RAYJ vs. MJSC

Last updated Jun 23, 2026

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

Performance

RAYJ vs. MJSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant SMDAM Japan Equity ETF (RAYJ) and MUFG Japan Small Cap Active ETF (MJSC). 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 MJSC's 26.43% return.

RAYJ

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

MJSC

• 1D: 1.00%
• 1M: 3.03%
• YTD: 26.43%
• 6M: 27.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAYJ vs. MJSC - Yearly Performance Comparison

	2026 (YTD)	2025
RAYJ Rayliant SMDAM Japan Equity ETF	32.28%	-1.07%
MJSC MUFG Japan Small Cap Active ETF	26.43%	-0.05%

Correlation

The correlation between RAYJ and MJSC 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

RAYJ vs. MJSC — 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

MJSC

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. MJSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) and MUFG Japan Small Cap Active ETF (MJSC). 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	MJSC	Difference
Sharpe ratio: Return per unit of total volatility	1.86	—	—
Sortino ratio: Return per unit of downside risk	2.64	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.19	—	—
Martin ratio: Return relative to average drawdown	10.06	—	—

Drawdowns

RAYJ vs. MJSC - Drawdown Comparison

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

Drawdown Indicators

	RAYJ	MJSC	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-12.63%	-3.33%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.52%	-2.94%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	—	—

Volatility

Volatility by Period

	RAYJ	MJSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.08%	20.49%	+3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	20.49%	+2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	20.49%	+2.46%

RAYJ vs. MJSC - Expense Ratio Comparison

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

Dividends

RAYJ vs. MJSC - Dividend Comparison

RAYJ's dividend yield for the trailing twelve months is around 4.26%, more than MJSC's 0.52% yield.

Position	TTM	2025	2024
MJSC MUFG Japan Small Cap Active ETF	0.52%	0.66%	0.00%
RAYJ Rayliant SMDAM Japan Equity ETF	4.26%	1.72%	0.78%

Frequently Asked Questions

Can I hold both RAYJ and MJSC in my portfolio?

RAYJ and MJSC 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, RAYJ or MJSC?

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, RAYJ or MJSC?

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

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

RAYJ has the higher dividend yield at 4.26%, compared with 0.52% for MJSC.

What is the main difference between RAYJ and MJSC?

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