VDIGX vs. RLY

Last updated Jun 9, 2026

VDIGX (Vanguard Dividend Growth Fund) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both funds - VDIGX is a Dividend fund actively managed by Vanguard, while RLY is a Hedge Fund fund actively managed by State Street. Both are actively managed. Over the past 10 years, VDIGX returned 12.09%/yr vs 8.25%/yr for RLY. A 0.59 correlation means they provide meaningful diversification when combined. VDIGX charges 0.22%/yr vs 0.50%/yr for RLY.

Performance

VDIGX vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Dividend Growth Fund (VDIGX) 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, VDIGX achieves a 1.19% return, which is significantly lower than RLY's 14.36% return. Over the past 10 years, VDIGX has outperformed RLY with an annualized return of 12.09%, while RLY has yielded a comparatively lower 8.25% annualized return.

VDIGX

• 1D: -1.18%
• 1M: 1.61%
• YTD: 1.19%
• 6M: 2.10%
• 1Y: 6.38%
• 3Y*: 13.72%
• 5Y*: 9.42%
• 10Y*: 12.09%

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)

VDIGX vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDIGX Vanguard Dividend Growth Fund	1.19%	11.11%	20.84%	8.11%	-4.89%	24.86%	12.04%	30.94%	0.08%	19.32%
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 VDIGX and RLY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012	0.59

Over the past year, the correlation between VDIGX and RLY has dropped to 0.35 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

VDIGX vs. RLY - Sectors Allocation Comparison

Sectors	VDIGX	RLY
Technology	23.6%	-
Financial Services	20.1%	0.0%
Healthcare	16.1%	0.8%
Industrials	14.9%	16.5%
Consumer Cyclical	10.7%	2.6%
Consumer Defensive	7.9%	3.6%
Basic Materials	2.6%	25.1%
Communication Services	2.3%	-
Energy	1.1%	30.1%
Utilities	0.5%	15.9%
Real Estate	-	5.4%

Return for Risk

VDIGX vs. RLY — Risk / Return Rank

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

VDIGX

VDIGX Risk / Return Rank: 9
VDIGX Sharpe Ratio Rank: 9
VDIGX Sortino Ratio Rank: 9
VDIGX Omega Ratio Rank: 8
VDIGX Calmar Ratio Rank: 9
VDIGX Martin Ratio Rank: 11

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.

VDIGX vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Dividend Growth Fund (VDIGX) 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.

	VDIGX	RLY	Difference
Sharpe ratio: Return per unit of total volatility	0.69	2.73	-2.04
Sortino ratio: Return per unit of downside risk	1.07	3.69	-2.62
Omega ratio: Gain probability vs. loss probability	1.12	1.51	-0.39
Calmar ratio: Return relative to maximum drawdown	0.77	7.16	-6.39
Martin ratio: Return relative to average drawdown	2.94	25.86	-22.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VDIGX vs. RLY - Sharpe Ratio Comparison

The current VDIGX Sharpe Ratio is 0.69, which is lower than the RLY Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of VDIGX 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

	VDIGX	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	2.73	-2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.73	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.60	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.36	+0.25

Drawdowns

VDIGX vs. RLY - Drawdown Comparison

The maximum VDIGX drawdown since its inception was -45.23%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for VDIGX and RLY.

Drawdown Indicators

	VDIGX	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-45.23%	-37.75%	-7.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-3.93%	-5.16%
Max Drawdown (3Y) Largest decline over 3 years	-10.23%	-10.08%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-18.94%	+2.76%
Max Drawdown (10Y) Largest decline over 10 years	-32.98%	-34.17%	+1.19%
Current Drawdown Current decline from peak	-1.50%	-3.93%	+2.43%
Average Drawdown Average peak-to-trough decline	-6.65%	-9.45%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	1.09%	+1.27%

Volatility

VDIGX vs. RLY - Volatility Comparison

The current volatility for Vanguard Dividend Growth Fund (VDIGX) is 2.43%, while SPDR SSgA Multi-Asset Real Return ETF (RLY) has a volatility of 3.47%. This indicates that VDIGX 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

	VDIGX	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	3.47%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	7.64%	8.46%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	10.34%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.87%	13.57%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.70%	13.83%	+1.87%

VDIGX vs. RLY - Expense Ratio Comparison

VDIGX has a 0.22% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

VDIGX vs. RLY - Dividend Comparison

VDIGX's dividend yield for the trailing twelve months is around 24.27%, 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%
VDIGX Vanguard Dividend Growth Fund	24.27%	21.90%	21.94%	2.29%	6.06%	5.45%	2.83%	4.70%	8.72%	5.16%	2.86%	5.70%

Frequently Asked Questions

Can I hold both VDIGX and RLY in my portfolio?

VDIGX and RLY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VDIGX or RLY?

RLY has higher volatility (3.47%) compared to VDIGX (2.43%). In terms of maximum drawdown, VDIGX dropped -45.23% vs RLY's -37.75%.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.73 vs 0.69), 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.