Hybrid anisotropy thin film heterostructures, where layers with perpendicular and in-plane anisotropy are separated by a thin spacer, are novel materials for zero/low field spin torque oscillators and bit patterned media. Here, we report on magnetization reversal and exchange coupling in a archetypal Co/Pd (perpendicular)-NiFe (in-plane) hybrid anisotropy system studied using vector vibrating sample magnetometry. This technique allows us to quantify the magnetization reversal in each individual magnetic layer, and measure of the interlayer exchange as a function of non-magnetic spacer thickness. At large (>1 nm) spacer thicknesses Ruderman-Kittel-Kasuya-Yosida-like exchange dominates, with orange-peel coupling providing a significant contribution only for sub-nm spacer thickness.