RLY vs. GLDM
RLY (State Street Multi-Asset Real Return ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, RLY returned 10.64%/yr vs 17.32%/yr for GLDM. Their 0.35 correlation means their historical movements had little consistent relationship. RLY charges 0.50%/yr vs 0.10%/yr for GLDM.
Performance
RLY vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 15.29% return, which is significantly higher than GLDM's -6.13% 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%
GLDM
- 1D
- 0.00%
- 1M
- -1.72%
- 6M
- -12.88%
- YTD
- -6.13%
- 1Y
- 20.58%
- 3Y*
- 27.67%
- 5Y*
- 17.32%
- 10Y*
- —
- ALL TIME*
- 15.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $270.09M | $250.20M | $318.17M | |
| $5.13M | $7.99M | $7.88M |
RLY vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 15.29% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -12.16% |
GLDM SPDR Gold MiniShares Trust | -6.13% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between RLY and GLDM is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.35 |
Over the past year, RLY and GLDM have become more correlated (0.58) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
RLY vs. GLDM — Risk / Return Rank
RLY
GLDM
RLY vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Multi-Asset Real Return ETF (RLY) and SPDR Gold MiniShares Trust (GLDM). 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 | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.16 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 0.79 | +2.82 |
| Martin ratioReturn relative to average drawdown | 12.56 | 1.69 | +10.87 |
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Drawdowns
RLY vs. GLDM - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, which is greater than GLDM's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for RLY and GLDM.
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Drawdown Indicators
| RLY | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -26.27% | -11.48% |
Max Drawdown (1Y)Largest decline over 1 year | -7.54% | -26.27% | +18.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -26.27% | +16.19% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -26.27% | +7.33% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | — | — |
Current DrawdownCurrent decline from peak | -3.15% | -24.94% | +21.79% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -6.57% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 12.22% | -10.06% |
Volatility
RLY vs. GLDM - Volatility Comparison
The current volatility for State Street Multi-Asset Real Return ETF (RLY) is 2.61%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 6.00%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLY | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 6.00% | -3.39% |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | 20.89% | -12.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.61% | 27.91% | -17.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 18.40% | -4.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.80% | 17.09% | -3.29% |
RLY vs. GLDM - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
RLY vs. GLDM - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 3.07%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 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
RLY and GLDM have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (6.00%) compared to RLY (2.61%). In terms of maximum drawdown, RLY dropped -37.75% vs GLDM's -26.27%.
On 5-year performance, GLDM leads with 17.32% vs 10.64% for RLY. On fees, GLDM is cheaper at 0.10% per year. On volatility, RLY has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.32% return vs 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 3.07%, compared with 0.00% for GLDM.
RLY is categorized as Global Allocation, while GLDM is Gold. RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.50% for RLY and 0.10% for GLDM.
RLY currently has the higher Sharpe Ratio (2.57 vs 0.74), 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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