RAYC vs SPY
Rayliant Quantamental China Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RAYC or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. RAYC led over 1Y, SPY over the full window. RAYC is less concentrated, with 32.8% 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 | RAYC | SPY |
|---|---|---|
| Expense Ratio | 0.80% | 0.09%Best |
| AUM | $82M | $804.7B |
| Dividend Yield | 5.19% | 0.98% |
| Holdings | 76 | 505 |
| Volatility (annualized) | 22.0% | 15.3%Best |
| Max Drawdown | -57.6% | -24.5%Best |
| $10,000 over 4.9 years | $7,575 | $19,499Best |
| Top 10 Weight | 32.8%Best | 37.8% |
| Fund Family | The Advisors Inner Circle Fund | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Dec 30, 2020 | Jan 22, 1993 |
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. RAYC has data through Nov 28, 2025 and SPY through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 4.9 years row, are measured over the window both funds cover: Dec 31, 2020 to Nov 28, 2025 (4.9 years).
Risk: Volatility and Drawdowns
RAYC has been the more volatile fund, with annualized monthly volatility of 22.0% compared with 15.3% for SPY. 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 -57.6% for RAYC and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.18. They move largely independently of each other.
Fees and Cost Over Time
RAYC charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, RAYC currently yields 5.19% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 72 holdings in RAYC and 504 in SPY, totalling 96.2% and 99.9% 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 336 days apart, RAYC as of Sep 30, 2025 and SPY as of Sep 1, 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 72 positions we hold weights for in RAYC and 504 in SPY, against full books of 76 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for RAYC (99.3% of the fund), and 0 for RAYC that do not appear in SPY (0.0%).
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 RAYC and SPY 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, RAYC or SPY?
RAYC has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option, by $71 a year on a $10,000 investment.
Which is riskier, RAYC or SPY?
RAYC has been the more volatile fund at 22.0% annualized versus 15.3% for SPY. Worst drawdown: RAYC -57.6% vs SPY -24.5%.
Should I hold both RAYC and SPY?
RAYC and SPY have a monthly-return correlation of 0.18, 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, RAYC or SPY?
RAYC yields 5.19% while SPY yields 0.98%, so RAYC currently pays the higher dividend yield.
Is SPY better than RAYC?
SPY has a lower expense ratio. RAYC led over 1Y, SPY over the full window. RAYC is less concentrated, with 32.8% 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.