RLY vs. PDBC
RLY (SPDR SSgA Multi-Asset Real Return ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past 10 years, RLY returned 8.56%/yr vs 8.79%/yr for PDBC. A 0.67 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.58%/yr for PDBC.
Performance
RLY vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 17.13% return, which is significantly lower than PDBC's 36.23% return. Both investments have delivered pretty close results over the past 10 years, with RLY having a 8.56% annualized return and PDBC not far ahead at 8.79%.
RLY
- 1D
- -0.30%
- 1M
- -0.30%
- YTD
- 17.13%
- 6M
- 18.27%
- 1Y
- 31.78%
- 3Y*
- 15.11%
- 5Y*
- 10.43%
- 10Y*
- 8.56%
PDBC
- 1D
- 0.39%
- 1M
- -3.37%
- YTD
- 36.23%
- 6M
- 36.27%
- 1Y
- 45.46%
- 3Y*
- 14.42%
- 5Y*
- 12.39%
- 10Y*
- 8.79%
RLY vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 17.13% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between RLY and PDBC is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014 | 0.67 |
The correlation between RLY and PDBC shifts across timeframes, from 0.55 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
RLY vs. PDBC — Risk / Return Rank
RLY
PDBC
RLY vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.43 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 8.60 | 6.35 | +2.25 |
| Martin ratioReturn relative to average drawdown | 31.17 | 13.39 | +17.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RLY | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.17 | 2.46 | +0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | 0.65 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.50 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.23 | +0.14 |
Drawdowns
RLY vs. PDBC - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for RLY and PDBC.
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Drawdown Indicators
| RLY | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -49.52% | +11.77% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -7.19% | +3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -13.95% | +3.87% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -27.63% | +8.69% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -40.73% | +6.56% |
Current DrawdownCurrent decline from peak | -1.60% | -4.55% | +2.95% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -23.21% | +13.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 3.41% | -2.39% |
Volatility
RLY vs. PDBC - Volatility Comparison
The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.00%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.20%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLY | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.00% | 6.20% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 8.15% | 15.78% | -7.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.06% | 18.61% | -8.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.54% | 19.12% | -5.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 17.78% | -3.97% |
RLY vs. PDBC - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
RLY vs. PDBC - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 2.86%, more than PDBC's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.82% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 2.86% | 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 PDBC have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.20%) compared to RLY (3.00%). In terms of maximum drawdown, RLY dropped -37.75% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 8.79% vs 8.56% for RLY. On fees, RLY is cheaper at 0.50% per year. On volatility, RLY has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 8.79% return vs 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY is cheaper with a 0.50% expense ratio, compared with 0.58% for PDBC.
RLY has the higher dividend yield at 2.86%, compared with 2.82% for PDBC.
RLY is categorized as Hedge Fund, while PDBC is Commodities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.50% for RLY and 0.58% for PDBC.
RLY currently has the higher Sharpe Ratio (3.17 vs 2.46), 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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