GFIRX vs. KEMQ

Last updated Jun 24, 2026

GFIRX (Goldman Sachs Managed Futures Strategy Fund) and KEMQ (KraneShares Emerging Markets Consumer Technology Index ETF) are both funds - GFIRX is a Systematic Trend fund managed by Goldman Sachs, while KEMQ is a Emerging Markets Equities fund tracking the Solactive Emerging Markets Consumer Technology Index. Over the past 5 years, GFIRX returned 3.79%/yr vs -4.14%/yr for KEMQ. At a 0.07 correlation, their price movements are largely independent. GFIRX charges 1.33%/yr vs 0.60%/yr for KEMQ.

Performance

GFIRX vs. KEMQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Managed Futures Strategy Fund (GFIRX) and KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GFIRX achieves a 7.48% return, which is significantly higher than KEMQ's 2.13% return.

GFIRX

• 1D: 0.81%
• 1M: 0.20%
• YTD: 7.48%
• 6M: 7.24%
• 1Y: 19.81%
• 3Y*: -0.07%
• 5Y*: 3.79%
• 10Y*: 3.19%

KEMQ

• 1D: -3.77%
• 1M: 1.99%
• YTD: 2.13%
• 6M: 2.85%
• 1Y: 21.94%
• 3Y*: 22.94%
• 5Y*: -4.14%
• 10Y*: —

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

GFIRX vs. KEMQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GFIRX Goldman Sachs Managed Futures Strategy Fund	7.48%	0.54%	-5.17%	-3.87%	20.44%	4.86%	6.94%	2.61%	-2.24%	0.98%
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF	2.13%	56.28%	13.81%	0.77%	-38.09%	-27.31%	39.26%	28.26%	-25.52%	1.43%

Correlation

The correlation between GFIRX and KEMQ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 12, 2017	0.07

Over the past year, GFIRX and KEMQ have become more correlated (0.38) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

GFIRX vs. KEMQ — Risk / Return Rank

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

GFIRX

GFIRX Risk / Return Rank: 85
GFIRX Sharpe Ratio Rank: 88
GFIRX Sortino Ratio Rank: 85
GFIRX Omega Ratio Rank: 82
GFIRX Calmar Ratio Rank: 90
GFIRX Martin Ratio Rank: 78

KEMQ

KEMQ Risk / Return Rank: 23
KEMQ Sharpe Ratio Rank: 24
KEMQ Sortino Ratio Rank: 24
KEMQ Omega Ratio Rank: 24
KEMQ Calmar Ratio Rank: 22
KEMQ Martin Ratio Rank: 22

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.

GFIRX vs. KEMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Managed Futures Strategy Fund (GFIRX) and KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ). 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.

	GFIRX	KEMQ	Difference
Sharpe ratio: Return per unit of total volatility	2.66	0.81	+1.86
Sortino ratio: Return per unit of downside risk	3.75	1.25	+2.50
Omega ratio: Gain probability vs. loss probability	1.50	1.16	+0.34
Calmar ratio: Return relative to maximum drawdown	4.30	1.00	+3.29
Martin ratio: Return relative to average drawdown	13.70	2.59	+11.11

GFIRX vs. KEMQ - Sharpe Ratio Comparison

The current GFIRX Sharpe Ratio is 2.66, which is higher than the KEMQ Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of GFIRX and KEMQ, 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

GFIRX vs. KEMQ - Drawdown Comparison

The maximum GFIRX drawdown since its inception was -23.09%, smaller than the maximum KEMQ drawdown of -70.72%. Use the drawdown chart below to compare losses from any high point for GFIRX and KEMQ.

Drawdown Indicators

	GFIRX	KEMQ	Difference
Max Drawdown Largest peak-to-trough decline	-23.09%	-70.72%	+47.63%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-21.94%	+17.08%
Max Drawdown (3Y) Largest decline over 3 years	-22.39%	-21.94%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-23.09%	-66.02%	+42.93%
Max Drawdown (10Y) Largest decline over 10 years	-23.09%	—	—
Current Drawdown Current decline from peak	-5.93%	-31.41%	+25.48%
Average Drawdown Average peak-to-trough decline	-7.02%	-35.64%	+28.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	8.49%	-6.97%

Volatility

GFIRX vs. KEMQ - Volatility Comparison

The current volatility for Goldman Sachs Managed Futures Strategy Fund (GFIRX) is 2.71%, while KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ) has a volatility of 11.75%. This indicates that GFIRX experiences smaller price fluctuations and is considered to be less risky than KEMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GFIRX	KEMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	11.75%	-9.04%
Volatility (6M) Calculated over the trailing 6-month period	6.33%	22.87%	-16.54%
Volatility (1Y) Calculated over the trailing 1-year period	7.85%	27.40%	-19.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.40%	32.15%	-21.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.08%	29.67%	-20.59%

GFIRX vs. KEMQ - Expense Ratio Comparison

GFIRX has a 1.33% expense ratio, which is higher than KEMQ's 0.60% expense ratio.

Dividends

GFIRX vs. KEMQ - Dividend Comparison

GFIRX has not paid dividends to shareholders, while KEMQ's dividend yield for the trailing twelve months is around 5.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GFIRX Goldman Sachs Managed Futures Strategy Fund	0.00%	0.00%	0.00%	0.00%	20.11%	7.35%	1.21%	7.06%	0.16%	0.49%	0.00%	3.98%
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF	5.16%	5.27%	0.73%	0.29%	0.00%	0.28%	2.28%	1.76%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GFIRX and KEMQ in my portfolio?

GFIRX and KEMQ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GFIRX or KEMQ?

KEMQ has higher volatility (11.75%) compared to GFIRX (2.71%). In terms of maximum drawdown, GFIRX dropped -23.09% vs KEMQ's -70.72%.

Which has better risk-adjusted returns?

GFIRX currently has the higher Sharpe Ratio (2.66 vs 0.81), 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.