RAYJ vs. NBJP

Last updated Jun 5, 2026

RAYJ (Rayliant SMDAM Japan Equity ETF) and NBJP (Neuberger Berman Japan Equity ETF) are both Japan Equities funds. Both are actively managed. Over the past year, RAYJ returned 33.71% vs 35.70% for NBJP. A 0.78 correlation means they provide meaningful diversification when combined. RAYJ charges 0.72%/yr vs 0.50%/yr for NBJP.

Performance

RAYJ vs. NBJP - Performance Comparison

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

Returns By Period

In the year-to-date period, RAYJ achieves a 23.45% return, which is significantly higher than NBJP's 19.10% return.

RAYJ

• 1D: -0.91%
• 1M: 3.88%
• YTD: 23.45%
• 6M: 20.56%
• 1Y: 33.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NBJP

• 1D: 0.19%
• 1M: 6.21%
• YTD: 19.10%
• 6M: 20.98%
• 1Y: 35.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAYJ vs. NBJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RAYJ Rayliant SMDAM Japan Equity ETF	23.45%	20.16%	3.31%
NBJP Neuberger Berman Japan Equity ETF	19.10%	30.41%	-3.34%

Correlation

The correlation between RAYJ and NBJP 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 (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024	0.78

The correlation between RAYJ and NBJP has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Return for Risk

RAYJ vs. NBJP — Risk / Return Rank

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

RAYJ

RAYJ Risk / Return Rank: 45
RAYJ Sharpe Ratio Rank: 42
RAYJ Sortino Ratio Rank: 44
RAYJ Omega Ratio Rank: 41
RAYJ Calmar Ratio Rank: 50
RAYJ Martin Ratio Rank: 47

NBJP

NBJP Risk / Return Rank: 54
NBJP Sharpe Ratio Rank: 55
NBJP Sortino Ratio Rank: 55
NBJP Omega Ratio Rank: 53
NBJP Calmar Ratio Rank: 52
NBJP Martin Ratio Rank: 53

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. NBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) and Neuberger Berman Japan Equity ETF (NBJP). 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.

	RAYJ	NBJP	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.82	-0.36
Sortino ratio: Return per unit of downside risk	2.17	2.58	-0.42
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.42	2.50	-0.08
Martin ratio: Return relative to average drawdown	7.78	8.99	-1.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAYJ vs. NBJP - Sharpe Ratio Comparison

The current RAYJ Sharpe Ratio is 1.46, which is comparable to the NBJP Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of RAYJ and NBJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RAYJ	NBJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.82	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	1.37	-0.25

Drawdowns

RAYJ vs. NBJP - Drawdown Comparison

The maximum RAYJ drawdown since its inception was -15.96%, which is greater than NBJP's maximum drawdown of -14.34%. Use the drawdown chart below to compare losses from any high point for RAYJ and NBJP.

Drawdown Indicators

	RAYJ	NBJP	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-14.34%	-1.62%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-14.34%	+0.34%
Current Drawdown Current decline from peak	-3.14%	-0.61%	-2.53%
Average Drawdown Average peak-to-trough decline	-3.53%	-3.22%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	3.98%	+0.36%

Volatility

RAYJ vs. NBJP - Volatility Comparison

Rayliant SMDAM Japan Equity ETF (RAYJ) has a higher volatility of 7.28% compared to Neuberger Berman Japan Equity ETF (NBJP) at 5.43%. This indicates that RAYJ's price experiences larger fluctuations and is considered to be riskier than NBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAYJ	NBJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	5.43%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	16.50%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.24%	19.70%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.76%	19.52%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.76%	19.52%	+3.24%

RAYJ vs. NBJP - Expense Ratio Comparison

RAYJ has a 0.72% expense ratio, which is higher than NBJP's 0.50% expense ratio.

Dividends

RAYJ vs. NBJP - Dividend Comparison

RAYJ's dividend yield for the trailing twelve months is around 1.39%, less than NBJP's 1.92% yield.

Position	TTM	2025	2024
NBJP Neuberger Berman Japan Equity ETF	1.92%	2.29%	0.75%
RAYJ Rayliant SMDAM Japan Equity ETF	1.39%	1.72%	0.78%

Frequently Asked Questions

Can I hold both RAYJ and NBJP in my portfolio?

RAYJ and NBJP 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 is riskier, RAYJ or NBJP?

RAYJ has higher volatility (7.28%) compared to NBJP (5.43%). In terms of maximum drawdown, RAYJ dropped -15.96% vs NBJP's -14.34%.

Which ETF is better, RAYJ or NBJP?

On 1-year performance, NBJP leads with 35.70% vs 33.71% for RAYJ. On fees, NBJP is cheaper at 0.50% per year. On volatility, NBJP has been the lower-risk option at 5.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAYJ or NBJP?

Over the 1-year period, NBJP has performed better with a 35.70% return vs 33.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAYJ or NBJP?

NBJP is cheaper with a 0.50% expense ratio, compared with 0.72% for RAYJ.

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

NBJP has the higher dividend yield at 1.92%, compared with 1.39% for RAYJ.

What is the main difference between RAYJ and NBJP?

They also come from different issuers: Rayliant and Neuberger Berman. Their fees differ too: 0.72% for RAYJ and 0.50% for NBJP.

Which has better risk-adjusted returns?

NBJP currently has the higher Sharpe Ratio (1.82 vs 1.46), 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.