RAYJ vs. DXJS

Last updated Jul 12, 2026

RAYJ (Rayliant SMDAM Japan Equity ETF) and DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) are both Japan Equities funds. RAYJ is actively managed, while DXJS is passively managed. A 0.63 correlation means they provide meaningful diversification when combined. RAYJ charges 0.72%/yr vs 0.58%/yr for DXJS.

Performance

RAYJ vs. DXJS - Performance Comparison

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

Returns By Period

RAYJ

• 1D: -0.65%
• 1M: -0.38%
• 6M: 15.37%
• YTD: 22.70%
• 1Y: 33.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DXJS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAYJ vs. DXJS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RAYJ Rayliant SMDAM Japan Equity ETF	22.70%	20.16%	10.53%
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	23.30%	37.08%	7.26%

Correlation

The correlation between RAYJ and DXJS is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 4, 2024	0.63

The correlation between RAYJ and DXJS has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

Return for Risk

RAYJ vs. DXJS — Risk / Return Rank

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

RAYJ

RAYJ Risk / Return Rank: 48
RAYJ Sharpe Ratio Rank: 44
RAYJ Sortino Ratio Rank: 45
RAYJ Omega Ratio Rank: 43
RAYJ Calmar Ratio Rank: 56
RAYJ Martin Ratio Rank: 50

DXJS

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

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. DXJS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). 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	DXJS	Difference
Sharpe ratio: Return per unit of total volatility	1.25	—	—
Sortino ratio: Return per unit of downside risk	1.85	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	2.22	—	—
Martin ratio: Return relative to average drawdown	6.82	—	—

Drawdowns

Drawdown Indicators

	RAYJ	DXJS	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	—	—
Current Drawdown Current decline from peak	-7.24%	—	—
Average Drawdown Average peak-to-trough decline	-3.57%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	—	—

Volatility

Volatility by Period

	RAYJ	DXJS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.98%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.29%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.29%	—	—

RAYJ vs. DXJS - Expense Ratio Comparison

RAYJ has a 0.72% expense ratio, which is higher than DXJS's 0.58% expense ratio.

Dividends

RAYJ vs. DXJS - Dividend Comparison

RAYJ's dividend yield for the trailing twelve months is around 4.60%, while DXJS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	0.53%	1.78%	4.02%	2.71%	2.63%	2.96%	3.04%	2.17%	2.06%	1.53%	1.66%	3.61%
RAYJ Rayliant SMDAM Japan Equity ETF	4.60%	1.72%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAYJ and DXJS in my portfolio?

RAYJ and DXJS have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RAYJ or DXJS?

On fees, DXJS is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAYJ or DXJS?

DXJS is cheaper with a 0.58% expense ratio, compared with 0.72% for RAYJ.

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

RAYJ has the higher dividend yield at 4.60%, compared with 0.53% for DXJS.

What is the main difference between RAYJ and DXJS?

They also come from different issuers: Rayliant and WisdomTree. Their fees differ too: 0.72% for RAYJ and 0.58% for DXJS.