RLY vs. SPHD
RLY (SPDR SSgA Multi-Asset Real Return ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. RLY is actively managed, while SPHD is passively managed. Over the past 10 years, RLY returned 8.09%/yr vs 7.55%/yr for SPHD. A 0.65 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.30%/yr for SPHD.
Performance
RLY vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 11.33% return, which is significantly higher than SPHD's 8.20% return. Over the past 10 years, RLY has outperformed SPHD with an annualized return of 8.09%, while SPHD has yielded a comparatively lower 7.55% annualized return.
RLY
- 1D
- -0.77%
- 1M
- -4.87%
- YTD
- 11.33%
- 6M
- 10.55%
- 1Y
- 23.01%
- 3Y*
- 13.30%
- 5Y*
- 9.65%
- 10Y*
- 8.09%
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
RLY vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 11.33% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between RLY and SPHD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.65 |
The correlation between RLY and SPHD shifts across timeframes, from 0.45 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RLY vs. SPHD — Risk / Return Rank
RLY
SPHD
RLY vs. SPHD - 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 S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.18 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 1.66 | +1.92 |
| Martin ratioReturn relative to average drawdown | 16.17 | 4.06 | +12.11 |
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Drawdowns
RLY vs. SPHD - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for RLY and SPHD.
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Drawdown Indicators
| RLY | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -41.39% | +3.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.47% | -7.33% | +0.86% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -13.29% | +3.21% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -19.50% | +0.56% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -41.39% | +7.22% |
Current DrawdownCurrent decline from peak | -6.47% | -1.91% | -4.56% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -4.69% | -4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 2.98% | -1.55% |
Volatility
RLY vs. SPHD - Volatility Comparison
The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.18%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.26%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLY | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 4.26% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 8.47% | 8.13% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.49% | 11.48% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.53% | 14.16% | -0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 17.65% | -3.84% |
RLY vs. SPHD - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
RLY vs. SPHD - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 3.01%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 3.01% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.60% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
RLY and SPHD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.26%) compared to RLY (3.18%). In terms of maximum drawdown, RLY dropped -37.75% vs SPHD's -41.39%.
On 10-year performance, RLY leads with 8.09% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, RLY has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RLY has performed better with a 8.09% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.50% for RLY.
SPHD has the higher dividend yield at 4.60%, compared with 3.01% for RLY.
RLY is categorized as Hedge Fund, while SPHD is Dividend. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.50% for RLY and 0.30% for SPHD.
RLY currently has the higher Sharpe Ratio (2.20 vs 1.06), 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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