NSI vs RAYE
National Security Emerging Markets Index ETF vs Rayliant Quantamental Emerging Market ex-China Equity ETF
Which is better, NSI or RAYE?
NSI has been ahead.
NSI has a lower expense ratio. NSI led over 1Y and the full window. RAYE is less concentrated, with 37.8% of the fund in its ten largest positions against 45.2%.
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 | NSI | RAYE |
|---|---|---|
| Expense Ratio | 0.75%Best | 0.88% |
| AUM | $43M | $37M |
| Dividend Yield | 1.21% | 2.93% |
| Holdings | 204 | 119 |
| Volatility (annualized) | 10.6%Best | 11.9% |
| Max Drawdown | -16.6%Best | -25.2% |
| $10,000 over 2 years | $14,192Best | $13,278 |
| Top 10 Weight | 45.2% | 37.8%Best |
| Fund Family | National Security Index | The Advisors Inner Circle Fund |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 6, 2023 | Dec 15, 2021 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 298 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. NSI has data through Oct 13, 2026 and RAYE through Dec 19, 2025.
Volatility and max drawdown, and the $10,000 over 2 years row, are measured over the window both funds cover: Dec 7, 2023 to Dec 19, 2025 (2 years).
Risk: Volatility and Drawdowns
RAYE has been the more volatile fund, with annualized monthly volatility of 11.9% compared with 10.6% for NSI. 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 -16.6% for NSI and -25.2% 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 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
NSI charges 0.75% per year while RAYE charges 0.88%. On a $10,000 position that is $75 vs $88 annually, a gap of $13 per year that compounds over a long holding period. On income, NSI currently yields 1.21% against 2.93% for RAYE.
Holdings Overlap
3.3% of NSI's money is in holdings RAYE also owns. 2.6% of RAYE's money is in holdings NSI also owns.
NSI and RAYE share little of their money.
The two holdings books were reported 382 days apart, NSI 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.
2 positions in common, counted across the 101 positions we hold weights for in NSI and 98 in RAYE, against full books of 204 and 119.
What only one of them owns
Our book lists 2 positions for RAYE that do not appear in our book for NSI (2.6% of the fund), and 31 for NSI that do not appear in RAYE (18.8%).
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.
You are not choosing between two funds in isolation.
Whichever of NSI 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, NSI or RAYE?
NSI has an expense ratio of 0.75% while RAYE charges 0.88%. NSI is the cheaper option, by $13 a year on a $10,000 investment.
Which is riskier, NSI or RAYE?
RAYE has been the more volatile fund at 11.9% annualized versus 10.6% for NSI. Worst drawdown: NSI -16.6% vs RAYE -25.2%.
Should I hold both NSI and RAYE?
NSI and RAYE have a monthly-return correlation of 0.69, 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 NSI and RAYE?
3.3% of NSI's money is in holdings RAYE also owns. 2.6% of RAYE's is in holdings NSI also owns. They hold 2 positions in common, counted across the 101 positions we hold weights for in NSI and 98 in RAYE.
Which pays a higher dividend, NSI or RAYE?
NSI yields 1.21% while RAYE yields 2.93%, so RAYE currently pays the higher dividend yield.
Is RAYE better than NSI?
NSI has a lower expense ratio. NSI led over 1Y and the full window. RAYE is less concentrated, with 37.8% of the fund in its ten largest positions against 45.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.