KEMX vs. EFAV

Last updated Apr 2, 2026

Compare and contrast key facts about KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) and iShares Edge MSCI Min Vol EAFE ETF (EFAV).

KEMX and EFAV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KEMX is a passively managed fund by CICC that tracks the performance of the MSCI Emerging Markets ex China Index. It was launched on Apr 12, 2019. EFAV is a passively managed fund by iShares that tracks the performance of the MSCI EAFE Minimum Volatility Index. It was launched on Oct 18, 2011. Both KEMX and EFAV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

KEMX vs. EFAV - 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 iShares Edge MSCI Min Vol EAFE ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

KEMX vs. EFAV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	10.61%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%
EFAV iShares Edge MSCI Min Vol EAFE ETF	6.56%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	7.99%

Returns By Period

In the year-to-date period, KEMX achieves a 10.61% return, which is significantly higher than EFAV's 6.56% return.

KEMX

• 1D: 1.15%
• 1M: -8.33%
• YTD: 10.61%
• 6M: 21.39%
• 1Y: 51.35%
• 3Y*: 20.78%
• 5Y*: 9.30%
• 10Y*: —

EFAV

• 1D: 0.59%
• 1M: -1.60%
• YTD: 6.56%
• 6M: 9.32%
• 1Y: 21.69%
• 3Y*: 14.35%
• 5Y*: 7.66%
• 10Y*: 6.52%

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

KEMX vs. EFAV - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is higher than EFAV's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

KEMX

KraneShares MSCI Emerging Markets ex China Index ETF

EFAV

iShares Edge MSCI Min Vol EAFE ETF

Return for Risk

KEMX vs. EFAV — Risk / Return Rank

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

KEMX

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

EFAV

EFAV Risk / Return Rank: 87
EFAV Sharpe Ratio Rank: 85
EFAV Sortino Ratio Rank: 86
EFAV Omega Ratio Rank: 84
EFAV Calmar Ratio Rank: 89
EFAV Martin Ratio Rank: 88

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. EFAV - 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 iShares Edge MSCI Min Vol EAFE ETF (EFAV). 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	EFAV	Difference
Sharpe ratio Return per unit of total volatility	2.41	1.78	+0.63
Sortino ratio Return per unit of downside risk	3.05	2.38	+0.67
Omega ratio Gain probability vs. loss probability	1.45	1.34	+0.10
Calmar ratio Return relative to maximum drawdown	3.39	3.06	+0.33
Martin ratio Return relative to average drawdown	13.94	11.18	+2.76
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. EFAV - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.41, which is higher than the EFAV Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of KEMX and EFAV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KEMX	EFAV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.78	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.66	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.55	-0.04

Correlation

The correlation between KEMX and EFAV is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

KEMX vs. EFAV - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.97%, which matches EFAV's 3.00% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.97%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%	0.00%	0.00%	0.00%	0.00%
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.00%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%

Drawdowns

KEMX vs. EFAV - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for KEMX and EFAV.

Drawdown Indicators

	KEMX	EFAV	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-27.56%	-11.24%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-7.14%	-8.22%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	-27.46%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.56%	—
Current Drawdown Current decline from peak	-10.66%	-3.12%	-7.54%
Average Drawdown Average peak-to-trough decline	-9.02%	-4.78%	-4.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	1.95%	+1.78%

Volatility

KEMX vs. EFAV - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 11.42% compared to iShares Edge MSCI Min Vol EAFE ETF (EFAV) at 4.83%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	EFAV	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	4.83%	+6.59%
Volatility (6M) Calculated over the trailing 6-month period	16.99%	7.57%	+9.42%
Volatility (1Y) Calculated over the trailing 1-year period	21.41%	12.22%	+9.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.56%	11.74%	+5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.61%	13.21%	+7.40%