IRTR vs RLY: Grades, Fees and Holdings Compared

iShares LifePath Retirement ETF

IRTRANYSE Arca

State Street Multi-Asset Real Return ETF

RLYCNYSE Arca

Overlap

0.0%by weight

Expense ratio

IRTR −0.42pt a year

IRTR0.08%RLY0.50%

Avg volume · 30D

RLY 18.2×the volume

IRTR12.7KRLY231K

3Y return · a year

RLY +3.1pt

IRTR+13.1%RLY+16.2%

IRTR vs RLY Performance

Oct 31, 2025 – Oct 30, 2026

+5.1%IRTR+24.6%RLY

Expense ratio: IRTR 0.08%, better; RLY 0.50%
Fund size: IRTR $60M; RLY $1.42B
1Y total return: IRTR +5.1%; RLY +24.6%, better
Yield (12M): IRTR 3.17%, better; RLY 2.88%
Holdings: IRTR 29140; RLY 12
Avg volume (30D): IRTR 12.7K sh; RLY 231K sh, better
NAV per share: IRTR $31.52; RLY $37.35
52W range

ETF.net Grade

Pillar letters and Scores for IRTR, RLY, with each pillar’s weight
Pillar	IRTR	RLY
Cost30% weight	A97Higher	B58
Mission25% weight	A100Higher	C40
Risk15% weight	A82Higher	B58
Tradability15% weight	B62	A72Higher
Holdings10% weight	A80Higher	F23
Durability5% weight	B56	A92Higher

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. IRTR and RLY are both graded against the same 37 Multi-Asset Allocation funds, so their Grades compare head to head.

Multi-Asset Allocation⁠

Category · 37 funds

See all 37 ›

IRTR ranks 3rd and RLY 19th of 37 funds in the Multi-Asset Allocation Category.

Rank 1AUCBGState Street SPDR UC Investments 90/10 Endowment Strategy Index ETFScore 95
Rank 2AAOAiShares Core 80/20 Aggressive Allocation ETFScore 88
Rank 3AIRTRiShares LifePath Retirement ETFScore 86
Rank 4AINCEFranklin Income Equity Focus ETFScore 74
Rank 19CPCPPPorter & Company Permanent Portfolio Index ETFScore 53
Rank 19CRLYState Street Multi-Asset Real Return ETFScore 53
Rank 21CLCRLeuthold Core Exchange Traded FundScore 52

Our read on each fund

ETF.net Research

IRTRAiShares LifePath Retirement ETF

RLYCState Street Multi-Asset Real Return ETF

In short

IRTR A whole retirement portfolio in one ticker: global stock and bond ETFs blended at the conservative end, for 0.08% a year. That is index-fund pricing on a job most allocation funds charge roughly ten times more to do.

RLY One ticker built around inflation: TIPS, commodities, real estate, infrastructure and natural-resource businesses in a single actively blended mix, running since 2012, and priced below the typical allocation fund.

Stated mandate

IRTR The fund seeks conservative exposure through a broad portfolio of stock and bond ETFs spanning global asset classes.

RLY The fund seeks real return through capital appreciation and current income. It invests across domestic and international inflation-protected securities, real estate, commodities, infrastructure, and natural-resource or commodity businesses, using quantitative analysis supplemented by fundamental views.

Why people hold it

IRTR Costs 0.08% a year against a 0.78% median for allocation funds. Roughly a tenth of the going rate for a portfolio-in-a-box.
One line item, global coverage. The fund holds a spread of stock and bond ETFs across asset classes, so the mixing happens inside the wrapper.ishares.com
Distributions come monthly rather than quarterly.
One of the strongest all-in-one allocation funds in its peer group, and the cheapest of that top tier: iShares' own AOA runs 0.19%.

RLY Real assets in one wrapper: domestic and international inflation-linked bonds, commodities, real estate, infrastructure and resource businesses, mixed by quantitative models with fundamental views layered on.
0.50% expense ratio, against a 0.78% median for the allocation funds it competes with.
Launched in 2012, so it has traded through inflation scares and commodity slumps rather than being built to fight the last one. Now a multi-billion-dollar fund.
Pays income quarterly, and changes hands often enough that retail-sized orders are rarely the problem.

Worth knowing

IRTR Thinly traded. Spreads can run wider than on household-name ETFs, so limit orders matter more here.
Launched in 2023, so the track record is short and the fund is still building scale.
Conservative by construction: it is built to move less than an all-stock portfolio, and that cuts in both directions.ishares.com

RLY The stated yardstick is a US government inflation-linked bond index, but the portfolio holds commodities, property and resource equities. Expect results that diverge from that benchmark.
Commodities and natural-resource stocks move harder than plain inflation-protected bonds. Real-asset exposure comes with real-asset swings.
Cheaper than its cohort median, but plain-vanilla stock/bond allocation funds cost a fraction: AOA runs 0.19%, IRTR 0.08%.

Full IRTR profile⁠

Full RLY profile⁠

IRTR vs RLY Holdings

How IRTR and RLY differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of IRTR and 0.0% of RLY.

Level by level

Holdings0 in both0.0%
Sector11 Sectors34.9%
Countryby domicile73.7%

Sector

Sector weights in IRTR and RLY, widest gap first
Sector	More in IRTRMore in RLY	IRTR	RLY
Technology	IRTR +30.5 points	30.5%	0.0%
Energy	RLY +25.4 points	4.6%	30.0%
Materials	RLY +24.3 points	3.5%	27.8%
Financials	IRTR +14.7 points	14.7%	0.0%
Utilities	RLY +9.4 points	3.9%	13.3%
Health Care	IRTR +7.4 points	8.2%	0.8%
Communication	IRTR +7.4 points	7.3%	0.0%
Consumer Discretionary	IRTR +4.6 points	7.9%	3.3%
Real Estate	RLY +3.7 points	3.2%	6.9%
Industrials	RLY +2.4 points	11.9%	14.3%
Consumer Staples	IRTR +0.5 points	4.2%	3.7%

Country, concentration and asset class

Country by domicile

Country weights in IRTR and RLY, widest gap first
Country	More in IRTRMore in RLY	IRTR	RLY
United States	IRTR +24.2 points	92.7%	68.5%
Canada	RLY +7.2 points	1.6%	8.8%
Australia	RLY +4.3 points	0.0%	4.3%
Brazil	RLY +2.2 points	0.0%	2.2%
Mexico	RLY +2.2 points	0.0%	2.2%
France	RLY +1.4 points	0.0%	1.4%
Switzerland	RLY +1.4 points	0.0%	1.4%
Japan	IRTR +1.2 points	2.6%	1.4%
Other countries (24)	RLY +6.8 points	3.1%	9.9%

Outside the US: RLY 75% developed, 25% emerging.

Concentration

Weight in the 10 largest Holdings

IRTR10.0%
RLY99.8%

Securities held

IRTR29,043
RLY11

Asset class

IRTR: Multi-Asset
RLY: Multi-Asset

Holdings

Only in IRTR29,043
In both0
Only in RLY11

Only in IRTR

29,043 securities, 99.5% of IRTR by weight

Apple1.69%
NVIDIA1.62%
Microsoft1.31%
Treasury Note 1.38% 11/15/2031 (Tnote)1.28%
Amazon.com Inc0.79%
Treasury Note 2.63% 02/15/2029 (Tnote)0.76%
Alphabet Class A0.55%
Treasury Note 3.13% 11/15/2028 (Tnote)0.54%
Treasury (Cpi) Note 1.13% 10/15/2030 (Tips)0.54%
Treasury (Cpi) Note 1.25% 04/15/2031 (Tips)0.54%
Taiwan Semiconductor Manufacturing0.53%
Treasury (Cpi) Note 1.63% 04/15/2030 (Tips)0.52%
Broadcom Inc0.51%
Treasury (Cpi) Note 1.63% 10/15/2029 (Tips)0.51%
Treasury Note 2.75% 02/15/2028 (Tnote)0.50%
Treasury (Cpi) Note 2.13% 04/15/2029 (Tips)0.49%
Treasury (Cpi) Note 2.38% 10/15/2028 (Tips)0.49%
Treasury (Cpi) Note 1.63% 10/15/2027 (Tips)0.48%
Treasury (Cpi) Note 1.25% 04/15/2028 (Tips)0.47%
Treasury (Cpi) Note 0.13% 04/15/2027 (Tips)0.47%
Treasury (Cpi) Note 0.13% 01/15/2031 (Tips)0.46%
Treasury (Cpi) Note 0.13% 07/15/2031 (Tips)0.46%
Meta Platforms Class A0.46%
Alphabet Class C0.45%
Treasury (Cpi) Note 0.13% 07/15/2030 (Tips)0.44%
Treasury (Cpi) Note 0.38% 07/15/2027 (Tips)0.43%
Treasury (Cpi) Note 0.50% 01/15/2028 (Tips)0.43%
Treasury Bond 2.50% 05/15/2046 (Tbond)0.42%
Treasury Note 2.88% 05/15/2028 (Tnote)0.42%
Treasury Bond 3.75% 11/15/2043 (Tbond)0.41%
Treasury (Cpi) Note 0.13% 01/15/2030 (Tips)0.40%
Treasury Bond 2.75% 11/15/2042 (Tbond)0.40%
Tesla Inc0.40%
Eli Lilly0.38%
Treasury (Cpi) Note 0.38% 01/15/2027 (Tips)0.37%
Treasury (Cpi) Note 0.75% 07/15/2028 (Tips)0.36%
Treasury Bond 6.13% 11/15/2027 (Tbond)0.36%
Treasury (Cpi) Note 0.25% 07/15/2029 (Tips)0.36%
Berkshire Hathaway Inc Class B0.34%
Treasury Bond 1.88% 02/15/2051 (Tbond)0.34%
Micron Technology0.34%
Treasury (Cpi) Note 0.88% 01/15/2029 (Tips)0.31%
Treasury Note 4.00% 05/31/2028 (Tnote)0.31%
JPMorgan Chase & Co0.30%
Treasury Note (Old) 4.38% 05/15/2036 (Tnote)0.28%
Treasury Note 2.38% 05/15/2029 (Tnote)0.28%
Advanced Micro Devices0.28%
Treasury Note 4.00% 05/31/2030 (Tnote)0.26%
Exxonmobil Holdings Corp0.26%
Treasury Note 4.00% 02/29/2028 (Tnote)0.25%

Only in RLY

11 securities, 99.9% of RLY by weight

State Street Spdr S+p Global N28.39%
State Street Spdr Bloomberg En24.28%
State Street Spdr S+p Global I22.19%
State Street Spdr Bloomberg 16.43%
State Street Energy Select Sec5.28%
State Street Spdr Dow Jones Re3.59%
State Street Spdr Ftse Interna2.92%
Vaneck Agribusiness Etf2.87%
State Street Spdr S+p Metals &2.82%
State Street Spdr Bloomberg 11.01%
State Street Spdr Dow Jones In0.06%

Weight gaps

IRTR and RLY share no securities.

All IRTR holdings⁠All 11 RLY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IRTR vs RLY Cost

Overpaying RLY vs IRTR

$8,290

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IRTR 0.08%
$1,689
RLY 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

IRTR 0.08%
RLY 0.50%
Overpaying

Year by year

Year	IRTR	RLY	Overpaying
10	$147	$900	$753
20	$575	$3,460	$2,885
30	$1,689	$9,979	$8,290

Expense ratio

0.08%IRTR, cheaper
0.50%RLY

IRTR0.08%RLY0.50%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

IRTR 2nd cheapest of 37 funds

RLY 16th cheapest of 37 funds

IRTR vs RLY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IRTR 3.17%, better; RLY 2.88%
Payout (12M): IRTR $1.00; RLY $1.08
Last payment: IRTR $0.08; RLY $0.07
Ex-dividend: IRTR Oct 2, 2026; RLY Sep 25, 2026
Paid on: IRTR Oct 7, 2026; RLY Sep 29, 2026
Frequency: IRTR Monthly; RLY Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

IRTRMonthly · 35 paymentsAll IRTR payments⁠

RLYQuarterly · 14 paymentsAll RLY payments⁠

IRTR vs RLY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IRTR 7.3%, betterRLY 10.1%
Return per unit of riskSharpe ratio, 3 years: IRTR 1.14, betterRLY 1.10
Worst fallMax drawdown, 5 years: IRTR −6.3%since Oct 2023RLY −19.0%
Market sensitivityBeta, 5 years: IRTR 0.47RLY 0.59; Market = 1

IRTR and RLY in the news

All news⁠

Category Review
The fund built to limit losses had the category's worst return
Sep 25, 2026RLY
New ETFs
Beacon's alternatives ETF opened 35% in the dollar, at a fee above every holding
Sep 9, 2026RLY

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IRTR vs RLY

In short

Stated mandate

Why people hold it

Worth knowing

How IRTR and RLY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IRTR

Only in RLY

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The fund built to limit losses had the category's worst return

Beacon's alternatives ETF opened 35% in the dollar, at a fee above every holding

How IRTR and RLY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IRTR

Only in RLY

Weight gaps