RAYJ vs. BOXX

Last updated Jun 23, 2026

RAYJ (Rayliant SMDAM Japan Equity ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - RAYJ is a Japan Equities fund actively managed by Rayliant, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. RAYJ is actively managed, while BOXX is passively managed. Over the past year, RAYJ returned 44.44% vs 4.02% for BOXX. At a 0.00 correlation, their price movements are largely independent. RAYJ charges 0.72%/yr vs 0.19%/yr for BOXX.

Performance

RAYJ vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant SMDAM Japan Equity ETF (RAYJ) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RAYJ achieves a 32.28% return, which is significantly higher than BOXX's 1.72% return.

RAYJ

• 1D: 2.06%
• 1M: 8.38%
• YTD: 32.28%
• 6M: 30.75%
• 1Y: 44.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.02%
• 1M: 0.18%
• YTD: 1.72%
• 6M: 1.87%
• 1Y: 4.02%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

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

RAYJ vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RAYJ Rayliant SMDAM Japan Equity ETF	32.28%	20.16%	10.53%
BOXX Alpha Architect 1-3 Month Box ETF	1.72%	4.37%	3.82%

Correlation

The correlation between RAYJ and BOXX is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Apr 4, 2024	0.00

Return for Risk

RAYJ vs. BOXX — Risk / Return Rank

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

RAYJ

RAYJ Risk / Return Rank: 58
RAYJ Sharpe Ratio Rank: 57
RAYJ Sortino Ratio Rank: 57
RAYJ Omega Ratio Rank: 52
RAYJ Calmar Ratio Rank: 66
RAYJ Martin Ratio Rank: 58

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 99
BOXX Omega Ratio Rank: 99
BOXX Calmar Ratio Rank: 99
BOXX Martin Ratio Rank: 100

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.

RAYJ vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) and Alpha Architect 1-3 Month Box ETF (BOXX). 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.

	RAYJ	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	12.63	-10.77
Sortino ratio: Return per unit of downside risk	2.64	35.92	-33.28
Omega ratio: Gain probability vs. loss probability	1.32	9.07	-7.75
Calmar ratio: Return relative to maximum drawdown	3.19	58.74	-55.56
Martin ratio: Return relative to average drawdown	10.06	507.08	-497.01

RAYJ vs. BOXX - Sharpe Ratio Comparison

The current RAYJ Sharpe Ratio is 1.86, which is lower than the BOXX Sharpe Ratio of 12.63. The chart below compares the historical Sharpe Ratios of RAYJ and BOXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RAYJ vs. BOXX - Drawdown Comparison

The maximum RAYJ drawdown since its inception was -15.96%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for RAYJ and BOXX.

Drawdown Indicators

	RAYJ	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-0.12%	-15.84%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-0.07%	-13.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.52%	-0.00%	-3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	0.01%	+4.42%

Volatility

RAYJ vs. BOXX - Volatility Comparison

Rayliant SMDAM Japan Equity ETF (RAYJ) has a higher volatility of 7.35% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.12%. This indicates that RAYJ's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAYJ	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	0.12%	+7.23%
Volatility (6M) Calculated over the trailing 6-month period	18.15%	0.26%	+17.89%
Volatility (1Y) Calculated over the trailing 1-year period	24.08%	0.32%	+23.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	0.37%	+22.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	0.37%	+22.58%

RAYJ vs. BOXX - Expense Ratio Comparison

RAYJ has a 0.72% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

RAYJ vs. BOXX - Dividend Comparison

RAYJ's dividend yield for the trailing twelve months is around 4.26%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
RAYJ Rayliant SMDAM Japan Equity ETF	4.26%	1.72%	0.78%

Frequently Asked Questions

Can I hold both RAYJ and BOXX in my portfolio?

RAYJ and BOXX have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAYJ or BOXX?

RAYJ has higher volatility (7.35%) compared to BOXX (0.12%). In terms of maximum drawdown, RAYJ dropped -15.96% vs BOXX's -0.12%.

Which ETF is better, RAYJ or BOXX?

On 1-year performance, RAYJ leads with 44.44% vs 4.02% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAYJ or BOXX?

Over the 1-year period, RAYJ has performed better with a 44.44% return vs 4.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAYJ or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.72% for RAYJ.

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

RAYJ has the higher dividend yield at 4.26%, compared with 0.00% for BOXX.

What is the main difference between RAYJ and BOXX?

RAYJ is categorized as Japan Equities, while BOXX is Ultrashort Bond. They also come from different issuers: Rayliant and Alpha Architect. Their fees differ too: 0.72% for RAYJ and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.63 vs 1.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.