KEMX vs. EMSF

Last updated Aug 4, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both Emerging Markets Equities funds. KEMX is passively managed, while EMSF is actively managed. Over the past year, KEMX returned 56.00% vs 44.16% for EMSF. Their correlation of 0.83 means they have usually moved in the same direction. KEMX charges 0.25%/yr vs 0.79%/yr for EMSF.

Performance

KEMX vs. EMSF - 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 Matthews Emerging Markets Sustainable Future Active ETF (EMSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KEMX achieves a 30.22% return, which is significantly lower than EMSF's 32.23% return.

KEMX

• 1D: 0.80%
• 1M: -4.08%
• 6M: 16.35%
• YTD: 30.22%
• 1Y: 56.00%
• 3Y*: 25.12%
• 5Y*: 12.08%
• 10Y*: —
• ALL TIME*: 12.50%

EMSF

• 1D: 1.15%
• 1M: -7.30%
• 6M: 18.36%
• YTD: 32.23%
• 1Y: 44.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMSF Matthews Emerging Markets Sustainable Future Active ETF	$153.53K	$123.94K	$184.31K
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	$527.87K	$528.96K	$586.53K

KEMX vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	30.22%	38.28%	0.36%	12.62%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	32.23%	19.20%	-3.09%	0.98%

Correlation

The correlation between KEMX and EMSF is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.83

The correlation between KEMX and EMSF has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

KEMX vs. EMSF - Sectors Allocation Comparison

Sectors	KEMX	EMSF
Technology	46.4%	52.8%
Financial Services	20.3%	15.0%
Industrials	7.5%	11.0%
Basic Materials	7.3%	-
Consumer Cyclical	4.9%	6.3%
Energy	3.6%	-
Communication Services	3.0%	1.7%
Consumer Defensive	2.7%	3.6%
Utilities	1.6%	2.1%
Healthcare	1.5%	6.0%
Real Estate	1.1%	1.6%

Return for Risk

KEMX vs. EMSF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KEMX

KEMX Risk / Return Rank: 83
KEMX Sharpe Ratio Rank: 85
KEMX Sortino Ratio Rank: 78
KEMX Omega Ratio Rank: 83
KEMX Calmar Ratio Rank: 86
KEMX Martin Ratio Rank: 80

EMSF

EMSF Risk / Return Rank: 58
EMSF Sharpe Ratio Rank: 58
EMSF Sortino Ratio Rank: 54
EMSF Omega Ratio Rank: 58
EMSF Calmar Ratio Rank: 61
EMSF Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KEMX vs. EMSF - 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 Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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	EMSF	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.48	+0.61
Sortino ratio: Return per unit of downside risk	2.64	1.98	+0.66
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.10
Calmar ratio: Return relative to maximum drawdown	3.49	2.28	+1.22
Martin ratio: Return relative to average drawdown	10.97	7.54	+3.43

KEMX vs. EMSF - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.09, which is higher than the EMSF Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of KEMX and EMSF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KEMX vs. EMSF - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, which is greater than EMSF's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for KEMX and EMSF.

Drawdown Indicators

	KEMX	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-24.75%	-14.05%
Max Drawdown (1Y) Largest decline over 1 year	-16.11%	-19.49%	+3.38%
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	-11.37%	-14.65%	+3.28%
Average Drawdown Average peak-to-trough decline	-8.82%	-5.92%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	5.87%	-0.75%

Volatility

KEMX vs. EMSF - Volatility Comparison

The current volatility for KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) is 9.60%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 10.75%. This indicates that KEMX experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	10.75%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	24.90%	26.52%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	26.99%	30.13%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.41%	24.39%	-4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	24.39%	-2.88%

KEMX vs. EMSF - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is lower than EMSF's 0.79% expense ratio.

Dividends

KEMX vs. EMSF - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.52%, more than EMSF's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.42%	1.88%	3.29%	0.02%	0.00%	0.00%	0.00%	0.00%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.52%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%

Frequently Asked Questions

Can I hold both KEMX and EMSF in my portfolio?

With a correlation of 0.92, KEMX and EMSF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KEMX or EMSF?

EMSF has higher volatility (10.75%) compared to KEMX (9.60%). In terms of maximum drawdown, KEMX dropped -38.80% vs EMSF's -24.75%.

Which ETF is better, KEMX or EMSF?

On 1-year performance, KEMX leads with 56.00% vs 44.16% for EMSF. On fees, KEMX is cheaper at 0.25% per year. On volatility, KEMX has been the lower-risk option at 9.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or EMSF?

Over the 1-year period, KEMX has performed better with a 56.00% return vs 44.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or EMSF?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.79% for EMSF.

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

KEMX has the higher dividend yield at 2.52%, compared with 1.42% for EMSF.

What is the main difference between KEMX and EMSF?

They also come from different issuers: CICC and Matthews. Their fees differ too: 0.25% for KEMX and 0.79% for EMSF.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.09 vs 1.48), 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.