JHEM vs RAYE
John Hancock Multifactor Emerging Markets ETF vs Rayliant Quantamental Emerging Market ex-China Equity ETF
Which is better, JHEM or RAYE?
JHEM has been ahead.
JHEM has a lower expense ratio. JHEM led over 1Y and the full window. JHEM is less concentrated, with 24.7% 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 | JHEM | RAYE |
|---|---|---|
| Expense Ratio | 0.49%Best | 0.88% |
| AUM | $979M | $37M |
| Dividend Yield | 1.75% | 2.93% |
| Holdings | 956 | 119 |
| Volatility (annualized) | 15.3%Best | 15.7% |
| Max Drawdown | -29.1% | -26.9%Best |
| $10,000 over 4 years | $12,558Best | $12,318 |
| Top 10 Weight | 24.7%Best | 37.8% |
| Fund Family | John Hancock Investment Management | The Advisors Inner Circle Fund |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 27, 2018 | Dec 15, 2021 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 294 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. JHEM has data through Oct 9, 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 15.3% for JHEM. 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 -29.1% for JHEM 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JHEM charges 0.49% per year while RAYE charges 0.88%. On a $10,000 position that is $49 vs $88 annually, a gap of $39 per year that compounds over a long holding period. On income, JHEM currently yields 1.75% against 2.93% for RAYE.
Holdings Overlap
18.4% of JHEM's money is in holdings RAYE also owns. 50.5% of RAYE's money is in holdings JHEM also owns.
The two portfolios partly overlap.
The two holdings books were reported 371 days apart, JHEM as of Sep 4, 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.
55 positions in common, counted across the 880 positions we hold weights for in JHEM and 98 in RAYE, against full books of 956 and 119.
What only one of them owns
Our book lists 0 positions for RAYE that do not appear in our book for JHEM (1.9% of the fund), and 16 for JHEM 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 JHEM | Weight in RAYE | Difference |
|---|---|---|---|
| 005930:KRSamsung Electronics (Equity) | 4.94% | 4.37% | 0.57% |
| 000660:KRSk Hynix Inc Common Stock KRW 5000 | 5.22% | 2.16% | 3.06% |
| 2317:TWHon Hai Precision Industry Co., Ltd. | 1.04% | 1.98% | 0.94% |
| 2345:TWAccton Technology Corp Common Stock Twd 10 | 0.35% | 2.41% | 2.06% |
| 316140:KRWoori Financial Group Inc | 0.29% | 2.12% | 1.83% |
| TPE:PLTauron Polska Energia Sa | 0.04% | 2.20% | 2.16% |
| 086790:KRHana Financial Group Inc | 0.44% | 1.76% | 1.32% |
| ANTM:IDAneka Tambang Tbk | 0.02% | 2.05% | 2.03% |
| ICICIBANK:MBIcici Bank Ltd | 0.68% | 1.38% | 0.70% |
| 2404:TWUnited Integrated Services Co Ltd | 0.02% | 1.92% | 1.90% |
50.5% of RAYE is already inside JHEM.
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, JHEM or RAYE?
JHEM has an expense ratio of 0.49% while RAYE charges 0.88%. JHEM is the cheaper option, by $39 a year on a $10,000 investment.
Which is riskier, JHEM or RAYE?
RAYE has been the more volatile fund at 15.7% annualized versus 15.3% for JHEM. Worst drawdown: JHEM -29.1% vs RAYE -26.9%.
Should I hold both JHEM and RAYE?
JHEM and RAYE have a monthly-return correlation of 0.85, 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 JHEM and RAYE?
50.5% of RAYE's money is in holdings JHEM also owns. 50.5% of RAYE's is in holdings JHEM also owns. They hold 55 positions in common, counted across the 880 positions we hold weights for in JHEM and 98 in RAYE.
Which pays a higher dividend, JHEM or RAYE?
JHEM yields 1.75% while RAYE yields 2.93%, so RAYE currently pays the higher dividend yield.
Is RAYE better than JHEM?
JHEM has a lower expense ratio. JHEM led over 1Y and the full window. JHEM is less concentrated, with 24.7% 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.