TIPC vs. RLY

Last updated Jul 24, 2026

TIPC (Northern Trust 2045 Inflation-Linked Distributing Ladder ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - TIPC is a Inflation-Protected Bonds fund actively managed by Northern Trust, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. TIPC is actively managed, while RLY is passively managed. At a 0.16 correlation, their price movements are largely independent. TIPC charges 0.10%/yr vs 0.50%/yr for RLY.

Performance

TIPC vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2045 Inflation-Linked Distributing Ladder ETF (TIPC) and State Street 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, TIPC achieves a -0.23% return, which is significantly lower than RLY's 16.19% return.

TIPC

• 1D: -0.36%
• 1M: -0.85%
• 6M: -0.33%
• YTD: -0.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

RLY

• 1D: -0.14%
• 1M: 4.36%
• 6M: 9.05%
• YTD: 16.19%
• 1Y: 24.94%
• 3Y*: 12.80%
• 5Y*: 10.92%
• 10Y*: 8.27%
• ALL TIME*: 4.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RLY State Street Multi-Asset Real Return ETF	$9.42M	$8.70M	$8.08M
TIPC Northern Trust 2045 Inflation-Linked Distributing Ladder ETF	$1.65K	$7.26K	$9.64K

TIPC vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025
TIPC Northern Trust 2045 Inflation-Linked Distributing Ladder ETF	-0.23%	1.30%
RLY State Street Multi-Asset Real Return ETF	16.19%	8.54%

Correlation

The correlation between TIPC and RLY is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	0.16

Return for Risk

TIPC vs. RLY — Risk / Return Rank

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

TIPC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

RLY

RLY Risk / Return Rank: 87
RLY Sharpe Ratio Rank: 91
RLY Sortino Ratio Rank: 90
RLY Omega Ratio Rank: 90
RLY Calmar Ratio Rank: 83
RLY Martin Ratio Rank: 82

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.

TIPC vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Inflation-Linked Distributing Ladder ETF (TIPC) and State Street 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.

	TIPC	RLY	Difference
Sharpe ratio: Return per unit of total volatility	—	2.37	—
Sortino ratio: Return per unit of downside risk	—	3.25	—
Omega ratio: Gain probability vs. loss probability	—	1.43	—
Calmar ratio: Return relative to maximum drawdown	—	3.32	—
Martin ratio: Return relative to average drawdown	—	11.75	—

Drawdowns

TIPC vs. RLY - Drawdown Comparison

The maximum TIPC drawdown since its inception was -2.95%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for TIPC and RLY.

Drawdown Indicators

	TIPC	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-37.75%	+34.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.54%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.17%	—
Current Drawdown Current decline from peak	-2.39%	-2.39%	0.00%
Average Drawdown Average peak-to-trough decline	-1.04%	-9.41%	+8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.14%	—

Volatility

Volatility by Period

	TIPC	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.63%	10.59%	-5.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	13.47%	-8.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.63%	13.79%	-9.16%

TIPC vs. RLY - Expense Ratio Comparison

TIPC has a 0.10% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

TIPC vs. RLY - Dividend Comparison

TIPC's dividend yield for the trailing twelve months is around 5.00%, more than RLY's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RLY State Street Multi-Asset Real Return ETF	3.04%	3.24%	3.31%	3.71%	5.66%	12.15%	2.16%	3.45%	2.76%	1.85%	2.07%	1.80%
TIPC Northern Trust 2045 Inflation-Linked Distributing Ladder ETF	5.00%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIPC and RLY in my portfolio?

TIPC and RLY have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TIPC or RLY?

On fees, TIPC is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TIPC or RLY?

TIPC is cheaper with a 0.10% expense ratio, compared with 0.50% for RLY.

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

TIPC has the higher dividend yield at 5.00%, compared with 3.04% for RLY.

What is the main difference between TIPC and RLY?

TIPC is categorized as Inflation-Protected Bonds, while RLY is Global Allocation. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.10% for TIPC and 0.50% for RLY.