KEMX vs. DFIV

Last updated Jun 3, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and DFIV (Dimensional International Value ETF) are both Foreign Large Cap Equities funds. KEMX is passively managed, while DFIV is actively managed. Over the past 3 years, KEMX returned 30.23%/yr vs 24.19%/yr for DFIV. A 0.74 correlation means they provide meaningful diversification when combined. KEMX charges 0.25%/yr vs 0.27%/yr for DFIV.

Performance

KEMX vs. DFIV - Performance Comparison

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

Returns By Period

In the year-to-date period, KEMX achieves a 44.15% return, which is significantly higher than DFIV's 12.32% return.

KEMX

• 1D: 0.91%
• 1M: 14.75%
• YTD: 44.15%
• 6M: 50.30%
• 1Y: 82.49%
• 3Y*: 30.23%
• 5Y*: 14.09%
• 10Y*: —

DFIV

• 1D: 0.90%
• 1M: 1.93%
• YTD: 12.32%
• 6M: 16.68%
• 1Y: 34.94%
• 3Y*: 24.19%
• 5Y*: —
• 10Y*: —

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

KEMX vs. DFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	44.15%	38.28%	0.36%	20.57%	-19.35%	0.32%
DFIV Dimensional International Value ETF	12.32%	45.36%	7.26%	17.75%	-3.70%	0.08%

Correlation

The correlation between KEMX and DFIV is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 14, 2021	0.74

The correlation between KEMX and DFIV has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

KEMX vs. DFIV - Sectors Allocation Comparison

Sectors	KEMX	DFIV
Technology	41.2%	2.8%
Financial Services	20.7%	32.4%
Industrials	8.6%	9.6%
Basic Materials	8.2%	10.9%
Consumer Cyclical	5.4%	9.6%
Energy	4.8%	16.4%
Communication Services	3.2%	4.2%
Consumer Defensive	3.0%	4.9%
Utilities	2.0%	2.5%
Healthcare	1.7%	4.9%
Real Estate	1.2%	1.8%

Return for Risk

KEMX vs. DFIV — Risk / Return Rank

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

KEMX

KEMX Risk / Return Rank: 92
KEMX Sharpe Ratio Rank: 94
KEMX Sortino Ratio Rank: 91
KEMX Omega Ratio Rank: 93
KEMX Calmar Ratio Rank: 89
KEMX Martin Ratio Rank: 91

DFIV

DFIV Risk / Return Rank: 76
DFIV Sharpe Ratio Rank: 78
DFIV Sortino Ratio Rank: 77
DFIV Omega Ratio Rank: 77
DFIV Calmar Ratio Rank: 74
DFIV Martin Ratio Rank: 75

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.

KEMX vs. DFIV - 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 Dimensional International Value ETF (DFIV). 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.

	KEMX	DFIV	Difference
Sharpe ratio Return per unit of total volatility	3.71	2.57	+1.14
Sortino ratio Return per unit of downside risk	4.43	3.50	+0.92
Omega ratio Gain probability vs. loss probability	1.64	1.46	+0.18
Calmar ratio Return relative to maximum drawdown	5.44	3.78	+1.66
Martin ratio Return relative to average drawdown	21.72	14.65	+7.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KEMX vs. DFIV - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 3.71, which is higher than the DFIV Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of KEMX and DFIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KEMX	DFIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.71	2.57	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.95	-0.25

Drawdowns

KEMX vs. DFIV - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, which is greater than DFIV's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for KEMX and DFIV.

Drawdown Indicators

	KEMX	DFIV	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-25.42%	-13.38%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-9.66%	-5.70%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-14.72%	-4.90%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	—	—
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-8.86%	-4.48%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	2.49%	+1.36%

Volatility

KEMX vs. DFIV - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.67% compared to Dimensional International Value ETF (DFIV) at 4.08%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than DFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	DFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.67%	4.08%	+5.59%
Volatility (6M) Calculated over the trailing 6-month period	19.84%	10.96%	+8.88%
Volatility (1Y) Calculated over the trailing 1-year period	22.34%	13.70%	+8.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	16.64%	+1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.94%	16.64%	+4.30%

KEMX vs. DFIV - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is lower than DFIV's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

KEMX vs. DFIV - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.28%, less than DFIV's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DFIV Dimensional International Value ETF	2.54%	2.92%	3.88%	3.93%	3.84%	2.30%	0.00%	0.00%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.28%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%

Frequently Asked Questions

Can I hold both KEMX and DFIV in my portfolio?

KEMX and DFIV have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KEMX or DFIV?

KEMX has higher volatility (9.67%) compared to DFIV (4.08%). In terms of maximum drawdown, KEMX dropped -38.80% vs DFIV's -25.42%.

Which ETF is better, KEMX or DFIV?

On 3-year performance, KEMX leads with 30.23% vs 24.19% for DFIV. On fees, KEMX is cheaper at 0.25% per year. On volatility, DFIV has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or DFIV?

Over the 3-year period, KEMX has performed better with a 30.23% return vs 24.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or DFIV?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.27% for DFIV.

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

DFIV has the higher dividend yield at 2.54%, compared with 2.28% for KEMX.

What is the main difference between KEMX and DFIV?

They also come from different issuers: CICC and Dimensional. Their fees differ too: 0.25% for KEMX and 0.27% for DFIV.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (3.71 vs 2.57), 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.