IVOL vs. KEMQ
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and KEMQ (KraneShares Emerging Markets Consumer Technology Index ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while KEMQ is a Emerging Markets Equities fund tracking the Solactive Emerging Markets Consumer Technology Index. IVOL is actively managed, while KEMQ is passively managed. Over the past 5 years, IVOL returned -5.77%/yr vs -3.25%/yr for KEMQ. At a 0.02 correlation, their price movements are largely independent. IVOL charges 0.99%/yr vs 0.60%/yr for KEMQ.
Performance
IVOL vs. KEMQ - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -8.36% return, which is significantly lower than KEMQ's 3.56% return.
IVOL
- 1D
- -0.29%
- 1M
- -1.83%
- 6M
- -7.05%
- YTD
- -8.36%
- 1Y
- -7.46%
- 3Y*
- -2.50%
- 5Y*
- -5.77%
- 10Y*
- —
KEMQ
- 1D
- -2.60%
- 1M
- 0.79%
- 6M
- -5.87%
- YTD
- 3.56%
- 1Y
- 22.17%
- 3Y*
- 21.27%
- 5Y*
- -3.25%
- 10Y*
- —
IVOL vs. KEMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.36% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF | 3.56% | 56.28% | 13.81% | 0.77% | -38.09% | -27.31% | 39.26% | 12.96% |
Correlation
The correlation between IVOL and KEMQ is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.02 |
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Return for Risk
IVOL vs. KEMQ — Risk / Return Rank
IVOL
KEMQ
IVOL vs. KEMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) 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.
| IVOL | KEMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.76 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.16 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 1.02 | -1.64 |
| Martin ratioReturn relative to average drawdown | -1.33 | 2.55 | -3.89 |
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Drawdowns
IVOL vs. KEMQ - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum KEMQ drawdown of -70.72%. Use the drawdown chart below to compare losses from any high point for IVOL and KEMQ.
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Drawdown Indicators
| IVOL | KEMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -70.72% | +39.56% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | -21.94% | +9.86% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -21.94% | +7.46% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -64.25% | +33.97% |
Current DrawdownCurrent decline from peak | -27.93% | -30.44% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -13.49% | -35.61% | +22.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | 8.70% | -3.10% |
Volatility
IVOL vs. KEMQ - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 2.63%, while KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ) has a volatility of 8.88%. This indicates that IVOL 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.
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Volatility by Period
| IVOL | KEMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 8.88% | -6.25% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 22.95% | -17.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 27.61% | -20.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 32.16% | -19.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.94% | 29.64% | -17.70% |
IVOL vs. KEMQ - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than KEMQ's 0.60% expense ratio.
Dividends
IVOL vs. KEMQ - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.95%, less than KEMQ's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.95% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF | 5.09% | 5.27% | 0.73% | 0.29% | 0.00% | 0.28% | 2.28% | 1.76% |
Frequently Asked Questions
IVOL and KEMQ have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KEMQ has higher volatility (8.88%) compared to IVOL (2.63%). In terms of maximum drawdown, IVOL dropped -31.16% vs KEMQ's -70.72%.
On 5-year performance, KEMQ leads with -3.25% vs -5.77% for IVOL. On fees, KEMQ is cheaper at 0.60% per year. On volatility, IVOL has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KEMQ has performed better with a -3.25% return vs -5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KEMQ is cheaper with a 0.60% expense ratio, compared with 0.99% for IVOL.
KEMQ has the higher dividend yield at 5.09%, compared with 3.95% for IVOL.
IVOL is categorized as Inflation-Protected Bonds, while KEMQ is Emerging Markets Equities. Their fees differ too: 0.99% for IVOL and 0.60% for KEMQ.
KEMQ currently has the higher Sharpe Ratio (0.81 vs -1.11), 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.
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