MJSC vs. RAYJ

Last updated Jun 16, 2026

MJSC (MUFG Japan Small Cap Active ETF) and RAYJ (Rayliant SMDAM Japan Equity ETF) are both Japan Equities funds. Both are actively managed. A 0.72 correlation means they provide meaningful diversification when combined. MJSC charges 0.85%/yr vs 0.72%/yr for RAYJ.

Performance

MJSC vs. RAYJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MUFG Japan Small Cap Active ETF (MJSC) and Rayliant SMDAM Japan Equity ETF (RAYJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MJSC achieves a 22.41% return, which is significantly lower than RAYJ's 26.23% return.

MJSC

• 1D: 1.18%
• 1M: 0.00%
• YTD: 22.41%
• 6M: 20.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RAYJ

• 1D: 2.48%
• 1M: 4.47%
• YTD: 26.23%
• 6M: 22.04%
• 1Y: 37.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MJSC vs. RAYJ - Yearly Performance Comparison

	2026 (YTD)	2025
MJSC MUFG Japan Small Cap Active ETF	22.41%	-0.05%
RAYJ Rayliant SMDAM Japan Equity ETF	26.23%	-1.07%

Correlation

The correlation between MJSC and RAYJ is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.72

Return for Risk

MJSC vs. RAYJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MJSC

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

RAYJ

RAYJ Risk / Return Rank: 48
RAYJ Sharpe Ratio Rank: 46
RAYJ Sortino Ratio Rank: 48
RAYJ Omega Ratio Rank: 43
RAYJ Calmar Ratio Rank: 55
RAYJ Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MJSC vs. RAYJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MUFG Japan Small Cap Active ETF (MJSC) 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.

	MJSC	RAYJ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.56	—
Sortino ratio: Return per unit of downside risk	—	2.28	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.66	—
Martin ratio: Return relative to average drawdown	—	8.39	—

Drawdowns

MJSC vs. RAYJ - Drawdown Comparison

The maximum MJSC drawdown since its inception was -12.63%, smaller than the maximum RAYJ drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for MJSC and RAYJ.

Drawdown Indicators

	MJSC	RAYJ	Difference
Max Drawdown Largest peak-to-trough decline	-12.63%	-15.96%	+3.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.00%	—
Current Drawdown Current decline from peak	-2.80%	-0.95%	-1.85%
Average Drawdown Average peak-to-trough decline	-2.98%	-3.54%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.43%	—

Volatility

Volatility by Period

	MJSC	RAYJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	24.01%	-3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.63%	22.97%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	22.97%	-2.34%

MJSC vs. RAYJ - Expense Ratio Comparison

MJSC has a 0.85% expense ratio, which is higher than RAYJ's 0.72% expense ratio.

Dividends

MJSC vs. RAYJ - Dividend Comparison

MJSC's dividend yield for the trailing twelve months is around 0.54%, less than RAYJ's 4.47% yield.

Position	TTM	2025	2024
MJSC MUFG Japan Small Cap Active ETF	0.54%	0.66%	0.00%
RAYJ Rayliant SMDAM Japan Equity ETF	4.47%	1.72%	0.78%

Frequently Asked Questions

Can I hold both MJSC and RAYJ in my portfolio?

MJSC and RAYJ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MJSC 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, MJSC or RAYJ?

RAYJ is cheaper with a 0.72% expense ratio, compared with 0.85% for MJSC.

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

RAYJ has the higher dividend yield at 4.47%, compared with 0.54% for MJSC.

What is the main difference between MJSC and RAYJ?

They also come from different issuers: MUFG and Rayliant. Their fees differ too: 0.85% for MJSC and 0.72% for RAYJ.