RLY vs. HYGI

Last updated Jun 9, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. RLY is actively managed, while HYGI is passively managed. A 0.51 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.52%/yr for HYGI.

Performance

RLY vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSgA Multi-Asset Real Return ETF (RLY) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RLY vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RLY SPDR SSgA Multi-Asset Real Return ETF	14.36%	20.26%	2.53%	2.56%	2.70%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between RLY and HYGI is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.51

Over the past year, the correlation between RLY and HYGI has dropped to 0.06 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

RLY vs. HYGI - Sectors Allocation Comparison

Sectors	RLY	HYGI
Energy	30.1%	-
Basic Materials	25.1%	-
Industrials	16.5%	-
Utilities	15.9%	99.6%
Real Estate	5.4%	0.4%
Consumer Defensive	3.6%	-
Consumer Cyclical	2.6%	-
Healthcare	0.8%	-
Financial Services	0.0%	-
Communication Services	-	-
Technology	-	-

Return for Risk

RLY vs. HYGI — 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

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. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	2.73	—	—
Sortino ratio: Return per unit of downside risk	3.69	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	7.16	—	—
Martin ratio: Return relative to average drawdown	25.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	RLY	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	—	—

Drawdowns

Drawdown Indicators

	RLY	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.93%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	—	—
Current Drawdown Current decline from peak	-3.93%	—	—
Average Drawdown Average peak-to-trough decline	-9.45%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	—	—

Volatility

Volatility by Period

	RLY	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	—	—

RLY vs. HYGI - Expense Ratio Comparison

RLY has a 0.50% expense ratio, which is lower than HYGI's 0.52% expense ratio.

Dividends

RLY vs. HYGI - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.93%, while HYGI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 HYGI in my portfolio?

RLY and HYGI have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RLY or HYGI?

On fees, RLY is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RLY or HYGI?

RLY is cheaper with a 0.50% expense ratio, compared with 0.52% for HYGI.

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

RLY has the higher dividend yield at 2.93%, compared with 0.97% for HYGI.

What is the main difference between RLY and HYGI?

RLY is categorized as Hedge Fund, while HYGI is Inflation-Protected Bonds. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for RLY and 0.52% for HYGI.