FJP vs. RAYJ

Last updated Aug 4, 2026

FJP (First Trust Japan AlphaDEX Fund) and RAYJ (Rayliant SMDAM Japan Equity ETF) are both Japan Equities funds. FJP is passively managed, while RAYJ is actively managed. FJP charges 0.80%/yr vs 0.72%/yr for RAYJ.

Performance

FJP vs. RAYJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) and Rayliant SMDAM Japan Equity ETF (RAYJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FJP

• 1D: 0.46%
• 1M: -2.16%
• 6M: 5.22%
• YTD: 11.92%
• 1Y: 26.90%
• 3Y*: 18.09%
• 5Y*: 10.76%
• 10Y*: 7.30%
• ALL TIME*: 5.83%

RAYJ

• 1D: 0.00%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FJP First Trust Japan AlphaDEX Fund	$726.42K	$746.73K	$724.49K
RAYJ Rayliant SMDAM Japan Equity ETF	$0.00	$0.00	$0.00

FJP vs. RAYJ - Yearly Performance Comparison

	2026 (YTD)
FJP First Trust Japan AlphaDEX Fund	-0.14%
RAYJ Rayliant SMDAM Japan Equity ETF	0.00%

FJP vs. RAYJ - Sectors Allocation Comparison

Sectors	FJP	RAYJ
Industrials	43.6%	27.6%
Technology	12.2%	22.8%
Consumer Cyclical	12.1%	21.0%
Basic Materials	9.6%	10.1%
Utilities	5.8%	-
Financial Services	5.7%	9.7%
Healthcare	3.2%	3.5%
Energy	3.2%	-
Real Estate	3.1%	1.4%
Consumer Defensive	0.8%	0.9%
Communication Services	0.8%	3.1%

Return for Risk

FJP vs. RAYJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FJP

FJP Risk / Return Rank: 47
FJP Sharpe Ratio Rank: 48
FJP Sortino Ratio Rank: 47
FJP Omega Ratio Rank: 48
FJP Calmar Ratio Rank: 50
FJP Martin Ratio Rank: 42

RAYJ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FJP vs. RAYJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) and Rayliant SMDAM Japan Equity ETF (RAYJ). 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.

	FJP	RAYJ	Difference
Sharpe ratio: Return per unit of total volatility	1.26	—	—
Sortino ratio: Return per unit of downside risk	1.81	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.87	—	—
Martin ratio: Return relative to average drawdown	4.86	—	—

Drawdowns

FJP vs. RAYJ - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, which is greater than RAYJ's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FJP and RAYJ.

Drawdown Indicators

	FJP	RAYJ	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	0.00%	-41.51%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.51%	—	—
Current Drawdown Current decline from peak	-8.27%	0.00%	-8.27%
Average Drawdown Average peak-to-trough decline	-11.41%	0.00%	-11.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.54%	—	—

Volatility

Volatility by Period

	FJP	RAYJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.46%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	—	—

FJP vs. RAYJ - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is higher than RAYJ's 0.72% expense ratio.

Dividends

FJP vs. RAYJ - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.59%, while RAYJ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJP First Trust Japan AlphaDEX Fund	2.59%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%
RAYJ Rayliant SMDAM Japan Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, FJP or RAYJ?

On fees, RAYJ is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FJP or RAYJ?

RAYJ is cheaper with a 0.72% expense ratio, compared with 0.80% for FJP.

Which ETF pays a higher dividend yield, FJP or RAYJ?

FJP has the higher dividend yield at 2.59%, compared with 0.00% for RAYJ.

What is the main difference between FJP and RAYJ?

They also come from different issuers: First Trust and Rayliant. Their fees differ too: 0.80% for FJP and 0.72% for RAYJ.