SPGP vs. RLY
SPGP (Invesco S&P 500 GARP ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while RLY is a Hedge Fund fund actively managed by State Street. SPGP is passively managed, while RLY is actively managed. Over the past 10 years, SPGP returned 15.11%/yr vs 8.43%/yr for RLY. A 0.60 correlation means they provide meaningful diversification when combined. SPGP charges 0.36%/yr vs 0.50%/yr for RLY.
Performance
SPGP vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, SPGP achieves a 6.06% return, which is significantly lower than RLY's 15.03% return. Over the past 10 years, SPGP has outperformed RLY with an annualized return of 15.11%, while RLY has yielded a comparatively lower 8.43% annualized return.
SPGP
- 1D
- 0.84%
- 1M
- 3.81%
- YTD
- 6.06%
- 6M
- 5.64%
- 1Y
- 16.85%
- 3Y*
- 11.97%
- 5Y*
- 7.97%
- 10Y*
- 15.11%
RLY
- 1D
- 0.47%
- 1M
- -1.53%
- YTD
- 15.03%
- 6M
- 15.93%
- 1Y
- 26.61%
- 3Y*
- 13.98%
- 5Y*
- 9.93%
- 10Y*
- 8.43%
SPGP vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGP Invesco S&P 500 GARP ETF | 6.06% | 9.80% | 8.48% | 20.29% | -13.83% | 35.72% | 15.92% | 39.16% | 1.68% | 36.24% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 15.03% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
Correlation
The correlation between SPGP and RLY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.60 |
Over the past year, the correlation between SPGP and RLY has dropped to 0.32 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
SPGP vs. RLY — Risk / Return Rank
SPGP
RLY
SPGP vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) 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.
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.
| SPGP | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.49 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 5.95 | -4.50 |
| Martin ratioReturn relative to average drawdown | 5.54 | 22.94 | -17.40 |
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Drawdowns
SPGP vs. RLY - Drawdown Comparison
The maximum SPGP drawdown since its inception was -42.08%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for SPGP and RLY.
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Drawdown Indicators
| SPGP | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -37.75% | -4.33% |
Max Drawdown (1Y)Largest decline over 1 year | -11.15% | -4.63% | -6.52% |
Max Drawdown (3Y)Largest decline over 3 years | -22.87% | -10.08% | -12.79% |
Max Drawdown (5Y)Largest decline over 5 years | -22.87% | -18.94% | -3.93% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -34.17% | -7.91% |
Current DrawdownCurrent decline from peak | -1.05% | -3.37% | +2.32% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -9.44% | +5.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 1.20% | +1.72% |
Volatility
SPGP vs. RLY - Volatility Comparison
Invesco S&P 500 GARP ETF (SPGP) has a higher volatility of 5.43% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.25%. This indicates that SPGP'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.
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Volatility by Period
| SPGP | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.43% | 3.25% | +2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 8.47% | +3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.63% | 10.37% | +5.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.60% | 13.57% | +5.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.23% | 13.82% | +7.41% |
SPGP vs. RLY - Expense Ratio Comparison
SPGP has a 0.36% expense ratio, which is lower than RLY's 0.50% expense ratio.
Dividends
SPGP vs. RLY - Dividend Comparison
SPGP's dividend yield for the trailing twelve months is around 0.88%, less than RLY's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 2.92% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
SPGP Invesco S&P 500 GARP ETF | 0.88% | 1.04% | 1.38% | 1.24% | 1.22% | 0.69% | 1.10% | 0.86% | 0.95% | 0.68% | 0.89% | 1.12% |
Frequently Asked Questions
SPGP and RLY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPGP has higher volatility (5.43%) compared to RLY (3.25%). In terms of maximum drawdown, SPGP dropped -42.08% vs RLY's -37.75%.
On 10-year performance, SPGP leads with 15.11% vs 8.43% for RLY. On fees, SPGP is cheaper at 0.36% per year. On volatility, RLY has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPGP has performed better with a 15.11% return vs 8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPGP is cheaper with a 0.36% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 2.92%, compared with 0.88% for SPGP.
SPGP is categorized as Multi-factor, while RLY is Hedge Fund. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.36% for SPGP and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.66 vs 1.04), 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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