RLY vs. GUNR
RLY (SPDR SSgA Multi-Asset Real Return ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. RLY is actively managed, while GUNR is passively managed. Over the past 10 years, RLY returned 7.97%/yr vs 10.30%/yr for GUNR. Their correlation of 0.90 suggests significant overlap in exposure. RLY charges 0.50%/yr vs 0.46%/yr for GUNR.
Performance
RLY vs. GUNR - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 10.09% return, which is significantly higher than GUNR's 8.11% return. Over the past 10 years, RLY has underperformed GUNR with an annualized return of 7.97%, while GUNR has yielded a comparatively higher 10.30% annualized return.
RLY
- 1D
- -1.11%
- 1M
- -5.93%
- YTD
- 10.09%
- 6M
- 9.21%
- 1Y
- 22.47%
- 3Y*
- 12.88%
- 5Y*
- 9.39%
- 10Y*
- 7.97%
GUNR
- 1D
- -1.47%
- 1M
- -8.99%
- YTD
- 8.11%
- 6M
- 7.57%
- 1Y
- 26.22%
- 3Y*
- 11.00%
- 5Y*
- 8.59%
- 10Y*
- 10.30%
RLY vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 10.09% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 8.11% | 30.03% | -8.37% | -2.40% | 14.83% | 26.06% | 0.46% | 18.41% | -9.42% | 18.74% |
Correlation
The correlation between RLY and GUNR is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
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 GUNR has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
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Return for Risk
RLY vs. GUNR — Risk / Return Rank
RLY
GUNR
RLY vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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 | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.29 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.27 | +0.74 |
| Martin ratioReturn relative to average drawdown | 14.99 | 10.57 | +4.42 |
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Drawdowns
RLY vs. GUNR - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for RLY and GUNR.
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Drawdown Indicators
| RLY | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -45.64% | +7.89% |
Max Drawdown (1Y)Largest decline over 1 year | -7.51% | -11.63% | +4.12% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -19.59% | +9.51% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -24.06% | +5.12% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -43.04% | +8.87% |
Current DrawdownCurrent decline from peak | -7.51% | -11.63% | +4.12% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -10.39% | +0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.50% | 2.49% | -0.99% |
Volatility
RLY vs. GUNR - Volatility Comparison
The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.28%, while FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a volatility of 5.35%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLY | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 5.35% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 8.55% | 13.39% | -4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.55% | 16.01% | -5.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.54% | 19.03% | -5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 20.37% | -6.56% |
RLY vs. GUNR - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than GUNR's 0.46% expense ratio.
Dividends
RLY vs. GUNR - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 3.05%, more than GUNR's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.48% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 3.05% | 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 GUNR have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUNR has higher volatility (5.35%) compared to RLY (3.28%). In terms of maximum drawdown, RLY dropped -37.75% vs GUNR's -45.64%.
On 10-year performance, GUNR leads with 10.30% vs 7.97% for RLY. On fees, GUNR is cheaper at 0.46% per year. On volatility, RLY has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GUNR has performed better with a 10.30% return vs 7.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GUNR is cheaper with a 0.46% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 3.05%, compared with 2.48% for GUNR.
RLY is categorized as Hedge Fund, while GUNR is Natural Resources. They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.50% for RLY and 0.46% for GUNR.
RLY currently has the higher Sharpe Ratio (2.14 vs 1.65), 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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