RLY vs. GDMA

Last updated Jun 4, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and GDMA (Gadsden Dynamic Multi-Asset ETF) are both Hedge Fund funds. Both are actively managed. Over the past 5 years, RLY returned 10.43%/yr vs 7.66%/yr for GDMA. At a 0.48 correlation, their price movements are largely independent. RLY charges 0.50%/yr vs 0.77%/yr for GDMA.

Performance

RLY vs. GDMA - Performance Comparison

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

Returns By Period

In the year-to-date period, RLY achieves a 17.13% return, which is significantly higher than GDMA's 11.18% return.

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%

GDMA

• 1D: 0.30%
• 1M: 1.83%
• YTD: 11.18%
• 6M: 14.08%
• 1Y: 32.26%
• 3Y*: 16.91%
• 5Y*: 7.66%
• 10Y*: —

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

RLY vs. GDMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
RLY SPDR SSgA Multi-Asset Real Return ETF	17.13%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-6.62%
GDMA Gadsden Dynamic Multi-Asset ETF	11.18%	25.29%	7.44%	1.72%	-2.08%	3.95%	21.08%	11.59%	-3.93%

Correlation

The correlation between RLY and GDMA 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	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018	0.48

RLY vs. GDMA - Sectors Allocation Comparison

Sectors	RLY	GDMA
Energy	30.1%	10.0%
Basic Materials	25.1%	9.0%
Industrials	16.5%	14.4%
Utilities	15.9%	2.4%
Real Estate	5.4%	1.6%
Consumer Defensive	3.6%	3.5%
Consumer Cyclical	2.6%	8.8%
Healthcare	0.8%	5.5%
Financial Services	0.0%	14.5%
Communication Services	-	7.0%
Technology	-	23.4%

Return for Risk

RLY vs. GDMA — 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

GDMA

GDMA Risk / Return Rank: 74
GDMA Sharpe Ratio Rank: 75
GDMA Sortino Ratio Rank: 70
GDMA Omega Ratio Rank: 77
GDMA Calmar Ratio Rank: 82
GDMA Martin Ratio Rank: 65

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. GDMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and Gadsden Dynamic Multi-Asset ETF (GDMA). 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	GDMA	Difference
Sharpe ratio Return per unit of total volatility	3.17	2.47	+0.70
Sortino ratio Return per unit of downside risk	4.33	3.21	+1.13
Omega ratio Gain probability vs. loss probability	1.60	1.47	+0.13
Calmar ratio Return relative to maximum drawdown	8.60	4.30	+4.30
Martin ratio Return relative to average drawdown	31.17	11.92	+19.25
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. GDMA - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 3.17, which is comparable to the GDMA Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of RLY and GDMA, 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	GDMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	2.47	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.80	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.89	-0.51

Drawdowns

RLY vs. GDMA - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, which is greater than GDMA's maximum drawdown of -16.66%. Use the drawdown chart below to compare losses from any high point for RLY and GDMA.

Drawdown Indicators

	RLY	GDMA	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-16.66%	-21.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-7.53%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-7.53%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-12.74%	-6.20%
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	—	—
Current Drawdown Current decline from peak	-1.60%	-1.06%	-0.54%
Average Drawdown Average peak-to-trough decline	-9.46%	-3.78%	-5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	2.71%	-1.69%

Volatility

RLY vs. GDMA - Volatility Comparison

The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.00%, while Gadsden Dynamic Multi-Asset ETF (GDMA) has a volatility of 6.18%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than GDMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	GDMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	6.18%	-3.18%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	10.03%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	13.12%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	9.67%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	10.97%	+2.84%

RLY vs. GDMA - Expense Ratio Comparison

RLY has a 0.50% expense ratio, which is lower than GDMA's 0.77% expense ratio.

Dividends

RLY vs. GDMA - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.86%, more than GDMA's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDMA Gadsden Dynamic Multi-Asset ETF	2.51%	2.79%	2.32%	4.14%	1.18%	2.10%	0.62%	3.17%	0.00%	0.00%	0.00%	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 GDMA in my portfolio?

RLY and GDMA 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.

Which is riskier, RLY or GDMA?

GDMA has higher volatility (6.18%) compared to RLY (3.00%). In terms of maximum drawdown, RLY dropped -37.75% vs GDMA's -16.66%.

Which ETF is better, RLY or GDMA?

On 5-year performance, RLY leads with 10.43% vs 7.66% for GDMA. 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 GDMA?

Over the 5-year period, RLY has performed better with a 10.43% return vs 7.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RLY or GDMA?

RLY is cheaper with a 0.50% expense ratio, compared with 0.77% for GDMA.

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

RLY has the higher dividend yield at 2.86%, compared with 2.51% for GDMA.

What is the main difference between RLY and GDMA?

They also come from different issuers: State Street and Gadsden. Their fees differ too: 0.50% for RLY and 0.77% for GDMA.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (3.17 vs 2.47), 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.