RAYE vs RFEM
Rayliant Quantamental Emerging Market ex-China Equity ETF vs First Trust RiverFront Dynamic Emerging Markets ETF
Which is better, RAYE or RFEM?
RFEM has been ahead.
RAYE has a lower expense ratio. RFEM led over 1Y and the full window. RAYE is less concentrated, with 37.8% of the fund in its ten largest positions against 38.4%.
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 | RAYE | RFEM |
|---|---|---|
| Expense Ratio | 0.88%Best | 0.99% |
| AUM | $37M | $84M |
| Dividend Yield | 2.93% | 2.51% |
| Holdings | 119 | 119 |
| Volatility (annualized) | 15.7%Best | 16.1% |
| Max Drawdown | -26.9%Best | -31.3% |
| $10,000 over 4 years | $12,318 | $13,859Best |
| Top 10 Weight | 37.8%Best | 38.4% |
| Fund Family | The Advisors Inner Circle Fund | First Trust Portfolios (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 15, 2021 | Jun 14, 2016 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 266 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. RAYE has data through Dec 19, 2025 and RFEM through Sep 11, 2026.
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
RFEM has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 15.7% for RAYE. 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 -26.9% for RAYE and -31.3% for RFEM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RAYE charges 0.88% per year while RFEM charges 0.99%. On a $10,000 position that is $88 vs $99 annually, a gap of $11 per year that compounds over a long holding period. On income, RAYE currently yields 2.93% against 2.51% for RFEM.
Holdings Overlap
6.2% of RAYE's money is in holdings RFEM also owns. 7.3% of RFEM's money is in holdings RAYE also owns.
RFEM and RAYE share little of their money.
The two holdings books were reported 341 days apart, RAYE as of Aug 29, 2025 and RFEM as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
8 positions in common, counted across the 98 positions we hold weights for in RAYE and 111 in RFEM, against full books of 119 and 119.
What only one of them owns
Our book lists 9 positions for RFEM that do not appear in our book for RAYE (6.8% of the fund), and 4 for RAYE that do not appear in RFEM (3.2%).
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 RAYE | Weight in RFEM | Difference |
|---|---|---|---|
| 000270:KRKia Corporation | 0.82% | 2.56% | 1.74% |
| 3044:TWTripod Technology Corp | 1.93% | 0.57% | 1.36% |
| 2379:TWDip Corp | 0.88% | 1.02% | 0.14% |
| 005380:KRHyundai Motor Co | 0.65% | 1.16% | 0.51% |
| SUZB3:BVSuzano Sa | 1.24% | 0.44% | 0.80% |
| BPCL:MBBharat Petroleum Corp Ltd | 0.32% | 0.81% | 0.49% |
| BBSE3:BVBb Seguridade Participacoes Sa | 0.40% | 0.69% | 0.29% |
| CHMF:RUSeverstal Pjsc | 0.00% | 0.00% | 0.00% |
You are not choosing between two funds in isolation.
Whichever of RAYE and RFEM 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, RAYE or RFEM?
RAYE has an expense ratio of 0.88% while RFEM charges 0.99%. RAYE is the cheaper option, by $11 a year on a $10,000 investment.
Which is riskier, RAYE or RFEM?
RFEM has been the more volatile fund at 16.1% annualized versus 15.7% for RAYE. Worst drawdown: RAYE -26.9% vs RFEM -31.3%.
Should I hold both RAYE and RFEM?
RAYE and RFEM have a monthly-return correlation of 0.82, 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 RAYE and RFEM?
7.3% of RFEM's money is in holdings RAYE also owns. 7.3% of RFEM's is in holdings RAYE also owns. They hold 8 positions in common, counted across the 98 positions we hold weights for in RAYE and 111 in RFEM.
Which pays a higher dividend, RAYE or RFEM?
RAYE yields 2.93% while RFEM yields 2.51%, so RAYE currently pays the higher dividend yield.
Is RFEM better than RAYE?
RAYE has a lower expense ratio. RFEM led over 1Y and the full window. RAYE is less concentrated, with 37.8% of the fund in its ten largest positions against 38.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.