KEMX vs. BITI
KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, KEMX returned 25.46%/yr vs -31.54%/yr for BITI. At a correlation of -0.34, they often move in opposite directions. KEMX charges 0.25%/yr vs 1.03%/yr for BITI.
Performance
KEMX vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, KEMX achieves a 34.48% return, which is significantly higher than BITI's 23.84% return.
KEMX
- 1D
- 1.46%
- 1M
- -2.50%
- 6M
- 28.35%
- YTD
- 34.48%
- 1Y
- 59.38%
- 3Y*
- 25.46%
- 5Y*
- 12.94%
- 10Y*
- —
BITI
- 1D
- -3.81%
- 1M
- -2.41%
- 6M
- 34.02%
- YTD
- 23.84%
- 1Y
- 64.31%
- 3Y*
- -31.54%
- 5Y*
- —
- 10Y*
- —
KEMX vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 34.48% | 38.28% | 0.36% | 20.57% | 1.65% |
BITI ProShares Short Bitcoin ETF | 23.84% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between KEMX and BITI is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.34 |
The correlation between KEMX and BITI shifts across timeframes, from -0.43 (1 year) to -0.31 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
KEMX vs. BITI — Risk / Return Rank
KEMX
BITI
KEMX vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) and ProShares Short Bitcoin ETF (BITI). 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.
| KEMX | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.24 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.89 | 2.56 | +1.33 |
| Martin ratioReturn relative to average drawdown | 13.79 | 6.37 | +7.42 |
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Drawdowns
KEMX vs. BITI - Drawdown Comparison
The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for KEMX and BITI.
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Drawdown Indicators
| KEMX | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -92.16% | +53.36% |
Max Drawdown (1Y)Largest decline over 1 year | -15.36% | -25.28% | +9.92% |
Max Drawdown (3Y)Largest decline over 3 years | -19.62% | -84.63% | +65.01% |
Max Drawdown (5Y)Largest decline over 5 years | -30.85% | — | — |
Current DrawdownCurrent decline from peak | -8.47% | -86.48% | +78.01% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -68.36% | +59.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 10.13% | -5.81% |
Volatility
KEMX vs. BITI - Volatility Comparison
The current volatility for KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) is 10.96%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.73%. This indicates that KEMX experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KEMX | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.96% | 11.73% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 24.14% | 34.49% | -10.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.02% | 44.24% | -18.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.19% | 52.29% | -33.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.41% | 52.29% | -30.88% |
KEMX vs. BITI - Expense Ratio Comparison
KEMX has a 0.25% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
KEMX vs. BITI - Dividend Comparison
KEMX's dividend yield for the trailing twelve months is around 2.44%, less than BITI's 15.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.70% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% |
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 2.44% | 3.28% | 3.39% | 2.00% | 4.10% | 4.79% | 1.69% | 2.77% |
Frequently Asked Questions
KEMX and BITI have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (11.73%) compared to KEMX (10.96%). In terms of maximum drawdown, KEMX dropped -38.80% vs BITI's -92.16%.
On 3-year performance, KEMX leads with 25.46% vs -31.54% for BITI. On fees, KEMX is cheaper at 0.25% per year. On volatility, KEMX has been the lower-risk option at 10.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KEMX has performed better with a 25.46% return vs -31.54%. 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 1.03% for BITI.
BITI has the higher dividend yield at 15.70%, compared with 2.44% for KEMX.
KEMX is categorized as Foreign Large Cap Equities, while BITI is Cryptocurrency. KEMX tracks MSCI Emerging Markets ex China Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: CICC and ProShares. Their fees differ too: 0.25% for KEMX and 1.03% for BITI.
KEMX currently has the higher Sharpe Ratio (2.29 vs 1.46), 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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