RLY vs. ICSH

Last updated Jun 13, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while ICSH is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past 10 years, RLY returned 8.43%/yr vs 2.78%/yr for ICSH. At a 0.07 correlation, their price movements are largely independent. RLY charges 0.50%/yr vs 0.08%/yr for ICSH.

Performance

RLY vs. ICSH - 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 Ultra Short Duration Bond Active ETF (ICSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RLY achieves a 15.03% return, which is significantly higher than ICSH's 1.53% return. Over the past 10 years, RLY has outperformed ICSH with an annualized return of 8.43%, while ICSH has yielded a comparatively lower 2.78% annualized return.

RLY

• 1D: 0.47%
• 1M: -3.14%
• YTD: 15.03%
• 6M: 15.93%
• 1Y: 27.41%
• 3Y*: 13.98%
• 5Y*: 9.93%
• 10Y*: 8.43%

ICSH

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.53%
• 6M: 1.81%
• 1Y: 4.32%
• 3Y*: 5.16%
• 5Y*: 3.69%
• 10Y*: 2.78%

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

RLY vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RLY SPDR SSgA Multi-Asset Real Return ETF	15.03%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%
ICSH iShares Ultra Short Duration Bond Active ETF	1.53%	4.96%	5.52%	5.58%	0.97%	0.16%	1.61%	3.17%	2.25%	1.63%

Correlation

The correlation between RLY and ICSH is 0.10, 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	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013	0.07

RLY vs. ICSH - Sectors Allocation Comparison

Sectors	RLY	ICSH
Energy	30.1%	-
Basic Materials	25.1%	-
Industrials	16.5%	-
Utilities	15.9%	100.0%
Real Estate	5.4%	-
Consumer Defensive	3.6%	-
Consumer Cyclical	2.6%	-
Healthcare	0.8%	-
Financial Services	0.0%	-
Communication Services	-	-
Technology	-	-

Return for Risk

RLY vs. ICSH — 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: 90
RLY Sortino Ratio Rank: 89
RLY Omega Ratio Rank: 89
RLY Calmar Ratio Rank: 94
RLY Martin Ratio Rank: 94

ICSH

ICSH Risk / Return Rank: 99
ICSH Sharpe Ratio Rank: 100
ICSH Sortino Ratio Rank: 99
ICSH Omega Ratio Rank: 99
ICSH Calmar Ratio Rank: 99
ICSH Martin Ratio Rank: 99

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. ICSH - 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 Ultra Short Duration Bond Active ETF (ICSH). 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	ICSH	Difference
Sharpe ratio: Return per unit of total volatility	2.66	10.98	-8.33
Sortino ratio: Return per unit of downside risk	3.61	27.49	-23.88
Omega ratio: Gain probability vs. loss probability	1.49	6.59	-5.09
Calmar ratio: Return relative to maximum drawdown	5.95	43.88	-37.92
Martin ratio: Return relative to average drawdown	22.94	290.20	-267.26

RLY vs. ICSH - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 2.66, which is lower than the ICSH Sharpe Ratio of 10.98. The chart below compares the historical Sharpe Ratios of RLY and ICSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RLY vs. ICSH - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for RLY and ICSH.

Drawdown Indicators

	RLY	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-3.94%	-33.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-0.10%	-4.53%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-0.10%	-9.98%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-0.73%	-18.21%
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	-3.94%	-30.23%
Current Drawdown Current decline from peak	-3.37%	0.00%	-3.37%
Average Drawdown Average peak-to-trough decline	-9.44%	-0.08%	-9.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	0.01%	+1.19%

Volatility

RLY vs. ICSH - Volatility Comparison

SPDR SSgA Multi-Asset Real Return ETF (RLY) has a higher volatility of 3.25% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.13%. This indicates that RLY's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	0.13%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	0.29%	+8.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	0.39%	+9.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	0.48%	+13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.82%	1.06%	+12.76%

RLY vs. ICSH - Expense Ratio Comparison

RLY has a 0.50% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

RLY vs. ICSH - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.92%, less than ICSH's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICSH iShares Ultra Short Duration Bond Active ETF	4.34%	4.55%	5.24%	4.78%	1.66%	0.42%	1.21%	2.61%	2.20%	1.36%	0.88%	0.54%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.92%	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 ICSH in my portfolio?

RLY and ICSH have a correlation of 0.10, 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 ICSH?

RLY has higher volatility (3.25%) compared to ICSH (0.13%). In terms of maximum drawdown, RLY dropped -37.75% vs ICSH's -3.94%.

Which ETF is better, RLY or ICSH?

On 10-year performance, RLY leads with 8.43% vs 2.78% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RLY or ICSH?

Over the 10-year period, RLY has performed better with a 8.43% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RLY or ICSH?

ICSH is cheaper with a 0.08% expense ratio, compared with 0.50% for RLY.

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

ICSH has the higher dividend yield at 4.34%, compared with 2.92% for RLY.

What is the main difference between RLY and ICSH?

RLY is categorized as Hedge Fund, while ICSH is Ultrashort Bond. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for RLY and 0.08% for ICSH.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (10.98 vs 2.66), 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.