KBND vs. KEMX

Last updated Jun 5, 2026

KBND (KraneShares Bloomberg China Bond Inclusion Index ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both exchange-traded funds - KBND is a International Government Bonds fund tracking the KBND-US - Bloomberg China Inclusion Focused Bond Index, while KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. At a 0.21 correlation, their price movements are largely independent. KBND charges 0.50%/yr vs 0.25%/yr for KEMX.

Performance

KBND vs. KEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Bloomberg China Bond Inclusion Index ETF (KBND) and KraneShares MSCI Emerging Markets ex China Index ETF (KEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KBND

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KEMX

• 1D: -1.23%
• 1M: 8.82%
• YTD: 40.51%
• 6M: 46.50%
• 1Y: 75.91%
• 3Y*: 29.24%
• 5Y*: 13.24%
• 10Y*: —

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

KBND vs. KEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.89%	3.13%	-6.81%	4.41%	9.38%	-2.56%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	40.51%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%

Correlation

The correlation between KBND and KEMX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.21

Return for Risk

KBND vs. KEMX — Risk / Return Rank

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

KEMX

KEMX Risk / Return Rank: 90
KEMX Sharpe Ratio Rank: 93
KEMX Sortino Ratio Rank: 90
KEMX Omega Ratio Rank: 91
KEMX Calmar Ratio Rank: 87
KEMX Martin Ratio Rank: 89

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.

KBND vs. KEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Bloomberg China Bond Inclusion Index ETF (KBND) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KBND	KEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.40	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.67	—

Drawdowns

Drawdown Indicators

	KBND	KEMX	Difference
Max Drawdown Largest peak-to-trough decline	—	-38.80%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-15.36%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.85%	—
Current Drawdown Current decline from peak	—	-2.52%	—
Average Drawdown Average peak-to-trough decline	—	-8.85%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.85%	—

Volatility

Volatility by Period

	KBND	KEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	22.44%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.21%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	20.94%	—

KBND vs. KEMX - Expense Ratio Comparison

KBND has a 0.50% expense ratio, which is higher than KEMX's 0.25% expense ratio.

Dividends

KBND vs. KEMX - Dividend Comparison

KBND has not paid dividends to shareholders, while KEMX's dividend yield for the trailing twelve months is around 2.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.40%	2.20%	2.51%	6.97%	2.27%	3.47%	4.98%	0.00%	0.04%	1.16%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.33%	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 KBND and KEMX in my portfolio?

KBND and KEMX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBND or KEMX?

On fees, KEMX is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBND or KEMX?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.50% for KBND.

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

KEMX has the higher dividend yield at 2.33%, compared with 0.00% for KBND.

What is the main difference between KBND and KEMX?

KBND is categorized as International Government Bonds, while KEMX is Foreign Large Cap Equities. KBND tracks KBND-US - Bloomberg China Inclusion Focused Bond Index, while KEMX tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.50% for KBND and 0.25% for KEMX.