RLY vs. SPY
RLY (SPDR SSgA Multi-Asset Real Return ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while SPY is a S&P 500 fund tracking the S&P 500 Index. RLY is actively managed, while SPY is passively managed. Over the past 10 years, RLY returned 8.18%/yr vs 15.70%/yr for SPY. A 0.62 correlation means they provide meaningful diversification when combined. RLY charges 0.50%/yr vs 0.09%/yr for SPY.
Performance
RLY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 12.19% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, RLY has underperformed SPY with an annualized return of 8.18%, while SPY has yielded a comparatively higher 15.70% annualized return.
RLY
- 1D
- -0.34%
- 1M
- -4.13%
- YTD
- 12.19%
- 6M
- 12.16%
- 1Y
- 23.45%
- 3Y*
- 13.59%
- 5Y*
- 9.94%
- 10Y*
- 8.18%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
RLY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 12.19% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between RLY and SPY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.62 |
Over the past year, the correlation between RLY and SPY has dropped to 0.34 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
RLY vs. SPY — Risk / Return Rank
RLY
SPY
RLY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.39 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.10 | 3.01 | +1.09 |
| Martin ratioReturn relative to average drawdown | 17.17 | 13.54 | +3.63 |
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Drawdowns
RLY vs. SPY - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RLY and SPY.
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Drawdown Indicators
| RLY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -55.19% | +17.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -8.88% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -18.76% | +8.68% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -24.50% | +5.56% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -33.72% | -0.45% |
Current DrawdownCurrent decline from peak | -5.75% | -1.75% | -4.00% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -9.04% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 1.97% | -0.60% |
Volatility
RLY vs. SPY - Volatility Comparison
The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.13%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that RLY experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 4.64% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 8.43% | 9.75% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.48% | 12.43% | -1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.53% | 17.14% | -3.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.83% | 17.99% | -4.16% |
RLY vs. SPY - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
RLY vs. SPY - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 2.99%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 2.99% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
RLY and SPY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to RLY (3.13%). In terms of maximum drawdown, RLY dropped -37.75% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 8.18% for RLY. On fees, SPY is cheaper at 0.09% per year. On volatility, RLY has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 2.99%, compared with 1.01% for SPY.
RLY is categorized as Hedge Fund, while SPY is S&P 500. Their fees differ too: 0.50% for RLY and 0.09% for SPY.
RLY currently has the higher Sharpe Ratio (2.25 vs 2.16), 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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