RAYE vs SPY
Rayliant Quantamental Emerging Market ex-China Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | RAYE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.88% | 0.09% | |
| AUM | $37M | $789.1B | |
| Dividend Yield | 2.93% | 1.01% | |
| Holdings | 119 | 505 | |
| YTD Return | +22.31% | +13.79% | |
| 1Y Return | +16.38% | +23.66% | |
| 3Y Return (annualized) | +15.15% | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 15.7% | 15.3% | |
| Max Drawdown | -26.9% | -56.5% | |
| Fund Family | The Advisors Inner Circle Fund | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 15, 2021 | Jan 22, 1993 |
RAYE vs SPY Performance
Rayliant Quantamental Emerging Market ex-China Equity ETF (RAYE) is a ETF from The Advisors Inner Circle Fund and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RAYE returned +16.38% while SPY returned +23.66%. Year to date, RAYE is up 22.31% versus a gain of 13.79% for SPY.
Over three years, RAYE compounded at +15.15% per year against +21.40% for SPY. Across the full 4-year window we track, SPY has the edge at +8.85% annualized vs +5.35%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RAYE has been the more volatile fund, with annualized monthly volatility of 15.7% 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 -26.9% for RAYE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RAYE charges 0.88% per year while SPY charges 0.09%. On a $10,000 position that is $88 vs $9 annually, a gap of $79 per year that compounds over a long holding period. On income, RAYE currently yields 2.93% against 1.01% for SPY.
Holdings Overlap
RAYE and SPY share 0 holdings out of 601 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, RAYE or SPY?
RAYE has an expense ratio of 0.88% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $79 per year of difference.
Which performed better, RAYE or SPY?
Over the past year RAYE returned +16.38% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), RAYE annualized +5.35% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, RAYE or SPY?
RAYE has been the more volatile fund at 15.7% annualized versus 15.3% for SPY. Worst drawdown: RAYE -26.9% vs SPY -56.5%.
Should I hold both RAYE and SPY?
RAYE and SPY have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RAYE and SPY?
RAYE and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 601 unique securities.
Which pays a higher dividend, RAYE or SPY?
RAYE yields 2.93% while SPY yields 1.01%, so RAYE currently pays the higher dividend yield.
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