EMMF vs RAYE
WisdomTree Emerging Markets Multifactor Fund vs Rayliant Quantamental Emerging Market ex-China Equity ETF
Which is better, EMMF or RAYE?
EMMF has been ahead.
EMMF has a lower expense ratio. EMMF led over 1Y and the full window. EMMF is less concentrated, with 29.5% 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 | EMMF | RAYE |
|---|---|---|
| Expense Ratio | 0.48%Best | 0.88% |
| AUM | $184M | $37M |
| Dividend Yield | 1.93% | 2.93% |
| Holdings | 245 | 119 |
| Volatility (annualized) | 11.8%Best | 15.7% |
| Max Drawdown | -22.9%Best | -26.9% |
| $10,000 over 4 years | $13,696Best | $12,318 |
| Top 10 Weight | 29.5%Best | 37.8% |
| Fund Family | WisdomTree Investments | The Advisors Inner Circle Fund |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 10, 2018 | 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. EMMF 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
RAYE has been the more volatile fund, with annualized monthly volatility of 15.7% compared with 11.8% for EMMF. 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 -22.9% for EMMF 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 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EMMF charges 0.48% per year while RAYE charges 0.88%. On a $10,000 position that is $48 vs $88 annually, a gap of $40 per year that compounds over a long holding period. On income, EMMF currently yields 1.93% against 2.93% for RAYE.
Holdings Overlap
17.6% of EMMF's money is in holdings RAYE also owns. 17.8% of RAYE's money is in holdings EMMF also owns.
RAYE and EMMF share little of their money.
The two holdings books were reported 382 days apart, EMMF 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.
18 positions in common, counted across the 209 positions we hold weights for in EMMF and 98 in RAYE, against full books of 245 and 119.
What only one of them owns
Our book lists 3 positions for RAYE that do not appear in our book for EMMF (3.2% of the fund), and 13 for EMMF that do not appear in RAYE (6.6%).
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 EMMF | Weight in RAYE | Difference |
|---|---|---|---|
| 005930:KRSamsung Electronics (Equity) | 4.77% | 4.37% | 0.40% |
| 000660:KRSk Hynix Inc Common Stock KRW 5000 | 5.53% | 2.16% | 3.37% |
| 2345:TWAccton Technology Corp Common Stock Twd 10 | 0.59% | 2.41% | 1.82% |
| PETR3:BVPetroleo Brasileiro Sa Petr | 0.72% | 1.36% | 0.64% |
| 005380:KRHyundai Motor Co | 1.14% | 0.65% | 0.49% |
| GETD:MBGe T&d India Ltd | 0.28% | 1.17% | 0.89% |
| NALU:MBNational Aluminium Co Ltd | 0.55% | 0.63% | 0.08% |
| 2383:TWElite Material Co Ltd | 0.93% | 0.16% | 0.77% |
| OUT:ZAOutsurance Group Ltd | 0.44% | 0.63% | 0.19% |
| 267250:KRHd Hyundai Heavy Industri | 0.27% | 0.78% | 0.51% |
You are not choosing between two funds in isolation.
Whichever of EMMF and RAYE you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, EMMF or RAYE?
EMMF has an expense ratio of 0.48% while RAYE charges 0.88%. EMMF is the cheaper option, by $40 a year on a $10,000 investment.
Which is riskier, EMMF or RAYE?
RAYE has been the more volatile fund at 15.7% annualized versus 11.8% for EMMF. Worst drawdown: EMMF -22.9% vs RAYE -26.9%.
Should I hold both EMMF and RAYE?
EMMF and RAYE have a monthly-return correlation of 0.89, 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 EMMF and RAYE?
17.8% of RAYE's money is in holdings EMMF also owns. 17.8% of RAYE's is in holdings EMMF also owns. They hold 18 positions in common, counted across the 209 positions we hold weights for in EMMF and 98 in RAYE.
Which pays a higher dividend, EMMF or RAYE?
EMMF yields 1.93% while RAYE yields 2.93%, so RAYE currently pays the higher dividend yield.
Is RAYE better than EMMF?
EMMF has a lower expense ratio. EMMF led over 1Y and the full window. EMMF is less concentrated, with 29.5% 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.