RLY vs. RYLD

Last updated Jun 4, 2026

RLY (SPDR SSgA Multi-Asset Real Return ETF) and RYLD (Global X Russell 2000 Covered Call ETF) are both Hedge Fund funds. RLY is actively managed, while RYLD is passively managed. Over the past 5 years, RLY returned 10.43%/yr vs 2.69%/yr for RYLD. A 0.58 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.60%/yr for RYLD.

Performance

RLY vs. RYLD - 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 Russell 2000 Covered Call ETF (RYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RLY achieves a 17.13% return, which is significantly higher than RYLD's 8.33% return.

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%

RYLD

• 1D: -0.19%
• 1M: 2.78%
• YTD: 8.33%
• 6M: 9.14%
• 1Y: 21.47%
• 3Y*: 7.45%
• 5Y*: 2.69%
• 10Y*: —

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

RLY vs. RYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RLY SPDR SSgA Multi-Asset Real Return ETF	17.13%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	3.60%
RYLD Global X Russell 2000 Covered Call ETF	8.33%	5.65%	10.13%	0.27%	-13.03%	22.13%	-0.44%	8.92%

Correlation

The correlation between RLY and RYLD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Apr 23, 2019	0.58

Over the past year, the correlation between RLY and RYLD has dropped to 0.37 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

RLY vs. RYLD - Sectors Allocation Comparison

Sectors	RLY	RYLD
Energy	30.1%	6.2%
Basic Materials	25.1%	4.8%
Industrials	16.5%	17.5%
Utilities	15.9%	2.9%
Real Estate	5.4%	6.2%
Consumer Defensive	3.6%	2.4%
Consumer Cyclical	2.6%	8.4%
Healthcare	0.8%	16.5%
Financial Services	0.0%	104.9%
Communication Services	-	2.5%
Technology	-	16.8%

Return for Risk

RLY vs. RYLD — 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

RYLD

RYLD Risk / Return Rank: 66
RYLD Sharpe Ratio Rank: 59
RYLD Sortino Ratio Rank: 59
RYLD Omega Ratio Rank: 69
RYLD Calmar Ratio Rank: 68
RYLD Martin Ratio Rank: 73

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. RYLD - 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 Russell 2000 Covered Call ETF (RYLD). 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	RYLD	Difference
Sharpe ratio Return per unit of total volatility	3.17	2.03	+1.15
Sortino ratio Return per unit of downside risk	4.33	2.86	+1.48
Omega ratio Gain probability vs. loss probability	1.60	1.42	+0.17
Calmar ratio Return relative to maximum drawdown	8.60	3.43	+5.17
Martin ratio Return relative to average drawdown	31.17	13.86	+17.31
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. RYLD - Sharpe Ratio Comparison

The current RLY Sharpe Ratio is 3.17, which is higher than the RYLD Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of RLY and RYLD, 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	RYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	2.03	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.19	+0.58
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	0.32	+0.06

Drawdowns

RLY vs. RYLD - Drawdown Comparison

The maximum RLY drawdown since its inception was -37.75%, smaller than the maximum RYLD drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for RLY and RYLD.

Drawdown Indicators

	RLY	RYLD	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-41.53%	+3.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-6.29%	+2.58%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-19.05%	+8.97%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-21.33%	+2.39%
Max Drawdown (10Y) Largest decline over 10 years	-34.17%	—	—
Current Drawdown Current decline from peak	-1.60%	-0.19%	-1.41%
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%	1.55%	-0.53%

Volatility

RLY vs. RYLD - Volatility Comparison

SPDR SSgA Multi-Asset Real Return ETF (RLY) has a higher volatility of 3.00% compared to Global X Russell 2000 Covered Call ETF (RYLD) at 2.02%. This indicates that RLY's price experiences larger fluctuations and is considered to be riskier than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLY	RYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	2.02%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	7.60%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	10.67%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	14.03%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	17.20%	-3.39%

RLY vs. RYLD - Expense Ratio Comparison

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

Dividends

RLY vs. RYLD - Dividend Comparison

RLY's dividend yield for the trailing twelve months is around 2.86%, less than RYLD's 11.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RYLD Global X Russell 2000 Covered Call ETF	11.65%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RLY and RYLD in my portfolio?

RLY and RYLD have a correlation of 0.37, 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 RYLD?

RLY has higher volatility (3.00%) compared to RYLD (2.02%). In terms of maximum drawdown, RLY dropped -37.75% vs RYLD's -41.53%.

Which ETF is better, RLY or RYLD?

On 5-year performance, RLY leads with 10.43% vs 2.69% for RYLD. On fees, RLY is cheaper at 0.50% per year. On volatility, RYLD has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RLY or RYLD?

Over the 5-year period, RLY has performed better with a 10.43% return vs 2.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RLY or RYLD?

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

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

RYLD has the higher dividend yield at 11.65%, compared with 2.86% for RLY.

What is the main difference between RLY and RYLD?

They also come from different issuers: State Street and Global X. Their fees differ too: 0.50% for RLY and 0.60% for RYLD.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (3.17 vs 2.03), 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.