VBR vs. RLY
VBR (Vanguard Small-Cap Value ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index, while RLY is a Hedge Fund fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. Both are passively managed. Over the past 10 years, VBR returned 10.50%/yr vs 8.02%/yr for RLY. A 0.67 correlation means they provide meaningful diversification when combined. VBR charges 0.05%/yr vs 0.50%/yr for RLY.
Performance
VBR vs. RLY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VBR achieves a 15.52% return, which is significantly higher than RLY's 13.94% return. Over the past 10 years, VBR has outperformed RLY with an annualized return of 10.50%, while RLY has yielded a comparatively lower 8.02% annualized return.
VBR
- 1D
- -0.80%
- 1M
- 2.04%
- 6M
- 8.72%
- YTD
- 15.52%
- 1Y
- 23.17%
- 3Y*
- 14.54%
- 5Y*
- 9.61%
- 10Y*
- 10.50%
- ALL TIME*
- 9.62%
RLY
- 1D
- -0.31%
- 1M
- 1.21%
- 6M
- 8.76%
- YTD
- 13.94%
- 1Y
- 24.26%
- 3Y*
- 12.31%
- 5Y*
- 10.60%
- 10Y*
- 8.02%
- ALL TIME*
- 4.68%
VBR vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBR Vanguard Small-Cap Value ETF | 15.52% | 9.09% | 12.40% | 16.00% | -9.38% | 28.08% | 5.90% | 22.78% | -12.28% | 11.81% |
RLY State Street Multi-Asset Real Return ETF | 13.94% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
Correlation
The correlation between VBR and RLY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.67 |
Over the past year, the correlation between VBR and RLY has dropped to 0.44 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VBR vs. RLY — Risk / Return Rank
VBR
RLY
VBR vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value ETF (VBR) 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.
| VBR | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.42 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 3.23 | -0.60 |
| Martin ratioReturn relative to average drawdown | 9.32 | 11.48 | -2.16 |
Loading charts...
Drawdowns
VBR vs. RLY - Drawdown Comparison
The maximum VBR drawdown since its inception was -61.98%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for VBR and RLY.
Loading charts...
Drawdown Indicators
| VBR | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.98% | -37.75% | -24.23% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -7.54% | -1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -24.19% | -10.08% | -14.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.19% | -18.94% | -5.25% |
Max Drawdown (10Y)Largest decline over 10 years | -45.28% | -34.17% | -11.11% |
Current DrawdownCurrent decline from peak | -1.45% | -4.28% | +2.83% |
Average DrawdownAverage peak-to-trough decline | -8.22% | -9.42% | +1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 2.12% | +0.37% |
Volatility
VBR vs. RLY - Volatility Comparison
Vanguard Small-Cap Value ETF (VBR) and State Street Multi-Asset Real Return ETF (RLY) have volatilities of 2.90% and 2.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VBR | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 2.91% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.49% | 8.44% | +2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.00% | 10.56% | +4.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.58% | 13.47% | +6.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.66% | 13.79% | +7.87% |
VBR vs. RLY - Expense Ratio Comparison
VBR has a 0.05% expense ratio, which is lower than RLY's 0.50% expense ratio.
Dividends
VBR vs. RLY - Dividend Comparison
VBR's dividend yield for the trailing twelve months is around 1.78%, less than RLY's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 3.11% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
VBR Vanguard Small-Cap Value ETF | 1.78% | 1.95% | 1.98% | 2.12% | 2.03% | 1.75% | 1.68% | 2.06% | 2.35% | 1.79% | 1.77% | 1.99% |
Frequently Asked Questions
VBR and RLY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RLY has higher volatility (2.91%) compared to VBR (2.90%). In terms of maximum drawdown, VBR dropped -61.98% vs RLY's -37.75%.
On 10-year performance, VBR leads with 10.50% vs 8.02% for RLY. On fees, VBR is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VBR has performed better with a 10.50% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VBR is cheaper with a 0.05% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 3.11%, compared with 1.78% for VBR.
VBR is categorized as Small Cap Value Equities, while RLY is Hedge Fund. VBR tracks CRSP US Small Cap Value Index, while RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.05% for VBR and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.31 vs 1.55), 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.
Find the right allocation for VBR and RLY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer