QLVE vs RAYE
Northern Trust Emerging Markets Quality Low Volatility ETF vs Rayliant Quantamental Emerging Market ex-China Equity ETF
Which is better, QLVE or RAYE?
QLVE has been ahead.
QLVE has a lower expense ratio. QLVE led over 1Y and the full window. RAYE is less concentrated, with 37.8% of the fund in its ten largest positions against 38.5%.
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 | QLVE | RAYE |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.88% |
| AUM | $17M | $37M |
| Dividend Yield | 2.58% | 2.93% |
| Holdings | 169 | 119 |
| Volatility (annualized) | 11.6%Best | 15.7% |
| Max Drawdown | -23.6%Best | -26.9% |
| $10,000 over 4 years | $12,687Best | $12,318 |
| Top 10 Weight | 38.5% | 37.8%Best |
| Fund Family | Northern Trust Asset Management | The Advisors Inner Circle Fund |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 15, 2019 | 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. QLVE 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 11.6% for QLVE. 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 -23.6% for QLVE 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 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QLVE charges 0.18% per year while RAYE charges 0.88%. On a $10,000 position that is $18 vs $88 annually, a gap of $70 per year that compounds over a long holding period. On income, QLVE currently yields 2.58% against 2.93% for RAYE.
Holdings Overlap
34.4% of QLVE's money is in holdings RAYE also owns. 33.6% of RAYE's money is in holdings QLVE also owns.
The two portfolios partly overlap.
The two holdings books were reported 382 days apart, QLVE 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.
17 positions in common, counted across the 135 positions we hold weights for in QLVE and 98 in RAYE, against full books of 169 and 119.
What only one of them owns
Our book lists 2 positions for RAYE that do not appear in our book for QLVE (3.2% of the fund), and 1 for QLVE that do not appear in RAYE (0.6%).
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 QLVE | Weight in RAYE | Difference |
|---|---|---|---|
| 2330:TWTaiwan Semiconductor Manufacturing Co. Ltd. | 14.72% | 16.53% | 1.81% |
| 005930:KRSamsung Electronics (Equity) | 6.81% | 4.37% | 2.44% |
| 000660:KRSk Hynix Inc Common Stock KRW 5000 | 4.82% | 2.16% | 2.66% |
| PETR3:BVPetroleo Brasileiro Sa Petr | 0.85% | 1.36% | 0.51% |
| DU:AEEmirates Integrated Telecommunications Co Pjsc | 0.79% | 1.34% | 0.55% |
| 2317:TWHon Hai Precision Industry Co., Ltd. | 0.09% | 1.98% | 1.89% |
| ICICIBANK:MBIcici Bank Ltd | 0.47% | 1.38% | 0.91% |
| BRITANNIA:MBBritannia Industries Ltd | 0.41% | 1.15% | 0.74% |
| BBSE3:BVBb Seguridade Participacoes Sa | 0.89% | 0.40% | 0.49% |
| 2379:TWDip Corp | 0.39% | 0.88% | 0.49% |
34.4% of QLVE is already inside RAYE.
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, QLVE or RAYE?
QLVE has an expense ratio of 0.18% while RAYE charges 0.88%. QLVE is the cheaper option, by $70 a year on a $10,000 investment.
Which is riskier, QLVE or RAYE?
RAYE has been the more volatile fund at 15.7% annualized versus 11.6% for QLVE. Worst drawdown: QLVE -23.6% vs RAYE -26.9%.
Should I hold both QLVE and RAYE?
QLVE and RAYE have a monthly-return correlation of 0.83, 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 QLVE and RAYE?
34.4% of QLVE's money is in holdings RAYE also owns. 33.6% of RAYE's is in holdings QLVE also owns. They hold 17 positions in common, counted across the 135 positions we hold weights for in QLVE and 98 in RAYE.
Which pays a higher dividend, QLVE or RAYE?
QLVE yields 2.58% while RAYE yields 2.93%, so RAYE currently pays the higher dividend yield.
Is RAYE better than QLVE?
QLVE has a lower expense ratio. QLVE led over 1Y and the full window. RAYE is less concentrated, with 37.8% of the fund in its ten largest positions against 38.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.