The RT peformance is GPU hardware related. Nvidia just have better RT hardware. With AMD there are no RT cores to speak of, the functionality is integrated in the TMUs.
With NVidia they have a RT Core which performs ray-to-box checks or ray-to-triangle tests.
But the RT cores cannot be used for anything else than these intersection calculations.
AMD's design is more efficient. NVidias more powerful.
4k RT medium (all effects) Cyberpunk 2077 with DLSS 2.2.9 ultra performance on a RTX 2060. Faster than a 6900xt.
RT is such a gimmick DX12u is built to provide the features for DXR games. Major 3d engines like Unreal Engine 5 are built to provide a RT gaming experience. Luma being a form of software RT'ing and the engine itself supporting RT. Basically RT is the standard with Unreal Engine 5. DXR or RT is so far from being a gimmick, stating it as so harms your credibility.
AMD have to up their RT performance, Nvidia are rumored to be doubling their cores and going 5nm. In true rumor mill fashion, Nvidia Ada Lovelace: Next-gen graphics could be 71% more powerful than RTX 3080. With the move to a smaller node, Nvidia is also said to be packing up to 18,432 CUDA cores into Ada.
https://www.digitaltrends.com/computing/nvidia-ada-lovelace-next-gen-gpu-architecture/
Meanwhile the Radeon RX 7900 XT, could cost as much as $2,000.
AMD could potentially use a
multi-chip module (MCM), or chiplet, design borrowed from the architecture used on its Ryzen processors for RDNA 3. This change in design will allow the company to double the number of compute units on each die, for a total of 160 compute units and 10,240 stream processors. This would in effect double the amount of compute units on the Radeon RX 6900 XT. AMD will likely have several configurations in the series, and a Navi 32 SKU could contain 120 to 140 compute units using the same MCM design.
If all else is the same, we can expect AMD’s GPUs to ship with at least 12GB of VRAM. The company had
previously claimed that 12GB of RAM
https://www.digitaltrends.com/computing/amd-radeon-rx-6700-xt-12gb-gddr6-vram/ on GPUs is the minimum requirement to be future-proof when playing AAA titles.
https://www.digitaltrends.com/computing/amd-radeon-rx-7000-series-everything-you-need-to-know/
Wait until they come out, the games they have to run will dictate the winner.