VBTIX vs. RLY

Last updated Jun 9, 2026

VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both funds - VBTIX is a Total Bond Market fund managed by Vanguard, while RLY is a Hedge Fund fund actively managed by State Street. Over the past 10 years, VBTIX returned 1.53%/yr vs 8.25%/yr for RLY. At a correlation of -0.03, they often move in opposite directions. VBTIX charges 0.04%/yr vs 0.50%/yr for RLY.

Performance

VBTIX vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) 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, VBTIX achieves a -0.09% return, which is significantly lower than RLY's 14.36% return. Over the past 10 years, VBTIX has underperformed RLY with an annualized return of 1.53%, while RLY has yielded a comparatively higher 8.25% annualized return.

VBTIX

• 1D: -0.41%
• 1M: -0.49%
• YTD: -0.09%
• 6M: 0.35%
• 1Y: 4.92%
• 3Y*: 3.84%
• 5Y*: 0.05%
• 10Y*: 1.53%

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)

VBTIX vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	-0.09%	7.18%	1.27%	5.75%	-13.15%	-1.95%	7.75%	8.74%	-0.24%	3.56%
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 VBTIX and RLY is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012	-0.03

The correlation between VBTIX and RLY shifts across timeframes, from -0.03 (all time) to 0.17 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VBTIX vs. RLY — Risk / Return Rank

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

VBTIX

VBTIX Risk / Return Rank: 18
VBTIX Sharpe Ratio Rank: 17
VBTIX Sortino Ratio Rank: 17
VBTIX Omega Ratio Rank: 16
VBTIX Calmar Ratio Rank: 20
VBTIX Martin Ratio Rank: 18

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.

VBTIX vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) 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.

	VBTIX	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.73	-1.61
Sortino ratio: Return per unit of downside risk	1.67	3.69	-2.02
Omega ratio: Gain probability vs. loss probability	1.20	1.51	-0.31
Calmar ratio: Return relative to maximum drawdown	1.52	7.16	-5.64
Martin ratio: Return relative to average drawdown	4.51	25.86	-21.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBTIX vs. RLY - Sharpe Ratio Comparison

The current VBTIX Sharpe Ratio is 1.12, which is lower than the RLY Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of VBTIX 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

	VBTIX	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	2.73	-1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.73	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.60	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.36	+0.58

Drawdowns

VBTIX vs. RLY - Drawdown Comparison

The maximum VBTIX drawdown since its inception was -18.90%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for VBTIX and RLY.

Drawdown Indicators

	VBTIX	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-18.90%	-37.75%	+18.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-3.93%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.99%	-10.08%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-18.94%	+0.81%
Max Drawdown (10Y) Largest decline over 10 years	-18.90%	-34.17%	+15.27%
Current Drawdown Current decline from peak	-2.76%	-3.93%	+1.17%
Average Drawdown Average peak-to-trough decline	-2.32%	-9.45%	+7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.09%	-0.12%

Volatility

VBTIX vs. RLY - Volatility Comparison

The current volatility for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) is 1.31%, while SPDR SSgA Multi-Asset Real Return ETF (RLY) has a volatility of 3.47%. This indicates that VBTIX experiences smaller price fluctuations and is considered to be less risky than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBTIX	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	3.47%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	8.46%	-5.65%
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	10.34%	-6.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.02%	13.57%	-7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	13.83%	-8.85%

VBTIX vs. RLY - Expense Ratio Comparison

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

Dividends

VBTIX vs. RLY - Dividend Comparison

VBTIX's dividend yield for the trailing twelve months is around 4.01%, more than 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%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	4.01%	3.88%	3.69%	3.12%	2.61%	1.81%	2.41%	2.75%	2.58%	2.56%	2.54%	2.84%

Frequently Asked Questions

Can I hold both VBTIX and RLY in my portfolio?

VBTIX and RLY have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBTIX or RLY?

RLY has higher volatility (3.47%) compared to VBTIX (1.31%). In terms of maximum drawdown, VBTIX dropped -18.90% vs RLY's -37.75%.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.73 vs 1.12), 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.