EEMA vs. KCAI

Last updated Jul 14, 2026

EEMA (iShares MSCI Emerging Markets Asia ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - EEMA is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Asia Index, while KCAI is a China Equities fund tracking the Qi China Alpha Index. Both are passively managed. Over the past year, EEMA returned 36.78% vs 39.53% for KCAI. At a 0.49 correlation, their price movements are largely independent. EEMA charges 0.50%/yr vs 0.79%/yr for KCAI.

Performance

EEMA vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Asia ETF (EEMA) and KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMA achieves a 18.98% return, which is significantly higher than KCAI's 3.23% return.

EEMA

• 1D: -3.06%
• 1M: -3.81%
• 6M: 12.59%
• YTD: 18.98%
• 1Y: 36.78%
• 3Y*: 19.74%
• 5Y*: 6.29%
• 10Y*: 9.49%

KCAI

• 1D: -0.65%
• 1M: -4.13%
• 6M: 2.63%
• YTD: 3.23%
• 1Y: 39.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EEMA vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EEMA iShares MSCI Emerging Markets Asia ETF	18.98%	33.27%	-1.23%
KCAI KraneShares China Alpha Index ETF	3.23%	53.29%	11.36%

Correlation

The correlation between EEMA and KCAI is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.49

EEMA vs. KCAI - Sectors Allocation Comparison

Sectors	EEMA	KCAI
Technology	43.4%	13.2%
Financial Services	15.3%	39.0%
Consumer Cyclical	10.4%	11.5%
Industrials	8.4%	23.6%
Communication Services	6.6%	-
Basic Materials	4.4%	11.3%
Healthcare	3.5%	1.3%
Energy	2.8%	-
Consumer Defensive	2.6%	-
Utilities	1.7%	-
Real Estate	0.9%	-

Return for Risk

EEMA vs. KCAI — Risk / Return Rank

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

EEMA

EEMA Risk / Return Rank: 61
EEMA Sharpe Ratio Rank: 60
EEMA Sortino Ratio Rank: 56
EEMA Omega Ratio Rank: 63
EEMA Calmar Ratio Rank: 65
EEMA Martin Ratio Rank: 63

KCAI

KCAI Risk / Return Rank: 94
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

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.

EEMA vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Asia ETF (EEMA) and KraneShares China Alpha Index ETF (KCAI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EEMA	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.88	-1.29
Sortino ratio: Return per unit of downside risk	2.14	4.15	-2.01
Omega ratio: Gain probability vs. loss probability	1.30	1.50	-0.20
Calmar ratio: Return relative to maximum drawdown	2.58	6.74	-4.15
Martin ratio: Return relative to average drawdown	8.89	21.56	-12.67

EEMA vs. KCAI - Sharpe Ratio Comparison

The current EEMA Sharpe Ratio is 1.60, which is lower than the KCAI Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of EEMA and KCAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EEMA vs. KCAI - Drawdown Comparison

The maximum EEMA drawdown since its inception was -44.18%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for EEMA and KCAI.

Drawdown Indicators

	EEMA	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-44.18%	-25.48%	-18.70%
Max Drawdown (1Y) Largest decline over 1 year	-14.30%	-5.90%	-8.40%
Max Drawdown (3Y) Largest decline over 3 years	-20.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.18%	—	—
Current Drawdown Current decline from peak	-8.21%	-5.37%	-2.84%
Average Drawdown Average peak-to-trough decline	-13.90%	-6.95%	-6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	1.84%	+2.31%

Volatility

EEMA vs. KCAI - Volatility Comparison

iShares MSCI Emerging Markets Asia ETF (EEMA) has a higher volatility of 10.02% compared to KraneShares China Alpha Index ETF (KCAI) at 4.63%. This indicates that EEMA's price experiences larger fluctuations and is considered to be riskier than KCAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMA	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.02%	4.63%	+5.39%
Volatility (6M) Calculated over the trailing 6-month period	20.70%	9.15%	+11.55%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	13.81%	+9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.98%	20.88%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.05%	20.88%	+0.17%

EEMA vs. KCAI - Expense Ratio Comparison

EEMA has a 0.50% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

EEMA vs. KCAI - Dividend Comparison

EEMA's dividend yield for the trailing twelve months is around 1.38%, less than KCAI's 34.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMA iShares MSCI Emerging Markets Asia ETF	1.38%	1.48%	1.74%	2.02%	1.78%	2.19%	1.15%	1.86%	2.17%	1.74%	1.74%	2.44%
KCAI KraneShares China Alpha Index ETF	34.31%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EEMA and KCAI in my portfolio?

EEMA and KCAI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMA or KCAI?

EEMA has higher volatility (10.02%) compared to KCAI (4.63%). In terms of maximum drawdown, EEMA dropped -44.18% vs KCAI's -25.48%.

Which ETF is better, EEMA or KCAI?

On 1-year performance, KCAI leads with 39.53% vs 36.78% for EEMA. On fees, EEMA is cheaper at 0.50% per year. On volatility, KCAI has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMA or KCAI?

Over the 1-year period, KCAI has performed better with a 39.53% return vs 36.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMA or KCAI?

EEMA is cheaper with a 0.50% expense ratio, compared with 0.79% for KCAI.

Which ETF pays a higher dividend yield, EEMA or KCAI?

KCAI has the higher dividend yield at 34.31%, compared with 1.38% for EEMA.

What is the main difference between EEMA and KCAI?

EEMA is categorized as Asia Pacific Equities, while KCAI is China Equities. EEMA tracks MSCI Emerging Markets Asia Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.50% for EEMA and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.88 vs 1.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.