Ceramic Pickups on the Sterling, and Alnico on the Ray.
Sterlings are known to have an edgier and sharper sound, whereas the Ray is more burpy. Of course this means almost nothing to you unless you've played both and have been able to draw your own conclusions
The sterling was a tad thin sounding for my tastes. I sold mine and got me an HS Stingray. No regrets. I think I'd have also been happy though with an HS sterling. Sterling weighs a bit less too. That plus what everyone else said.