RLY vs SPY
State Street Multi-Asset Real Return ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. RLY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | RLY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $1.3B | $821.1B | |
| Dividend Yield | 3.06% | 1.01% | |
| Holdings | 13 | 505 | |
| YTD Return | +19.37% | +12.22% | |
| 1Y Return | +30.10% | +20.83% | |
| 3Y Return (annualized) | +15.40% | +21.70% | |
| 5Y Return (annualized) | +12.28% | +12.98% | |
| Volatility (annualized) | 12.5% | 15.3% | |
| Max Drawdown | -46.2% | -56.5% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Apr 25, 2012 | Jan 22, 1993 |
RLY vs SPY Performance
State Street Multi-Asset Real Return ETF (RLY) is a ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RLY returned +30.10% while SPY returned +20.83%. Year to date, RLY is up 19.37% versus a gain of 12.22% for SPY.
Over three years, RLY compounded at +15.40% per year against +21.70% for SPY; over five years the annualized figures are +12.28% and +12.98% respectively. Across the full 14-year window we track, SPY has the edge at +8.79% annualized vs +3.57%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.5% for RLY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -46.2% for RLY and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RLY charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, RLY currently yields 3.06% against 1.01% for SPY.
Holdings Overlap
RLY and SPY share 0 holdings out of 516 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, RLY or SPY?
RLY has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, RLY or SPY?
Over the past year RLY returned +30.10% vs +20.83% for SPY, so RLY leads on 1-year performance. Over the longest common window we track (14 years), RLY annualized +3.57% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, RLY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.5% for RLY. Worst drawdown: RLY -46.2% vs SPY -56.5%.
Should I hold both RLY and SPY?
RLY and SPY have a monthly-return correlation of 0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RLY and SPY?
RLY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 516 unique securities.
Which pays a higher dividend, RLY or SPY?
RLY yields 3.06% while SPY yields 1.01%, so RLY currently pays the higher dividend yield.
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