[James Lee]

Wow, I just had this for days.
I had my 24GB of memory set up for single core rendering because it was faster in rendering time as I had low cpu intensive renders.
Bottom line was my GUI was not getting enough CPU love. So I turned on the multiprocessing. I needed to make the Actual CPUs part get to max by adjusting Zero for other apps and lowering the RAM allocation per background CPU until the Actual got to max.
I goes much better now.

[James Lee]

You might be have Fast Previews set to “Fast Draft”. I can see that it is set to something in your image.
If you set it to “Off (Final Quality)” or “Adaptive” your comp may look as expected.
I suffered a similar problem with track mattes on a 3d layer.
Then I tried my comp as a final render (after reading your post) and my objects appeared in the right order. So then I had a light bulb go off in my head and tried the setting above and it fixed my problem.

[James Lee]

You might be have Fast Previews set to “Fast Draft”. I can see that it is set to something in your image.
If you set it to “Off (Final Quality)” or “Adaptive” your comp may look as expected.
I suffered a similar problem with track mattes on a 3d layer and found another user on this forum that said the problem fixed itself in the final render, then I tried my comp as a final render and my objects appeared in the right order. So then I had a light bulb go off in my head and tried the setting above and it fixed my problem.