawdown Average peak-to-trough decline	-9.40%	-1.31%	-8.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.88%	+0.28%

Volatility

RLY vs. ELM - Volatility Comparison

State Street Multi-Asset Real Return ETF (RLY) has a higher volatility of 2.61% compared to Elm Market Navigator ETF (ELM) at 2.31%. This indicates that RLY's price experiences larger fluctuations and is considered to be riskier than ELM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	2.31%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	8.13%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.61%	9.79%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	10.26%	+3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.80%	10.26%	+3.54%

RLY vs. ELM - Expense Ratio Comparison

RLY has a 0.50% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

RLY vs. ELM - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 3.07%, more than ELM's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ELM Elm Market Navigator ETF	2.52%	2.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RLY State Street Multi-Asset Real Return ETF	3.07%	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 ELM in my portfolio?

RLY and ELM have a correlation of 0.39, 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 ELM?

RLY has higher volatility (2.61%) compared to ELM (2.31%). In terms of maximum drawdown, RLY dropped -37.75% vs ELM's -9.02%.

Which ETF is better, RLY or ELM?

On 1-year performance, RLY leads with 27.11% vs 16.87% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RLY or ELM?

Over the 1-year period, RLY has performed better with a 27.11% return vs 16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RLY or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 0.50% for RLY.

Which ETF pays a higher dividend yield, RLY or ELM?

RLY has the higher dividend yield at 3.07%, compared with 2.52% for ELM.

What is the main difference between RLY and ELM?

RLY is categorized as Global Allocation, while ELM is Tactical Allocation. They also come from different issuers: State Street and Elm. Their fees differ too: 0.50% for RLY and 0.24% for ELM.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.57 vs 1.73), 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.