RAYJ vs. RWIN

Last updated Jul 17, 2026

RAYJ (Rayliant SMDAM Japan Equity ETF) and RWIN (Rayliant NxtGen Multifactor International Equity ETF) are both exchange-traded funds - RAYJ is a Japan Equities fund actively managed by Rayliant, while RWIN is a Foreign Large Cap Equities fund actively managed by Rayliant. Both are actively managed. A 0.62 correlation means they provide meaningful diversification when combined. RAYJ charges 0.72%/yr vs 0.42%/yr for RWIN.

Performance

RAYJ vs. RWIN - Performance Comparison

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

Returns By Period

RAYJ

• 1D: -2.54%
• 1M: -7.30%
• 6M: 10.11%
• YTD: 17.58%
• 1Y: 26.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RWIN

• 1D: -0.80%
• 1M: -0.06%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAYJ vs. RWIN - Yearly Performance Comparison

	2026 (YTD)
RAYJ Rayliant SMDAM Japan Equity ETF	9.78%
RWIN Rayliant NxtGen Multifactor International Equity ETF	2.44%

Correlation

The correlation between RAYJ and RWIN is 0.62, 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 Apr 8, 2026	0.62

Return for Risk

RAYJ vs. RWIN — Risk / Return Rank

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

RAYJ

RAYJ Risk / Return Rank: 39
RAYJ Sharpe Ratio Rank: 36
RAYJ Sortino Ratio Rank: 37
RAYJ Omega Ratio Rank: 35
RAYJ Calmar Ratio Rank: 46
RAYJ Martin Ratio Rank: 43

RWIN

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. RWIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) and Rayliant NxtGen Multifactor International Equity ETF (RWIN). 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	RWIN	Difference
Sharpe ratio: Return per unit of total volatility	1.07	—	—
Sortino ratio: Return per unit of downside risk	1.62	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.92	—	—
Martin ratio: Return relative to average drawdown	5.71	—	—

Drawdowns

RAYJ vs. RWIN - Drawdown Comparison

The maximum RAYJ drawdown since its inception was -15.96%, which is greater than RWIN's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for RAYJ and RWIN.

Drawdown Indicators

	RAYJ	RWIN	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-4.09%	-11.87%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	—	—
Current Drawdown Current decline from peak	-11.11%	-0.80%	-10.31%
Average Drawdown Average peak-to-trough decline	-3.61%	-1.33%	-2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	—	—

Volatility

Volatility by Period

	RAYJ	RWIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.24%	14.94%	+10.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.36%	14.94%	+8.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.36%	14.94%	+8.42%

RAYJ vs. RWIN - Expense Ratio Comparison

RAYJ has a 0.72% expense ratio, which is higher than RWIN's 0.42% expense ratio.

Dividends

RAYJ vs. RWIN - Dividend Comparison

RAYJ's dividend yield for the trailing twelve months is around 4.80%, more than RWIN's 1.01% yield.

Position	TTM	2025	2024
RAYJ Rayliant SMDAM Japan Equity ETF	4.80%	1.72%	0.78%
RWIN Rayliant NxtGen Multifactor International Equity ETF	1.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAYJ and RWIN in my portfolio?

RAYJ and RWIN have a correlation of 0.62, 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 RWIN?

On fees, RWIN is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAYJ or RWIN?

RWIN is cheaper with a 0.42% expense ratio, compared with 0.72% for RAYJ.

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

RAYJ has the higher dividend yield at 4.80%, compared with 1.01% for RWIN.

What is the main difference between RAYJ and RWIN?

RAYJ is categorized as Japan Equities, while RWIN is Foreign Large Cap Equities. Their fees differ too: 0.72% for RAYJ and 0.42% for RWIN.