EEM vs RAYE
iShares MSCI Emerging Markets ETF vs Rayliant Quantamental Emerging Market ex-China Equity ETF
Which is better, EEM or RAYE?
Each has led over a different period.
EEM has a lower expense ratio. EEM led over 1Y, RAYE over the full window. RAYE is less concentrated, with 37.8% of the fund in its ten largest positions against 37.9%.
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 | EEM | RAYE |
|---|---|---|
| Expense Ratio | 0.72%Best | 0.88% |
| AUM | $31.3B | $37M |
| Dividend Yield | 1.66% | 2.93% |
| Holdings | 1,224 | 119 |
| Volatility (annualized) | 16.6% | 15.7%Best |
| Max Drawdown | -32.7% | -26.9%Best |
| $10,000 over 4 years | $12,239 | $12,318Best |
| Top 10 Weight | 37.9% | 37.8%Best |
| Fund Family | iShares by BlackRock (US) | The Advisors Inner Circle Fund |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 7, 2003 | 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. EEM 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
EEM has been the more volatile fund, with annualized monthly volatility of 16.6% 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 -32.7% for EEM 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
EEM charges 0.72% per year while RAYE charges 0.88%. On a $10,000 position that is $72 vs $88 annually, a gap of $16 per year that compounds over a long holding period. On income, EEM currently yields 1.66% against 2.93% for RAYE.
Holdings Overlap
26.1% of EEM's money is in holdings RAYE also owns. 49.9% of RAYE's money is in holdings EEM also owns.
The two portfolios partly overlap.
The two holdings books were reported 378 days apart, EEM as of Sep 11, 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.
44 positions in common, counted across the 1,168 positions we hold weights for in EEM and 98 in RAYE, against full books of 1,224 and 119.
What only one of them owns
Our book lists 1 positions for RAYE that do not appear in our book for EEM (2.6% of the fund), and 14 for EEM that do not appear in RAYE (1.5%).
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 EEM | Weight in RAYE | Difference |
|---|---|---|---|
| 2330:TWTaiwan Semiconductor Manufacturing Co. Ltd. | 15.09% | 16.53% | 1.44% |
| 000660:KRSk Hynix Inc Common Stock KRW 5000 | 5.98% | 2.16% | 3.82% |
| 2317:TWHon Hai Precision Industry Co., Ltd. | 0.77% | 1.98% | 1.21% |
| 2345:TWAccton Technology Corp Common Stock Twd 10 | 0.24% | 2.41% | 2.17% |
| 316140:KRWoori Financial Group Inc | 0.14% | 2.12% | 1.98% |
| ICICIBANK:MBIcici Bank Ltd | 0.61% | 1.38% | 0.77% |
| 086790:KRHana Financial Group Inc | 0.22% | 1.76% | 1.54% |
| PETR3:BVPetroleo Brasileiro Sa Petr | 0.32% | 1.36% | 1.04% |
| DU:AEEmirates Integrated Telecommunications Co Pjsc | 0.03% | 1.34% | 1.31% |
| 2357:TWAsustek Computer Inc | 0.16% | 1.16% | 1.00% |
49.9% of RAYE is already inside EEM.
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, EEM or RAYE?
EEM has an expense ratio of 0.72% while RAYE charges 0.88%. EEM is the cheaper option, by $16 a year on a $10,000 investment.
Which is riskier, EEM or RAYE?
EEM has been the more volatile fund at 16.6% annualized versus 15.7% for RAYE. Worst drawdown: EEM -32.7% vs RAYE -26.9%.
Should I hold both EEM and RAYE?
EEM 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 EEM and RAYE?
49.9% of RAYE's money is in holdings EEM also owns. 49.9% of RAYE's is in holdings EEM also owns. They hold 44 positions in common, counted across the 1,168 positions we hold weights for in EEM and 98 in RAYE.
Which pays a higher dividend, EEM or RAYE?
EEM yields 1.66% while RAYE yields 2.93%, so RAYE currently pays the higher dividend yield.
Is RAYE better than EEM?
EEM has a lower expense ratio. EEM led over 1Y, RAYE over the full window. RAYE is less concentrated, with 37.8% of the fund in its ten largest positions against 37.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.