Real-asset funds beat the S&P 500 fund inside multi-asset allocation

State Street's CRLY returned 23.8% over the past year, ahead of ASPY, the fund that holds the S&P 500. Aptus's BDRSK, the third-largest fund in the category, lost 1.7%. Both sit in multi-asset allocation.

CRLY holds commodities, natural-resource companies, infrastructure, real estate, and some inflation-protected bonds. BDRSK keeps 90% to 95% in investment-grade corporate bonds and puts the rest in call options on large US stocks.

VanEck's BRAAX returned 22.6%, also ahead of ASPY. It holds commodities, natural-resource companies, real estate, infrastructure, energy partnerships, and gold, including gold miners. Energy and industrials are its largest sectors. CRLY and BRAAX each have $1.4 billion.

The highest return in the category was 24.6%, from WisdomTree's DWTIP. The fund has $26 million. It mixes Treasury bonds whose payments rise with inflation, commodity futures, and up to 10% in bitcoin through futures.

iShares' AOA, the largest fund, puts 80% in stock funds and 20% in bond funds. It returned 14.4%, between ASPY and AGG, the fund that holds the broad US investment-grade bond market.

Only one real-asset fund kept its lead

Since the end of June, CRLY gained 6.9%, still ahead of ASPY, which gained 3.0%. BRAAX gained 2.6% and finished behind it.

The second-largest fund is almost all stocks

On Wednesday, September 2, State Street's UCBG began trading. UC Investments, the investment arm of the University of California, put $2.5 billion in at the start.

It has no year to show, and no full quarter. It tracks an index that puts 90% in the S&P 500 and 10% in short-term investment-grade corporate bonds, and it charges 0.06% a year.