RLY vs. GNR
RLY (SPDR SSgA Multi-Asset Real Return ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index. RLY is actively managed, while GNR is passively managed. Over the past 10 years, RLY returned 8.09%/yr vs 10.31%/yr for GNR. Their correlation of 0.90 suggests significant overlap in exposure. RLY charges 0.50%/yr vs 0.40%/yr for GNR.
Performance
RLY vs. GNR - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with RLY having a 11.33% return and GNR slightly lower at 10.87%. Over the past 10 years, RLY has underperformed GNR with an annualized return of 8.09%, while GNR has yielded a comparatively higher 10.31% annualized return.
RLY
- 1D
- -0.77%
- 1M
- -4.87%
- YTD
- 11.33%
- 6M
- 10.55%
- 1Y
- 23.01%
- 3Y*
- 13.30%
- 5Y*
- 9.65%
- 10Y*
- 8.09%
GNR
- 1D
- -1.89%
- 1M
- -6.62%
- YTD
- 10.87%
- 6M
- 10.38%
- 1Y
- 29.22%
- 3Y*
- 12.75%
- 5Y*
- 8.78%
- 10Y*
- 10.31%
RLY vs. GNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 11.33% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
GNR SPDR S&P Global Natural Resources ETF | 10.87% | 28.68% | -8.27% | 2.95% | 10.20% | 24.73% | -0.03% | 16.49% | -13.19% | 22.64% |
Correlation
The correlation between RLY and GNR is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.90 |
The correlation between RLY and GNR has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
RLY vs. GNR — Risk / Return Rank
RLY
GNR
RLY vs. GNR - 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 Natural Resources ETF (GNR). 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 | GNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 3.19 | +0.38 |
| Martin ratioReturn relative to average drawdown | 16.17 | 12.20 | +3.97 |
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Drawdowns
RLY vs. GNR - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, smaller than the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for RLY and GNR.
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Drawdown Indicators
| RLY | GNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -51.37% | +13.62% |
Max Drawdown (1Y)Largest decline over 1 year | -6.47% | -9.20% | +2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -21.15% | +11.07% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -25.66% | +6.72% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -48.59% | +14.42% |
Current DrawdownCurrent decline from peak | -6.47% | -9.20% | +2.73% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -14.92% | +5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 2.40% | -0.97% |
Volatility
RLY vs. GNR - Volatility Comparison
The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.18%, while SPDR S&P Global Natural Resources ETF (GNR) has a volatility of 5.94%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than GNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLY | GNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 5.94% | -2.76% |
Volatility (6M)Calculated over the trailing 6-month period | 8.47% | 14.11% | -5.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.49% | 17.32% | -6.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.53% | 20.28% | -6.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 21.82% | -8.01% |
RLY vs. GNR - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than GNR's 0.40% expense ratio.
Dividends
RLY vs. GNR - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 3.01%, more than GNR's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNR SPDR S&P Global Natural Resources ETF | 2.68% | 2.76% | 4.73% | 3.37% | 4.37% | 3.44% | 2.78% | 3.84% | 3.51% | 2.40% | 2.06% | 4.59% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 3.01% | 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 GNR have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNR has higher volatility (5.94%) compared to RLY (3.18%). In terms of maximum drawdown, RLY dropped -37.75% vs GNR's -51.37%.
On 10-year performance, GNR leads with 10.31% vs 8.09% for RLY. On fees, GNR is cheaper at 0.40% per year. On volatility, RLY has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GNR has performed better with a 10.31% return vs 8.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNR is cheaper with a 0.40% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 3.01%, compared with 2.68% for GNR.
RLY is categorized as Hedge Fund, while GNR is Natural Resources. Their fees differ too: 0.50% for RLY and 0.40% for GNR.
RLY currently has the higher Sharpe Ratio (2.20 vs 1.70), 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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