RLY vs. FVC

Last updated Jun 4, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and FVC (First Trust Dorsey Wright Dynamic Focus 5 ETF) are both Hedge Fund funds. RLY is actively managed, while FVC is passively managed. Over the past 10 years, RLY returned 8.56%/yr vs 8.62%/yr for FVC. A 0.58 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.71%/yr for FVC.

Performance

RLY vs. FVC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSgA Multi-Asset Real Return ETF (RLY) and First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RLY having a 17.13% return and FVC slightly higher at 17.30%. Both investments have delivered pretty close results over the past 10 years, with RLY having a 8.56% annualized return and FVC not far ahead at 8.62%.

RLY

• 1D: -0.30%
• 1M: -0.30%
• YTD: 17.13%
• 6M: 18.27%
• 1Y: 31.78%
• 3Y*: 15.11%
• 5Y*: 10.43%
• 10Y*: 8.56%

FVC

• 1D: 1.40%
• 1M: 11.30%
• YTD: 17.30%
• 6M: 17.97%
• 1Y: 23.41%
• 3Y*: 10.91%
• 5Y*: 4.98%
• 10Y*: 8.62%

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

RLY vs. FVC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RLY SPDR SSgA Multi-Asset Real Return ETF	17.13%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%
FVC First Trust Dorsey Wright Dynamic Focus 5 ETF	17.30%	2.12%	12.43%	-4.59%	-6.03%	21.92%	12.71%	19.28%	-8.60%	19.74%

Correlation

The correlation between RLY and FVC is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 21, 2016	0.58

Over the past year, the correlation between RLY and FVC has dropped to 0.36 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

RLY vs. FVC - Sectors Allocation Comparison

Sectors	RLY	FVC
Energy	30.1%	17.5%
Basic Materials	25.1%	-
Industrials	16.5%	27.8%
Utilities	15.9%	-
Real Estate	5.4%	0.7%
Consumer Defensive	3.6%	-
Consumer Cyclical	2.6%	6.4%
Healthcare	0.8%	19.4%
Financial Services	0.0%	19.8%
Communication Services	-	6.3%
Technology	-	29.0%

Return for Risk

RLY vs. FVC — Risk / Return Rank

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

RLY

RLY Risk / Return Rank: 92
RLY Sharpe Ratio Rank: 90
RLY Sortino Ratio Rank: 91
RLY Omega Ratio Rank: 90
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 95

FVC

FVC Risk / Return Rank: 49
FVC Sharpe Ratio Rank: 53
FVC Sortino Ratio Rank: 53
FVC Omega Ratio Rank: 61
FVC Calmar Ratio Rank: 36
FVC Martin Ratio Rank: 43

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. FVC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC). 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.

	RLY	FVC	Difference
Sharpe ratio Return per unit of total volatility	3.17	1.82	+1.36
Sortino ratio Return per unit of downside risk	4.33	2.55	+1.79
Omega ratio Gain probability vs. loss probability	1.60	1.37	+0.23
Calmar ratio Return relative to maximum drawdown	8.60	1.77	+6.83
Martin ratio Return relative to average drawdown	31.17	6.94	+24.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RLY vs. FVC - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 3.17, which is higher than the FVC Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of RLY and FVC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RLY	FVC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	1.82	+1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.31	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.49	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.50	-0.12

Drawdowns

RLY vs. FVC - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, which is greater than FVC's maximum drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for RLY and FVC.

Drawdown Indicators

	RLY	FVC	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-30.96%	-6.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-13.32%	+9.61%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-14.75%	+4.67%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-22.62%	+3.68%
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	-30.96%	-3.21%
Current Drawdown Current decline from peak	-1.60%	0.00%	-1.60%
Average Drawdown Average peak-to-trough decline	-9.46%	-7.06%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	3.38%	-2.36%

Volatility

RLY vs. FVC - Volatility Comparison

The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.00%, while First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC) has a volatility of 4.29%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than FVC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	FVC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	4.29%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	12.37%	-4.22%
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	12.94%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	16.30%	-2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	17.61%	-3.80%

RLY vs. FVC - Expense Ratio Comparison

RLY has a 0.50% expense ratio, which is lower than FVC's 0.71% expense ratio.

Dividends

RLY vs. FVC - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.86%, more than FVC's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVC First Trust Dorsey Wright Dynamic Focus 5 ETF	1.92%	2.57%	0.78%	1.89%	1.50%	0.09%	0.21%	1.07%	0.24%	0.63%	0.67%	0.00%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.86%	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 FVC in my portfolio?

RLY and FVC have a correlation of 0.36, 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 FVC?

FVC has higher volatility (4.29%) compared to RLY (3.00%). In terms of maximum drawdown, RLY dropped -37.75% vs FVC's -30.96%.

Which ETF is better, RLY or FVC?

On 10-year performance, FVC leads with 8.62% vs 8.56% for RLY. On fees, RLY is cheaper at 0.50% per year. On volatility, RLY has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RLY or FVC?

Over the 10-year period, FVC has performed better with a 8.62% return vs 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RLY or FVC?

RLY is cheaper with a 0.50% expense ratio, compared with 0.71% for FVC.

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

RLY has the higher dividend yield at 2.86%, compared with 1.92% for FVC.

What is the main difference between RLY and FVC?

They also come from different issuers: State Street and First Trust. Their fees differ too: 0.50% for RLY and 0.71% for FVC.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (3.17 vs 1.82), 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.