SPDW vs. RLY

Last updated Jun 9, 2026

SPDW (SPDR Portfolio World ex-US ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while RLY is a Hedge Fund fund actively managed by State Street. SPDW is passively managed, while RLY is actively managed. Over the past 10 years, SPDW returned 10.06%/yr vs 8.25%/yr for RLY. A 0.73 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.50%/yr for RLY.

Performance

SPDW vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and SPDR SSgA Multi-Asset Real Return ETF (RLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDW achieves a 12.18% return, which is significantly lower than RLY's 14.36% return. Over the past 10 years, SPDW has outperformed RLY with an annualized return of 10.06%, while RLY has yielded a comparatively lower 8.25% annualized return.

SPDW

• 1D: 0.99%
• 1M: -1.17%
• YTD: 12.18%
• 6M: 14.96%
• 1Y: 27.89%
• 3Y*: 18.62%
• 5Y*: 8.90%
• 10Y*: 10.06%

RLY

• 1D: -0.06%
• 1M: -2.10%
• YTD: 14.36%
• 6M: 16.24%
• 1Y: 28.00%
• 3Y*: 13.90%
• 5Y*: 9.85%
• 10Y*: 8.25%

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

SPDW vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDW SPDR Portfolio World ex-US ETF	12.18%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%
RLY SPDR SSgA Multi-Asset Real Return ETF	14.36%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%

Correlation

The correlation between SPDW and RLY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012	0.73

Over the past year, the correlation between SPDW and RLY has dropped to 0.48 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

SPDW vs. RLY - Sectors Allocation Comparison

Sectors	SPDW	RLY
Financial Services	22.9%	0.0%
Industrials	19.2%	16.5%
Technology	13.7%	-
Healthcare	8.3%	0.8%
Consumer Cyclical	7.8%	2.6%
Basic Materials	7.3%	25.1%
Consumer Defensive	5.7%	3.6%
Energy	5.5%	30.1%
Communication Services	3.8%	-
Utilities	3.3%	15.9%
Real Estate	2.5%	5.4%

Return for Risk

SPDW vs. RLY — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 56
SPDW Sharpe Ratio Rank: 57
SPDW Sortino Ratio Rank: 55
SPDW Omega Ratio Rank: 56
SPDW Calmar Ratio Rank: 54
SPDW Martin Ratio Rank: 59

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 89
RLY Sortino Ratio Rank: 89
RLY Omega Ratio Rank: 89
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 94

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.

SPDW vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and SPDR SSgA Multi-Asset Real Return ETF (RLY). 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.

	SPDW	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.73	-0.98
Sortino ratio: Return per unit of downside risk	2.40	3.69	-1.29
Omega ratio: Gain probability vs. loss probability	1.32	1.51	-0.19
Calmar ratio: Return relative to maximum drawdown	2.43	7.16	-4.73
Martin ratio: Return relative to average drawdown	9.42	25.86	-16.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDW vs. RLY - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.74, which is lower than the RLY Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of SPDW and RLY, 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

	SPDW	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.73	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.73	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.60	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.36	-0.13

Drawdowns

SPDW vs. RLY - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for SPDW and RLY.

Drawdown Indicators

	SPDW	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-37.75%	-22.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-3.93%	-7.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-10.08%	-3.45%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-18.94%	-11.27%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-34.17%	-0.81%
Current Drawdown Current decline from peak	-3.30%	-3.93%	+0.63%
Average Drawdown Average peak-to-trough decline	-12.90%	-9.45%	-3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	1.09%	+1.88%

Volatility

SPDW vs. RLY - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.07% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.47%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	3.47%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	8.46%	+5.30%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	10.34%	+5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	13.57%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	13.83%	+3.47%

SPDW vs. RLY - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

SPDW vs. RLY - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.94%, which matches RLY's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RLY SPDR SSgA Multi-Asset Real Return ETF	2.93%	3.24%	3.31%	3.71%	5.66%	12.15%	2.16%	3.45%	2.76%	1.85%	2.07%	1.80%
SPDW SPDR Portfolio World ex-US ETF	2.94%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both SPDW and RLY in my portfolio?

SPDW and RLY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDW or RLY?

SPDW has higher volatility (6.07%) compared to RLY (3.47%). In terms of maximum drawdown, SPDW dropped -60.02% vs RLY's -37.75%.

Which ETF is better, SPDW or RLY?

On 10-year performance, SPDW leads with 10.06% vs 8.25% for RLY. On fees, SPDW is cheaper at 0.04% per year. On volatility, RLY has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or RLY?

Over the 10-year period, SPDW has performed better with a 10.06% return vs 8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or RLY?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.50% for RLY.

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

SPDW and RLY have nearly identical dividend yields, around 2.94%.

What is the main difference between SPDW and RLY?

SPDW is categorized as Foreign Large Cap Equities, while RLY is Hedge Fund. Their fees differ too: 0.04% for SPDW and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.73 vs 1.74), 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.