XMMO vs. RLY
XMMO (Invesco S&P MidCap Momentum ETF) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum 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, XMMO returned 18.35%/yr vs 8.02%/yr for RLY. A 0.57 correlation means they provide meaningful diversification when combined. XMMO charges 0.35%/yr vs 0.50%/yr for RLY.
Performance
XMMO vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, XMMO achieves a 13.17% return, which is significantly lower than RLY's 13.94% return. Over the past 10 years, XMMO has outperformed RLY with an annualized return of 18.35%, while RLY has yielded a comparatively lower 8.02% annualized return.
XMMO
- 1D
- -0.57%
- 1M
- -8.97%
- 6M
- 9.46%
- YTD
- 13.17%
- 1Y
- 19.87%
- 3Y*
- 24.48%
- 5Y*
- 13.97%
- 10Y*
- 18.35%
- ALL TIME*
- 12.19%
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%
XMMO vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMMO Invesco S&P MidCap Momentum ETF | 13.17% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
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 XMMO 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 | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.57 |
Over the past year, the correlation between XMMO and RLY has dropped to 0.35 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
XMMO vs. RLY — Risk / Return Rank
XMMO
RLY
XMMO vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) 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.
| XMMO | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.42 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 3.23 | -1.26 |
| Martin ratioReturn relative to average drawdown | 7.23 | 11.48 | -4.25 |
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Drawdowns
XMMO vs. RLY - Drawdown Comparison
The maximum XMMO drawdown since its inception was -55.37%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for XMMO and RLY.
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Drawdown Indicators
| XMMO | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.37% | -37.75% | -17.62% |
Max Drawdown (1Y)Largest decline over 1 year | -10.14% | -7.54% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -10.08% | -14.85% |
Max Drawdown (5Y)Largest decline over 5 years | -27.91% | -18.94% | -8.97% |
Max Drawdown (10Y)Largest decline over 10 years | -36.74% | -34.17% | -2.57% |
Current DrawdownCurrent decline from peak | -10.14% | -4.28% | -5.86% |
Average DrawdownAverage peak-to-trough decline | -9.42% | -9.42% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 2.12% | +0.64% |
Volatility
XMMO vs. RLY - Volatility Comparison
Invesco S&P MidCap Momentum ETF (XMMO) has a higher volatility of 6.86% compared to State Street Multi-Asset Real Return ETF (RLY) at 2.91%. This indicates that XMMO'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.
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Volatility by Period
| XMMO | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.86% | 2.91% | +3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 17.53% | 8.44% | +9.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.70% | 10.56% | +10.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.73% | 13.47% | +8.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.35% | 13.79% | +8.56% |
XMMO vs. RLY - Expense Ratio Comparison
XMMO has a 0.35% expense ratio, which is lower than RLY's 0.50% expense ratio.
Dividends
XMMO vs. RLY - Dividend Comparison
XMMO's dividend yield for the trailing twelve months is around 0.62%, 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% |
XMMO Invesco S&P MidCap Momentum ETF | 0.62% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
XMMO 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.
XMMO has higher volatility (6.86%) compared to RLY (2.91%). In terms of maximum drawdown, XMMO dropped -55.37% vs RLY's -37.75%.
On 10-year performance, XMMO leads with 18.35% vs 8.02% for RLY. On fees, XMMO is cheaper at 0.35% per year. On volatility, RLY has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMMO has performed better with a 18.35% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.50% for RLY.
RLY has the higher dividend yield at 3.11%, compared with 0.62% for XMMO.
XMMO is categorized as Momentum, while RLY is Hedge Fund. XMMO tracks S&P MidCap 400 Momentum Index, while RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.35% for XMMO and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.31 vs 0.97), 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.
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