AFEM vs RAYE
First Trust Active Factor Emerging Markets ETF vs Rayliant Quantamental Emerging Market ex-China Equity ETF
Which is better, AFEM or RAYE?
AFEM has been ahead.
RAYE has a lower expense ratio. AFEM led over 1Y and the full window. AFEM is less concentrated, with 36.1% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AFEM | RAYE |
|---|---|---|
| Expense Ratio | 0.99% | 0.88%Best |
| AUM | $83M | $37M |
| Dividend Yield | 2.51% | 2.93% |
| Holdings | 178 | 119 |
| Volatility (annualized) | 16.1% | 15.7%Best |
| Max Drawdown | -31.3% | -26.9%Best |
| $10,000 over 4 years | $13,859Best | $12,318 |
| Top 10 Weight | 36.1%Best | 37.8% |
| Fund Family | First Trust Portfolios (US) | The Advisors Inner Circle Fund |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 14, 2016 | Dec 15, 2021 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 297 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. AFEM has data through Oct 12, 2026 and RAYE through Dec 19, 2025.
Volatility and max drawdown, and the $10,000 over 4 years row, are measured over the window both funds cover: Dec 16, 2021 to Dec 19, 2025 (4 years).
Risk: Volatility and Drawdowns
AFEM has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 15.7% for RAYE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -31.3% for AFEM and -26.9% for RAYE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
AFEM charges 0.99% per year while RAYE charges 0.88%. On a $10,000 position that is $99 vs $88 annually, a gap of $11 per year that compounds over a long holding period. On income, AFEM currently yields 2.51% against 2.93% for RAYE.
Holdings Overlap
20.0% of AFEM's money is in holdings RAYE also owns. 21.3% of RAYE's money is in holdings AFEM also owns.
RAYE and AFEM share little of their money.
The two holdings books were reported 382 days apart, AFEM as of Sep 15, 2026 and RAYE as of Aug 29, 2025, so some of the difference between them is the time between the two reports rather than the funds.
19 positions in common, counted across the 178 positions we hold weights for in AFEM and 98 in RAYE, against full books of 178 and 119.
What only one of them owns
Our book lists 3 positions for RAYE that do not appear in our book for AFEM (1.9% of the fund), and 4 for AFEM that do not appear in RAYE (2.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in AFEM | Weight in RAYE | Difference |
|---|---|---|---|
| 005930:KRSamsung Electronics (Equity) | 7.51% | 4.37% | 3.14% |
| 000660:KRSk Hynix Inc Common Stock KRW 5000 | 3.81% | 2.16% | 1.65% |
| 000270:KRKia Corporation | 1.68% | 0.82% | 0.86% |
| 3044:TWTripod Technology Corp | 0.51% | 1.93% | 1.42% |
| PETR3:BVPetroleo Brasileiro Sa Petr | 0.85% | 1.36% | 0.51% |
| ICICIBANK:MBIcici Bank Ltd | 0.41% | 1.38% | 0.97% |
| 2801:TWChang Hwa Commercial Bank Ltd | 1.01% | 0.72% | 0.29% |
| 2379:TWDip Corp | 0.83% | 0.88% | 0.05% |
| SUZB3:BVSuzano Sa | 0.37% | 1.24% | 0.87% |
| SBIQState Bank Of India Dr | 0.00% | 1.37% | 1.37% |
21.3% of RAYE is already inside AFEM.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AFEM or RAYE?
AFEM has an expense ratio of 0.99% while RAYE charges 0.88%. RAYE is the cheaper option, by $11 a year on a $10,000 investment.
Which is riskier, AFEM or RAYE?
AFEM has been the more volatile fund at 16.1% annualized versus 15.7% for RAYE. Worst drawdown: AFEM -31.3% vs RAYE -26.9%.
Should I hold both AFEM and RAYE?
AFEM and RAYE have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between AFEM and RAYE?
21.3% of RAYE's money is in holdings AFEM also owns. 21.3% of RAYE's is in holdings AFEM also owns. They hold 19 positions in common, counted across the 178 positions we hold weights for in AFEM and 98 in RAYE.
Which pays a higher dividend, AFEM or RAYE?
AFEM yields 2.51% while RAYE yields 2.93%, so RAYE currently pays the higher dividend yield.
Is RAYE better than AFEM?
RAYE has a lower expense ratio. AFEM led over 1Y and the full window. AFEM is less concentrated, with 36.1% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.