FPXI vs. KEMX

Last updated Jun 24, 2026

FPXI (First Trust International Equity Opportunities ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both Foreign Large Cap Equities funds - FPXI tracks the IPOX International Index while KEMX tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, FPXI returned 4.36%/yr vs 13.33%/yr for KEMX. A 0.71 correlation means they provide meaningful diversification when combined. FPXI charges 0.70%/yr vs 0.25%/yr for KEMX.

Performance

FPXI vs. KEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust International Equity Opportunities ETF (FPXI) and KraneShares MSCI Emerging Markets ex China Index ETF (KEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FPXI having a 38.06% return and KEMX slightly higher at 38.57%.

FPXI

• 1D: -5.63%
• 1M: 8.84%
• YTD: 38.06%
• 6M: 35.72%
• 1Y: 51.16%
• 3Y*: 29.56%
• 5Y*: 4.36%
• 10Y*: 13.94%

KEMX

• 1D: -5.69%
• 1M: 5.55%
• YTD: 38.57%
• 6M: 40.16%
• 1Y: 71.39%
• 3Y*: 28.36%
• 5Y*: 13.33%
• 10Y*: —

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

FPXI vs. KEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FPXI First Trust International Equity Opportunities ETF	38.06%	26.37%	12.62%	9.56%	-31.83%	-15.73%	71.50%	15.52%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	38.57%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%

Correlation

The correlation between FPXI and KEMX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.71

The correlation between FPXI and KEMX shifts across timeframes, from 0.71 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

FPXI vs. KEMX - Sectors Allocation Comparison

Sectors	FPXI	KEMX
Technology	37.3%	46.8%
Industrials	21.5%	7.6%
Basic Materials	13.2%	7.6%
Healthcare	10.9%	1.5%
Consumer Cyclical	6.5%	5.5%
Financial Services	4.2%	18.7%
Communication Services	2.2%	2.9%
Energy	2.1%	4.0%
Utilities	1.0%	1.7%
Consumer Defensive	0.7%	2.6%
Real Estate	0.5%	1.0%

Return for Risk

FPXI vs. KEMX — Risk / Return Rank

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

FPXI

FPXI Risk / Return Rank: 64
FPXI Sharpe Ratio Rank: 63
FPXI Sortino Ratio Rank: 59
FPXI Omega Ratio Rank: 57
FPXI Calmar Ratio Rank: 73
FPXI Martin Ratio Rank: 68

KEMX

KEMX Risk / Return Rank: 87
KEMX Sharpe Ratio Rank: 90
KEMX Sortino Ratio Rank: 82
KEMX Omega Ratio Rank: 87
KEMX Calmar Ratio Rank: 87
KEMX Martin Ratio Rank: 87

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.

FPXI vs. KEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust International Equity Opportunities ETF (FPXI) and KraneShares MSCI Emerging Markets ex China Index ETF (KEMX). 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.

	FPXI	KEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.84	-0.91
Sortino ratio: Return per unit of downside risk	2.60	3.38	-0.78
Omega ratio: Gain probability vs. loss probability	1.33	1.51	-0.18
Calmar ratio: Return relative to maximum drawdown	3.48	4.67	-1.19
Martin ratio: Return relative to average drawdown	11.66	17.76	-6.11

FPXI vs. KEMX - Sharpe Ratio Comparison

The current FPXI Sharpe Ratio is 1.93, which is lower than the KEMX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of FPXI and KEMX, 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

FPXI vs. KEMX - Drawdown Comparison

The maximum FPXI drawdown since its inception was -55.78%, which is greater than KEMX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for FPXI and KEMX.

Drawdown Indicators

	FPXI	KEMX	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-38.80%	-16.98%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-15.36%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-20.58%	-19.62%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-50.75%	-30.85%	-19.90%
Max Drawdown (10Y) Largest decline over 10 years	-55.78%	—	—
Current Drawdown Current decline from peak	-5.63%	-5.69%	+0.06%
Average Drawdown Average peak-to-trough decline	-20.17%	-8.82%	-11.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	4.03%	+0.37%

Volatility

FPXI vs. KEMX - Volatility Comparison

First Trust International Equity Opportunities ETF (FPXI) and KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) have volatilities of 13.69% and 13.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXI	KEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.69%	13.52%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	23.40%	23.20%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	26.63%	25.26%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	18.96%	+3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	21.33%	+0.13%

FPXI vs. KEMX - Expense Ratio Comparison

FPXI has a 0.70% expense ratio, which is higher than KEMX's 0.25% expense ratio.

Dividends

FPXI vs. KEMX - Dividend Comparison

FPXI's dividend yield for the trailing twelve months is around 0.58%, less than KEMX's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPXI First Trust International Equity Opportunities ETF	0.58%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.37%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPXI and KEMX in my portfolio?

FPXI and KEMX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPXI or KEMX?

FPXI has higher volatility (13.69%) compared to KEMX (13.52%). In terms of maximum drawdown, FPXI dropped -55.78% vs KEMX's -38.80%.

Which ETF is better, FPXI or KEMX?

On 5-year performance, KEMX leads with 13.33% vs 4.36% for FPXI. On fees, KEMX is cheaper at 0.25% per year. On volatility, KEMX has been the lower-risk option at 13.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPXI or KEMX?

Over the 5-year period, KEMX has performed better with a 13.33% return vs 4.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXI or KEMX?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.70% for FPXI.

Which ETF pays a higher dividend yield, FPXI or KEMX?

KEMX has the higher dividend yield at 2.37%, compared with 0.58% for FPXI.

What is the main difference between FPXI and KEMX?

FPXI tracks IPOX International Index, while KEMX tracks MSCI Emerging Markets ex China Index. They also come from different issuers: First Trust and CICC. Their fees differ too: 0.70% for FPXI and 0.25% for KEMX.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.84 vs 1.93), 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.