IVOL vs. KEMX
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index. IVOL is actively managed, while KEMX is passively managed. Over the past 5 years, IVOL returned -5.63%/yr vs 13.33%/yr for KEMX. At a 0.05 correlation, their price movements are largely independent. IVOL charges 0.99%/yr vs 0.25%/yr for KEMX.
Performance
IVOL vs. KEMX - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -8.37% return, which is significantly lower than KEMX's 38.57% return.
IVOL
- 1D
- 0.35%
- 1M
- -3.04%
- YTD
- -8.37%
- 6M
- -7.51%
- 1Y
- -7.39%
- 3Y*
- -2.64%
- 5Y*
- -5.63%
- 10Y*
- —
KEMX
- 1D
- -5.69%
- 1M
- 5.55%
- YTD
- 38.57%
- 6M
- 40.16%
- 1Y
- 71.39%
- 3Y*
- 28.36%
- 5Y*
- 13.33%
- 10Y*
- —
IVOL vs. KEMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.37% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 38.57% | 38.28% | 0.36% | 20.57% | -19.35% | 10.55% | 12.84% | 16.19% |
Correlation
The correlation between IVOL and KEMX is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.05 |
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Return for Risk
IVOL vs. KEMX — Risk / Return Rank
IVOL
KEMX
IVOL vs. KEMX - 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 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.
| IVOL | KEMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.90 | ||
| Sortino ratioReturn per unit of downside risk | -4.84 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.51 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 4.67 | -5.29 |
| Martin ratioReturn relative to average drawdown | -1.48 | 17.76 | -19.25 |
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Drawdowns
IVOL vs. KEMX - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum KEMX drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for IVOL and KEMX.
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Drawdown Indicators
| IVOL | KEMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -38.80% | +7.64% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | -15.36% | +3.28% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -19.62% | +5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -30.85% | +0.57% |
Current DrawdownCurrent decline from peak | -27.94% | -5.69% | -22.25% |
Average DrawdownAverage peak-to-trough decline | -13.39% | -8.82% | -4.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 4.03% | +0.96% |
Volatility
IVOL vs. KEMX - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 2.57%, while KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a volatility of 13.52%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than KEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | KEMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 13.52% | -10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 23.20% | -18.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.05% | 25.26% | -18.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 18.96% | -6.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.98% | 21.33% | -9.35% |
IVOL vs. KEMX - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than KEMX's 0.25% expense ratio.
Dividends
IVOL vs. KEMX - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.98%, more than KEMX's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.98% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
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% |
Frequently Asked Questions
IVOL and KEMX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KEMX has higher volatility (13.52%) compared to IVOL (2.57%). In terms of maximum drawdown, IVOL dropped -31.16% vs KEMX's -38.80%.
On 5-year performance, KEMX leads with 13.33% vs -5.63% for IVOL. On fees, KEMX is cheaper at 0.25% per year. On volatility, IVOL has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KEMX has performed better with a 13.33% return vs -5.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KEMX is cheaper with a 0.25% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.98%, compared with 2.37% for KEMX.
IVOL is categorized as Inflation-Protected Bonds, while KEMX is Foreign Large Cap Equities. Their fees differ too: 0.99% for IVOL and 0.25% for KEMX.
KEMX currently has the higher Sharpe Ratio (2.84 vs -1.05), 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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