3191.HK vs. JPEM

Last updated Jun 5, 2026

3191.HK (Global X China Semiconductor ETF) and JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) are both exchange-traded funds - 3191.HK is a China Equities fund tracking the Factset China Semiconductor Index, while JPEM is a Emerging Markets Equities fund tracking the JPMorgan Diversified Factor Emerging Markets Equity Index. Both are passively managed. Over the past 5 years, 3191.HK returned 10.04%/yr vs 6.25%/yr for JPEM. At a 0.22 correlation, their price movements are largely independent. 3191.HK charges 0.68%/yr vs 0.44%/yr for JPEM.

Performance

3191.HK vs. JPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in Global X China Semiconductor ETF (3191.HK) and J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

3191.HK is traded in HKD, while JPEM is traded in USD. To make them comparable, the JPEM values have been converted to HKD using the latest available exchange rates.

Returns By Period

In the year-to-date period, 3191.HK achieves a 59.23% return, which is significantly higher than JPEM's 7.96% return.

3191.HK

• 1D: 1.28%
• 1M: 23.75%
• YTD: 59.23%
• 6M: 65.92%
• 1Y: 130.99%
• 3Y*: 31.05%
• 5Y*: 10.04%
• 10Y*: —

JPEM

• 1D: 0.03%
• 1M: -0.50%
• YTD: 7.96%
• 6M: 9.32%
• 1Y: 21.84%
• 3Y*: 13.59%
• 5Y*: 6.25%
• 10Y*: 7.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

3191.HK vs. JPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
3191.HK Global X China Semiconductor ETF	59.23%	41.08%	11.15%	-6.56%	-39.25%	19.31%	-1.68%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	7.96%	23.14%	3.69%	11.00%	-8.88%	8.70%	15.04%

Correlation

The correlation between 3191.HK and JPEM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Aug 10, 2020	0.22

Return for Risk

3191.HK vs. JPEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

3191.HK

3191.HK Risk / Return Rank: 88
3191.HK Sharpe Ratio Rank: 94
3191.HK Sortino Ratio Rank: 87
3191.HK Omega Ratio Rank: 83
3191.HK Calmar Ratio Rank: 92
3191.HK Martin Ratio Rank: 82

JPEM

JPEM Risk / Return Rank: 49
JPEM Sharpe Ratio Rank: 50
JPEM Sortino Ratio Rank: 49
JPEM Omega Ratio Rank: 52
JPEM Calmar Ratio Rank: 44
JPEM Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

3191.HK vs. JPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X China Semiconductor ETF (3191.HK) and J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	3191.HK	JPEM	Difference
Sharpe ratio: Return per unit of total volatility	3.48	1.68	+1.80
Sortino ratio: Return per unit of downside risk	3.87	2.34	+1.54
Omega ratio: Gain probability vs. loss probability	1.50	1.31	+0.18
Calmar ratio: Return relative to maximum drawdown	6.33	2.15	+4.18
Martin ratio: Return relative to average drawdown	16.10	8.11	+7.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3191.HK vs. JPEM - Sharpe Ratio Comparison

The current 3191.HK Sharpe Ratio is 3.48, which is higher than the JPEM Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of 3191.HK and JPEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	3191.HK	JPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.48	1.68	+1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.47	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.34	-0.10

Drawdowns

3191.HK vs. JPEM - Drawdown Comparison

The maximum 3191.HK drawdown since its inception was -63.76%, which is greater than JPEM's maximum drawdown of -40.69%. Use the drawdown chart below to compare losses from any high point for 3191.HK and JPEM.

Drawdown Indicators

	3191.HK	JPEM	Difference
Max Drawdown Largest peak-to-trough decline	-63.76%	-40.69%	-23.07%
Max Drawdown (1Y) Largest decline over 1 year	-21.43%	-10.18%	-11.25%
Max Drawdown (3Y) Largest decline over 3 years	-40.94%	-14.25%	-26.69%
Max Drawdown (5Y) Largest decline over 5 years	-63.76%	-21.08%	-42.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.69%	—
Current Drawdown Current decline from peak	-5.71%	-2.84%	-2.87%
Average Drawdown Average peak-to-trough decline	-33.82%	-9.40%	-24.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.33%	2.70%	+5.63%

Volatility

3191.HK vs. JPEM - Volatility Comparison

Global X China Semiconductor ETF (3191.HK) has a higher volatility of 16.63% compared to J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) at 4.38%. This indicates that 3191.HK's price experiences larger fluctuations and is considered to be riskier than JPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3191.HK	JPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.63%	4.38%	+12.25%
Volatility (6M) Calculated over the trailing 6-month period	29.09%	11.27%	+17.82%
Volatility (1Y) Calculated over the trailing 1-year period	39.02%	13.03%	+25.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.12%	13.43%	+26.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.46%	16.97%	+22.49%

3191.HK vs. JPEM - Expense Ratio Comparison

3191.HK has a 0.68% expense ratio, which is higher than JPEM's 0.44% expense ratio.

Dividends

3191.HK vs. JPEM - Dividend Comparison

3191.HK has not paid dividends to shareholders, while JPEM's dividend yield for the trailing twelve months is around 4.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
3191.HK Global X China Semiconductor ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	4.40%	4.65%	5.12%	4.46%	4.71%	4.40%	2.85%	3.47%	2.79%	2.14%	1.28%	3.22%

Frequently Asked Questions

Can I hold both 3191.HK and JPEM in my portfolio?

3191.HK and JPEM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 3191.HK or JPEM?

On fees, JPEM is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 3191.HK or JPEM?

JPEM is cheaper with a 0.44% expense ratio, compared with 0.68% for 3191.HK.

What is the main difference between 3191.HK and JPEM?

3191.HK is categorized as China Equities, while JPEM is Emerging Markets Equities. 3191.HK tracks Factset China Semiconductor Index, while JPEM tracks JPMorgan Diversified Factor Emerging Markets Equity Index. They also come from different issuers: Global X and JPMorgan. Their fees differ too: 0.68% for 3191.HK and 0.44% for JPEM.