JPANvsRAYJETF Comparison
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Matthews Japan Active ETF (JPAN) and Rayliant SMDAM Japan Equity ETF (RAYJ) belong to the same industry segment: Japan Blended Cap. JPAN's top 3 sector exposures are Technology, Industrials and Finance. In contrast, RAYJ's top sector exposures are Technology, Industrials and Non-Energy Materials. JPAN is less expensive with a Total Expense Ratio (TER) of 0.79%, versus 1.75% for RAYJ. JPAN is up 15.11% year-to-date (YTD) with +$3M in YTD flows. RAYJ performs better with 16.79% YTD performance, and +$5M in YTD flows. Run a side-by-side ETF comparison of JPAN and RAYJ below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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JPAN vs RAYJ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | JPAN RAYJ | -1.47%-5.55% | +5.42%+0.30% | +15.11%+16.79% | +26.97%+22.76% | n/an/a | n/an/a |
| Flows | JPAN RAYJ | +$2M+$132K | +$2M-$1M | +$3M+$5M | +$3M+$6M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | JPAN RAYJ | +22.95%+29.57% | +22.59%+25.07% | n/an/a | n/an/a |
| Max drawdown | JPAN RAYJ | -7.17%-12.89% | -14.82%-15.52% | n/an/a | n/an/a |
| Max drawdown duration | JPAN RAYJ | 35d35d | 85d66d | n/an/a | n/an/a |
Trading data
JPAN | RAYJ | |
Last sale 7/28/2026 at 1:30 PM | $40.02 | $37.44 |
| Previous close 07/27/2026 | $40.94 | $37.44 |
| Consolidated volume 07/27/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 7/28/2026 at 1:30 PM
Live
Closed
JPAN | RAYJ | |
|---|---|---|
| Last price | $40.02 | $37.44 |
| 1D performance | -2.25% | +0.00% |
| AuM | $9.87 M | $24.35 M |
| E/R | 0.79% | 1.75% |
Characteristics
JPAN | RAYJ | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Matthews Asia | Rayliant Asset Management |
| Benchmark | - | - |
| N° of holdings | 51 | 31 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 22, 2023 | April 4, 2024 |
| ESG | Yes | No |
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Exposure
Countries
JPAN
Japan
97.57%
Other
2.43%
RAYJ
Japan
97.32%
Other
2.68%
Sectors
JPAN
Technology
28.54%
Industrials
23.08%
Finance
20.94%
Consumer Cyclical.
9.33%
Other
18.11%
RAYJ
Technology
28.25%
Industrials
23.82%
Non-Energy Materi.
12.51%
Consumer Cyclical.
11.28%
Finance
10.76%
Other
13.39%
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Diversification
JPAN
Total weight of top 15 holdings out of 15
48.06%
RAYJ
Total weight of top 15 holdings out of 15
81.46%
Top 15 holdings
Data as of June 30, 2026
JPAN
Tokyo Electron Ltd.
6.19%
Mitsubishi UFJ Financial Group, Inc.
4.67%
Advantest Corp.
3.79%
Recruit Holdings Co., Ltd.
3.36%
Sumitomo Mitsui Financial Group, Inc.
3.29%
Sony Group Corp.
3.04%
Hitachi Ltd.
2.98%
Shin-Etsu Chemical Co., Ltd.
2.90%
Panasonic Holdings Corp.
2.86%
Kioxia Holdings Corp.
2.77%
Fast Retailing Co., Ltd.
2.56%
Sumitomo Electric Industries Ltd.
2.51%
ORIX Corp.
2.51%
KEYENCE Corp.
2.50%
Sumitomo Corp.
2.11%
RAYJ
Kioxia Holdings Corp.
11.81%
Mitsubishi UFJ Financial Group, Inc.
9.39%
Resonac Holdings Corp.
8.44%
FOOD & LIFE COMPANIES LTD.
6.08%
Ebara Corp.
6.05%
Fast Retailing Co., Ltd.
6.03%
Daifuku Co., Ltd.
5.67%
ASICS Corp.
5.15%
Kawasaki Heavy Industries Ltd.
4.87%
Chugai Pharmaceutical Co., Ltd.
3.41%
NEC Corp.
3.16%
Fujikura Ltd.
3.09%
Recruit Holdings Co., Ltd.
3.01%
Seiren Co., Ltd.
2.73%
MARUWA CO., LTD.
2.59%
Frequently asked questions about JPAN and RAYJ
How have the JPAN and RAYJ ETFs performed in 2026?
As of July 27, 2026, JPAN is up 15.11% year-to-date (YTD), while RAYJ has returned 16.79%. That puts RAYJ better performer ahead so far this year.
Which ETF is attracting more investor money: JPAN or RAYJ?
Year-to-date, the JPAN ETF saw +$3M in flows, compared to +$5M for RAYJ.
Which ETF is more volatile: JPAN or RAYJ?
Over the past year, JPAN had a volatility of 22.59%, while RAYJ experienced 25.07%.
Which ETF is bigger: JPAN or RAYJ?
As of July 27, 2026, JPAN holds $9.87 M in assets under management (AUM), while RAYJ manages $24.35 M.
What sectors do the JPAN and RAYJ ETFs invest in?
JPAN leans toward sectors like Technology, Industrials and Finance. Meanwhile, RAYJ focuses on Technology, Industrials and Non-Energy Materials.
What are the top holdings of the JPAN ETF and RAYJ ETF?
JPAN top holdings include Tokyo Electron Ltd., Mitsubishi UFJ Financial Group, Inc. and Advantest Corp.. RAYJ holds in its top three: Kioxia Holdings Corp., Mitsubishi UFJ Financial Group, Inc. and Resonac Holdings Corp..
Which ETF is more diversified: JPAN or RAYJ?
JPAN holds 51 securities with 48.06% of its assets in the top 15. RAYJ has 31 securities and a top 15 weight of 81.46%.
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