RAYJ vs. GSG
RAYJ (Rayliant SMDAM Japan Equity ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - RAYJ is a Japan Equities fund actively managed by Rayliant, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. RAYJ is actively managed, while GSG is passively managed. Over the past year, RAYJ returned 26.83% vs 37.41% for GSG. At a 0.01 correlation, their price movements are largely independent. RAYJ charges 0.72%/yr vs 0.75%/yr for GSG.
Performance
RAYJ vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, RAYJ achieves a 17.58% return, which is significantly lower than GSG's 33.95% return.
RAYJ
- 1D
- -2.54%
- 1M
- -7.30%
- 6M
- 10.11%
- YTD
- 17.58%
- 1Y
- 26.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
RAYJ vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
RAYJ Rayliant SMDAM Japan Equity ETF | 17.58% | 20.16% | 10.53% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | -3.67% |
Correlation
The correlation between RAYJ and GSG is -0.10, 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 | -0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2024 | 0.01 |
The correlation between RAYJ and GSG shifts across timeframes, from -0.10 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RAYJ vs. GSG — Risk / Return Rank
RAYJ
GSG
RAYJ vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.29 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 2.00 | -0.07 |
| Martin ratioReturn relative to average drawdown | 5.71 | 6.66 | -0.95 |
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Drawdowns
RAYJ vs. GSG - Drawdown Comparison
The maximum RAYJ drawdown since its inception was -15.96%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for RAYJ and GSG.
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Drawdown Indicators
| RAYJ | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.96% | -89.62% | +73.66% |
Max Drawdown (1Y)Largest decline over 1 year | -14.00% | -18.81% | +4.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.81% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -11.11% | -59.56% | +48.45% |
Average DrawdownAverage peak-to-trough decline | -3.61% | -63.68% | +60.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.71% | 5.63% | -0.92% |
Volatility
RAYJ vs. GSG - Volatility Comparison
Rayliant SMDAM Japan Equity ETF (RAYJ) has a higher volatility of 9.34% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.17%. This indicates that RAYJ's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RAYJ | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.34% | 7.17% | +2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 21.54% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.24% | 23.48% | +1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.36% | 22.80% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.36% | 22.00% | +1.36% |
RAYJ vs. GSG - Expense Ratio Comparison
RAYJ has a 0.72% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
RAYJ vs. GSG - Dividend Comparison
RAYJ's dividend yield for the trailing twelve months is around 4.80%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
RAYJ Rayliant SMDAM Japan Equity ETF | 4.80% | 1.72% | 0.78% |
Frequently Asked Questions
RAYJ and GSG have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RAYJ has higher volatility (9.34%) compared to GSG (7.17%). In terms of maximum drawdown, RAYJ dropped -15.96% vs GSG's -89.62%.
On 1-year performance, GSG leads with 37.41% vs 26.83% for RAYJ. On fees, RAYJ is cheaper at 0.72% per year. On volatility, GSG has been the lower-risk option at 7.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 37.41% return vs 26.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RAYJ is cheaper with a 0.72% expense ratio, compared with 0.75% for GSG.
RAYJ has the higher dividend yield at 4.80%, compared with 0.00% for GSG.
RAYJ is categorized as Japan Equities, while GSG is Commodities. They also come from different issuers: Rayliant and iShares. Their fees differ too: 0.72% for RAYJ and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs 1.07), 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.
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