RLY vs. QTR

Last updated Jun 4, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and QTR (Global X NASDAQ 100 Tail Risk ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while QTR is a Nasdaq-100 fund tracking the NASDAQ-100 Quarterly Protective Put 90 Index. RLY is actively managed, while QTR is passively managed. Over the past 3 years, RLY returned 15.11%/yr vs 22.93%/yr for QTR. At a 0.35 correlation, their price movements are largely independent. RLY charges 0.50%/yr vs 0.60%/yr for QTR.

Performance

RLY vs. QTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSgA Multi-Asset Real Return ETF (RLY) and Global X NASDAQ 100 Tail Risk ETF (QTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RLY having a 17.13% return and QTR slightly higher at 17.64%.

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%

QTR

• 1D: -0.24%
• 1M: 10.52%
• YTD: 17.64%
• 6M: 15.72%
• 1Y: 33.76%
• 3Y*: 22.93%
• 5Y*: —
• 10Y*: —

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

RLY vs. QTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RLY SPDR SSgA Multi-Asset Real Return ETF	17.13%	20.26%	2.53%	2.56%	7.86%	5.94%
QTR Global X NASDAQ 100 Tail Risk ETF	17.64%	14.52%	21.46%	45.53%	-29.94%	4.16%

Correlation

The correlation between RLY and QTR is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.35

The correlation between RLY and QTR shifts across timeframes, from 0.21 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

RLY vs. QTR - Sectors Allocation Comparison

Sectors	RLY	QTR
Energy	30.1%	0.6%
Basic Materials	25.1%	1.1%
Industrials	16.5%	2.8%
Utilities	15.9%	1.4%
Real Estate	5.4%	0.1%
Consumer Defensive	3.6%	7.7%
Consumer Cyclical	2.6%	12.2%
Healthcare	0.8%	4.2%
Financial Services	0.0%	0.2%
Communication Services	-	15.8%
Technology	-	53.8%

Return for Risk

RLY vs. QTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RLY

RLY Risk / Return Rank: 92
RLY Sharpe Ratio Rank: 90
RLY Sortino Ratio Rank: 91
RLY Omega Ratio Rank: 90
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 95

QTR

QTR Risk / Return Rank: 64
QTR Sharpe Ratio Rank: 72
QTR Sortino Ratio Rank: 70
QTR Omega Ratio Rank: 68
QTR Calmar Ratio Rank: 55
QTR Martin Ratio Rank: 55

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. QTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and Global X NASDAQ 100 Tail Risk ETF (QTR). 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	QTR	Difference
Sharpe ratio Return per unit of total volatility	3.17	2.40	+0.77
Sortino ratio Return per unit of downside risk	4.33	3.22	+1.11
Omega ratio Gain probability vs. loss probability	1.60	1.41	+0.18
Calmar ratio Return relative to maximum drawdown	8.60	2.76	+5.84
Martin ratio Return relative to average drawdown	31.17	9.47	+21.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RLY vs. QTR - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 3.17, which is higher than the QTR Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of RLY and QTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RLY	QTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	2.40	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.68	-0.31

Drawdowns

RLY vs. QTR - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, which is greater than QTR's maximum drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for RLY and QTR.

Drawdown Indicators

	RLY	QTR	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-31.72%	-6.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-12.29%	+8.58%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-18.99%	+8.91%
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	-1.60%	-0.24%	-1.36%
Average Drawdown Average peak-to-trough decline	-9.46%	-8.84%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	3.57%	-2.55%

Volatility

RLY vs. QTR - Volatility Comparison

The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.00%, while Global X NASDAQ 100 Tail Risk ETF (QTR) has a volatility of 4.52%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than QTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	QTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	4.52%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	10.68%	-2.53%
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	14.14%	-4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	18.10%	-4.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	18.10%	-4.29%

RLY vs. QTR - Expense Ratio Comparison

RLY has a 0.50% expense ratio, which is lower than QTR's 0.60% expense ratio.

Dividends

RLY vs. QTR - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.86%, less than QTR's 15.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QTR Global X NASDAQ 100 Tail Risk ETF	15.96%	18.77%	0.50%	0.53%	0.36%	1.90%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both RLY and QTR in my portfolio?

RLY and QTR have a correlation of 0.21, 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 QTR?

QTR has higher volatility (4.52%) compared to RLY (3.00%). In terms of maximum drawdown, RLY dropped -37.75% vs QTR's -31.72%.

Which ETF is better, RLY or QTR?

On 3-year performance, QTR leads with 22.93% vs 15.11% 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.

Which ETF has performed better, RLY or QTR?

Over the 3-year period, QTR has performed better with a 22.93% return vs 15.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RLY or QTR?

RLY is cheaper with a 0.50% expense ratio, compared with 0.60% for QTR.

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

QTR has the higher dividend yield at 15.96%, compared with 2.86% for RLY.

What is the main difference between RLY and QTR?

RLY is categorized as Hedge Fund, while QTR is Nasdaq-100. They also come from different issuers: State Street and Global X. Their fees differ too: 0.50% for RLY and 0.60% for QTR.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (3.17 vs 2.40), 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.