RLY vs. GII

Last updated Jun 9, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and GII (SPDR S&P Global Infrastructure ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while GII is a Utilities Equities fund tracking the S&P Global Infrastructure. RLY is actively managed, while GII is passively managed. Over the past 10 years, RLY returned 8.25%/yr vs 8.22%/yr for GII. A 0.70 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.40%/yr for GII.

Performance

RLY vs. GII - Performance Comparison

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

Returns By Period

In the year-to-date period, RLY achieves a 14.36% return, which is significantly higher than GII's 6.75% return. Both investments have delivered pretty close results over the past 10 years, with RLY having a 8.25% annualized return and GII not far behind at 8.22%.

RLY

• 1D: -0.06%
• 1M: -2.10%
• YTD: 14.36%
• 6M: 16.24%
• 1Y: 28.00%
• 3Y*: 13.90%
• 5Y*: 9.85%
• 10Y*: 8.25%

GII

• 1D: -0.87%
• 1M: -2.02%
• YTD: 6.75%
• 6M: 7.80%
• 1Y: 13.78%
• 3Y*: 15.30%
• 5Y*: 9.70%
• 10Y*: 8.22%

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

RLY vs. GII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RLY SPDR SSgA Multi-Asset Real Return ETF	14.36%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%
GII SPDR S&P Global Infrastructure ETF	6.75%	21.79%	14.30%	5.90%	-0.54%	11.39%	-6.81%	26.32%	-10.08%	19.07%

Correlation

The correlation between RLY and GII is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012	0.70

The correlation between RLY and GII shifts across timeframes, from 0.57 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

RLY vs. GII - Sectors Allocation Comparison

Sectors	RLY	GII
Energy	30.1%	20.7%
Basic Materials	25.1%	-
Industrials	16.5%	27.6%
Utilities	15.9%	26.3%
Real Estate	5.4%	0.1%
Consumer Defensive	3.6%	-
Consumer Cyclical	2.6%	-
Healthcare	0.8%	-
Financial Services	0.0%	4.7%
Communication Services	-	0.3%
Technology	-	2.6%

Return for Risk

RLY vs. GII — Risk / Return Rank

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

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 89
RLY Sortino Ratio Rank: 89
RLY Omega Ratio Rank: 89
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 94

GII

GII Risk / Return Rank: 43
GII Sharpe Ratio Rank: 40
GII Sortino Ratio Rank: 39
GII Omega Ratio Rank: 39
GII Calmar Ratio Rank: 52
GII Martin Ratio Rank: 46

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. GII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and SPDR S&P Global Infrastructure ETF (GII). 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	GII	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.28	+1.44
Sortino ratio: Return per unit of downside risk	3.69	1.83	+1.86
Omega ratio: Gain probability vs. loss probability	1.51	1.23	+0.28
Calmar ratio: Return relative to maximum drawdown	7.16	2.33	+4.83
Martin ratio: Return relative to average drawdown	25.86	7.00	+18.86
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. GII - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 2.73, which is higher than the GII Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of RLY and GII, 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	GII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	1.28	+1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.69	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.48	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.28	+0.08

Drawdowns

RLY vs. GII - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, smaller than the maximum GII drawdown of -50.98%. Use the drawdown chart below to compare losses from any high point for RLY and GII.

Drawdown Indicators

	RLY	GII	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-50.98%	+13.23%
Max Drawdown (1Y) Largest decline over 1 year	-3.93%	-5.94%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-14.31%	+4.23%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-20.67%	+1.73%
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	-42.84%	+8.67%
Current Drawdown Current decline from peak	-3.93%	-5.42%	+1.49%
Average Drawdown Average peak-to-trough decline	-9.45%	-11.51%	+2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.97%	-0.88%

Volatility

RLY vs. GII - Volatility Comparison

The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.47%, while SPDR S&P Global Infrastructure ETF (GII) has a volatility of 3.74%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than GII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	GII	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	3.74%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	8.46%	8.87%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	10.81%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	14.11%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	17.15%	-3.32%

RLY vs. GII - Expense Ratio Comparison

RLY has a 0.50% expense ratio, which is higher than GII's 0.40% expense ratio.

Dividends

RLY vs. GII - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.93%, more than GII's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.74%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.93%	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 GII in my portfolio?

RLY and GII have a correlation of 0.57, 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 GII?

GII has higher volatility (3.74%) compared to RLY (3.47%). In terms of maximum drawdown, RLY dropped -37.75% vs GII's -50.98%.

Which ETF is better, RLY or GII?

On 10-year performance, RLY leads with 8.25% vs 8.22% for GII. On fees, GII is cheaper at 0.40% per year. On volatility, RLY has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RLY or GII?

Over the 10-year period, RLY has performed better with a 8.25% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RLY or GII?

GII is cheaper with a 0.40% expense ratio, compared with 0.50% for RLY.

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

RLY has the higher dividend yield at 2.93%, compared with 2.74% for GII.

What is the main difference between RLY and GII?

RLY is categorized as Hedge Fund, while GII is Utilities Equities. Their fees differ too: 0.50% for RLY and 0.40% for GII.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.73 vs 1.28), 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.