KEMX vs. EFAV

Last updated Jun 3, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and EFAV (iShares Edge MSCI Min Vol EAFE ETF) are both Foreign Large Cap Equities funds - KEMX tracks the MSCI Emerging Markets ex China Index while EFAV tracks the MSCI EAFE Minimum Volatility Index. Both are passively managed. Over the past 5 years, KEMX returned 14.09%/yr vs 6.49%/yr for EFAV. A 0.64 correlation means they provide meaningful diversification when combined. KEMX charges 0.25%/yr vs 0.20%/yr for EFAV.

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.

Returns By Period

In the year-to-date period, KEMX achieves a 44.15% return, which is significantly higher than EFAV's 4.53% return.

KEMX

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

EFAV

• 1D: 0.10%
• 1M: -1.48%
• YTD: 4.53%
• 6M: 6.20%
• 1Y: 9.18%
• 3Y*: 13.13%
• 5Y*: 6.49%
• 10Y*: 6.00%

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

KEMX vs. EFAV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	44.15%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%
EFAV iShares Edge MSCI Min Vol EAFE ETF	4.53%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	7.99%

Correlation

The correlation between KEMX and EFAV is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.64

The correlation between KEMX and EFAV shifts across timeframes, from 0.50 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

KEMX vs. EFAV - Sectors Allocation Comparison

Sectors	KEMX	EFAV
Technology	41.2%	4.5%
Financial Services	20.7%	19.9%
Industrials	8.6%	15.1%
Basic Materials	8.2%	1.6%
Consumer Cyclical	5.4%	5.2%
Energy	4.8%	8.2%
Communication Services	3.2%	9.7%
Consumer Defensive	3.0%	11.5%
Utilities	2.0%	9.1%
Healthcare	1.7%	12.4%
Real Estate	1.2%	2.9%

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: 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

EFAV

EFAV Risk / Return Rank: 27
EFAV Sharpe Ratio Rank: 25
EFAV Sortino Ratio Rank: 24
EFAV Omega Ratio Rank: 24
EFAV Calmar Ratio Rank: 32
EFAV Martin Ratio Rank: 31

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	3.71	0.89	+2.82
Sortino ratio Return per unit of downside risk	4.43	1.30	+3.12
Omega ratio Gain probability vs. loss probability	1.64	1.16	+0.48
Calmar ratio Return relative to maximum drawdown	5.44	1.59	+3.85
Martin ratio Return relative to average drawdown	21.72	4.53	+17.20
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 3.71, which is higher than the EFAV Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of KEMX and EFAV, 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	EFAV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.71	0.89	+2.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.55	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.54	+0.16

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%	-6.46%	-8.90%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-8.75%	-10.87%
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	0.00%	-4.96%	+4.96%
Average Drawdown Average peak-to-trough decline	-8.86%	-4.77%	-4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	2.27%	+1.58%

Volatility

KEMX vs. EFAV - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.67% compared to iShares Edge MSCI Min Vol EAFE ETF (EFAV) at 3.27%. 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	9.67%	3.27%	+6.40%
Volatility (6M) Calculated over the trailing 6-month period	19.84%	8.15%	+11.69%
Volatility (1Y) Calculated over the trailing 1-year period	22.34%	10.37%	+11.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	11.79%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.94%	13.21%	+7.73%

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%.

Dividends

KEMX vs. EFAV - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.28%, less than EFAV's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.06%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%
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%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KEMX and EFAV in my portfolio?

KEMX and EFAV have a correlation of 0.50, 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 EFAV?

KEMX has higher volatility (9.67%) compared to EFAV (3.27%). In terms of maximum drawdown, KEMX dropped -38.80% vs EFAV's -27.56%.

Which ETF is better, KEMX or EFAV?

On 5-year performance, KEMX leads with 14.09% vs 6.49% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or EFAV?

Over the 5-year period, KEMX has performed better with a 14.09% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or EFAV?

EFAV is cheaper with a 0.20% expense ratio, compared with 0.25% for KEMX.

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

EFAV has the higher dividend yield at 3.06%, compared with 2.28% for KEMX.

What is the main difference between KEMX and EFAV?

KEMX tracks MSCI Emerging Markets ex China Index, while EFAV tracks MSCI EAFE Minimum Volatility Index. They also come from different issuers: CICC and iShares. Their fees differ too: 0.25% for KEMX and 0.20% for EFAV.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (3.71 vs 0.89), 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.