VXUS vs. RLY

Last updated Jun 13, 2026

VXUS (Vanguard Total International Stock ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - VXUS is a Global Equities fund tracking the FTSE Global All Cap ex US Index, while RLY is a Hedge Fund fund actively managed by State Street. VXUS is passively managed, while RLY is actively managed. Over the past 10 years, VXUS returned 10.22%/yr vs 8.43%/yr for RLY. A 0.74 correlation means they provide meaningful diversification when combined. VXUS charges 0.05%/yr vs 0.50%/yr for RLY.

Performance

VXUS vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Stock ETF (VXUS) 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, VXUS achieves a 13.69% return, which is significantly lower than RLY's 15.03% return. Over the past 10 years, VXUS has outperformed RLY with an annualized return of 10.22%, while RLY has yielded a comparatively lower 8.43% annualized return.

VXUS

• 1D: 0.40%
• 1M: 0.71%
• YTD: 13.69%
• 6M: 15.52%
• 1Y: 28.39%
• 3Y*: 18.37%
• 5Y*: 8.32%
• 10Y*: 10.22%

RLY

• 1D: 0.47%
• 1M: -3.14%
• YTD: 15.03%
• 6M: 15.93%
• 1Y: 27.41%
• 3Y*: 13.98%
• 5Y*: 9.93%
• 10Y*: 8.43%

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

VXUS vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXUS Vanguard Total International Stock ETF	13.69%	32.35%	5.08%	15.86%	-16.08%	8.98%	10.66%	21.75%	-14.43%	27.46%
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 VXUS and RLY is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.74

Over the past year, the correlation between VXUS and RLY has dropped to 0.49 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

VXUS vs. RLY - Sectors Allocation Comparison

Sectors	VXUS	RLY
Financial Services	22.3%	0.0%
Technology	18.1%	-
Industrials	16.1%	16.5%
Consumer Cyclical	8.4%	2.6%
Basic Materials	7.6%	25.1%
Healthcare	7.1%	0.8%
Energy	5.2%	30.1%
Consumer Defensive	5.0%	3.6%
Communication Services	4.4%	-
Utilities	3.2%	15.9%
Real Estate	2.6%	5.4%

Return for Risk

VXUS vs. RLY — Risk / Return Rank

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

VXUS

VXUS Risk / Return Rank: 61
VXUS Sharpe Ratio Rank: 61
VXUS Sortino Ratio Rank: 60
VXUS Omega Ratio Rank: 63
VXUS Calmar Ratio Rank: 58
VXUS Martin Ratio Rank: 62

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 90
RLY Sortino Ratio Rank: 89
RLY Omega Ratio Rank: 89
RLY Calmar Ratio Rank: 94
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.

VXUS vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Stock ETF (VXUS) 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.

	VXUS	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.66	-0.88
Sortino ratio: Return per unit of downside risk	2.44	3.61	-1.16
Omega ratio: Gain probability vs. loss probability	1.33	1.49	-0.17
Calmar ratio: Return relative to maximum drawdown	2.53	5.95	-3.42
Martin ratio: Return relative to average drawdown	9.72	22.94	-13.21

VXUS vs. RLY - Sharpe Ratio Comparison

The current VXUS Sharpe Ratio is 1.77, which is lower than the RLY Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of VXUS 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.

Drawdowns

VXUS vs. RLY - Drawdown Comparison

The maximum VXUS drawdown since its inception was -35.97%, roughly equal to the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for VXUS and RLY.

Drawdown Indicators

	VXUS	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-35.97%	-37.75%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.27%	-4.63%	-6.64%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-10.08%	-3.50%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-18.94%	-10.50%
Max Drawdown (10Y) Largest decline over 10 years	-35.97%	-34.17%	-1.80%
Current Drawdown Current decline from peak	-1.47%	-3.37%	+1.90%
Average Drawdown Average peak-to-trough decline	-8.21%	-9.44%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	1.20%	+1.73%

Volatility

VXUS vs. RLY - Volatility Comparison

Vanguard Total International Stock ETF (VXUS) has a higher volatility of 6.71% compared to SPDR SSgA Multi-Asset Real Return ETF (RLY) at 3.25%. This indicates that VXUS'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.

Volatility by Period

	VXUS	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	3.25%	+3.46%
Volatility (6M) Calculated over the trailing 6-month period	14.02%	8.47%	+5.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	10.37%	+5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	13.57%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	13.82%	+3.38%

VXUS vs. RLY - Expense Ratio Comparison

VXUS has a 0.05% expense ratio, which is lower than RLY's 0.50% expense ratio.

Dividends

VXUS vs. RLY - Dividend Comparison

VXUS's dividend yield for the trailing twelve months is around 2.67%, 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%
VXUS Vanguard Total International Stock ETF	2.67%	3.18%	3.37%	3.24%	3.09%	3.10%	2.14%	3.06%	3.18%	2.73%	2.93%	2.83%

Frequently Asked Questions

Can I hold both VXUS and RLY in my portfolio?

VXUS and RLY have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VXUS or RLY?

VXUS has higher volatility (6.71%) compared to RLY (3.25%). In terms of maximum drawdown, VXUS dropped -35.97% vs RLY's -37.75%.

Which ETF is better, VXUS or RLY?

On 10-year performance, VXUS leads with 10.22% vs 8.43% for RLY. On fees, VXUS is cheaper at 0.05% 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.

Which ETF has performed better, VXUS or RLY?

Over the 10-year period, VXUS has performed better with a 10.22% return vs 8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VXUS or RLY?

VXUS is cheaper with a 0.05% expense ratio, compared with 0.50% for RLY.

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

RLY has the higher dividend yield at 2.92%, compared with 2.67% for VXUS.

What is the main difference between VXUS and RLY?

VXUS is categorized as Global Equities, while RLY is Hedge Fund. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.05% for VXUS and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.66 vs 1.77), 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.