QQQ vs RAYJ
Invesco QQQ Trust, Series 1 vs Rayliant SMDAM Japan Equity ETF
Which is better, QQQ or RAYJ?
Large Cap Growth against Large Cap Blend.
QQQ has a lower expense ratio. QQQ led over the full window, RAYJ over 1Y. RAYJ is less concentrated, with 45.9% of the fund in its ten largest positions against 46.5%.
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 | QQQ | RAYJ |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.72% |
| AUM | $483.5B | $24M |
| Dividend Yield | 0.44% | 4.76% |
| Holdings | 107 | 34 |
| Volatility (annualized) | 18.2%Best | 20.6% |
| Max Drawdown | -22.8% | -16.6%Best |
| $10,000 over 2.3 years | $15,832Best | $15,479 |
| Top 10 Weight | 46.5% | 45.9%Best |
| Fund Family | Invesco (US) | Rayliant Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Mar 10, 1999 | Apr 4, 2024 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 60 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. QQQ has data through Sep 28, 2026 and RAYJ through Jul 30, 2026.
Volatility and max drawdown, and the $10,000 over 2.3 years row, are measured over the window both funds cover: Apr 4, 2024 to Jul 30, 2026 (2.3 years).
Risk: Volatility and Drawdowns
RAYJ has been the more volatile fund, with annualized monthly volatility of 20.6% compared with 18.2% for QQQ. 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 -22.8% for QQQ and -16.6% for RAYJ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.62. They move together some of the time, and apart the rest.
Fees and Cost Over Time
QQQ charges 0.18% per year while RAYJ charges 0.72%. On a $10,000 position that is $18 vs $72 annually, a gap of $54 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 4.76% for RAYJ.
Holdings Overlap
We hold position weights for 102 holdings in QQQ and 32 in RAYJ, totalling 99.9% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 97 days apart, QQQ as of Aug 5, 2026 and RAYJ as of Apr 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 102 positions we hold weights for in QQQ and 32 in RAYJ, against full books of 107 and 34.
What only one of them owns
Our book lists 0 positions for RAYJ that do not appear in our book for QQQ (0.0% of the fund), and 96 for QQQ that do not appear in RAYJ (97.5%).
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.
You are not choosing between two funds in isolation.
Whichever of QQQ and RAYJ 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, QQQ or RAYJ?
QQQ has an expense ratio of 0.18% while RAYJ charges 0.72%. QQQ is the cheaper option, by $54 a year on a $10,000 investment.
Which is riskier, QQQ or RAYJ?
RAYJ has been the more volatile fund at 20.6% annualized versus 18.2% for QQQ. Worst drawdown: QQQ -22.8% vs RAYJ -16.6%.
Should I hold both QQQ and RAYJ?
QQQ and RAYJ have a monthly-return correlation of 0.62, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, QQQ or RAYJ?
QQQ yields 0.44% while RAYJ yields 4.76%, so RAYJ currently pays the higher dividend yield.
Is RAYJ better than QQQ?
QQQ has a lower expense ratio. QQQ led over the full window, RAYJ over 1Y. RAYJ is less concentrated, with 45.9% of the fund in its ten largest positions against 46.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.