KEMX vs. FNDF

Last updated Jun 24, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and FNDF (Schwab Fundamental International Equity ETF) are both Foreign Large Cap Equities funds - KEMX tracks the MSCI Emerging Markets ex China Index while FNDF tracks the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). Both are passively managed. Over the past 5 years, KEMX returned 13.33%/yr vs 12.99%/yr for FNDF. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

KEMX vs. FNDF - 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 Schwab Fundamental International Equity ETF (FNDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KEMX achieves a 38.57% return, which is significantly higher than FNDF's 16.43% return.

KEMX

• 1D: -5.69%
• 1M: 5.55%
• YTD: 38.57%
• 6M: 40.16%
• 1Y: 71.39%
• 3Y*: 28.36%
• 5Y*: 13.33%
• 10Y*: —

FNDF

• 1D: -2.61%
• 1M: -1.37%
• YTD: 16.43%
• 6M: 16.74%
• 1Y: 39.04%
• 3Y*: 22.45%
• 5Y*: 12.99%
• 10Y*: 12.17%

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

KEMX vs. FNDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	38.57%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%
FNDF Schwab Fundamental International Equity ETF	16.43%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	6.24%

Correlation

The correlation between KEMX and FNDF is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.79

The correlation between KEMX and FNDF has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

KEMX vs. FNDF - Sectors Allocation Comparison

Sectors	KEMX	FNDF
Technology	46.8%	14.4%
Financial Services	18.7%	16.2%
Industrials	7.6%	15.5%
Basic Materials	7.6%	11.3%
Consumer Cyclical	5.5%	10.8%
Energy	4.0%	10.9%
Communication Services	2.9%	4.9%
Consumer Defensive	2.6%	6.5%
Utilities	1.7%	3.5%
Healthcare	1.5%	5.2%
Real Estate	1.0%	0.8%

Return for Risk

KEMX vs. FNDF — Risk / Return Rank

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

KEMX

KEMX Risk / Return Rank: 87
KEMX Sharpe Ratio Rank: 90
KEMX Sortino Ratio Rank: 82
KEMX Omega Ratio Rank: 87
KEMX Calmar Ratio Rank: 87
KEMX Martin Ratio Rank: 87

FNDF

FNDF Risk / Return Rank: 76
FNDF Sharpe Ratio Rank: 80
FNDF Sortino Ratio Rank: 74
FNDF Omega Ratio Rank: 78
FNDF Calmar Ratio Rank: 75
FNDF 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. FNDF - 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 Schwab Fundamental International Equity ETF (FNDF). 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	FNDF	Difference
Sharpe ratio: Return per unit of total volatility	2.84	2.43	+0.41
Sortino ratio: Return per unit of downside risk	3.38	3.16	+0.22
Omega ratio: Gain probability vs. loss probability	1.51	1.44	+0.07
Calmar ratio: Return relative to maximum drawdown	4.67	3.70	+0.97
Martin ratio: Return relative to average drawdown	17.76	13.74	+4.03

KEMX vs. FNDF - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.84, which is comparable to the FNDF Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of KEMX and FNDF, 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. FNDF - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, roughly equal to the maximum FNDF drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for KEMX and FNDF.

Drawdown Indicators

	KEMX	FNDF	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-40.14%	+1.34%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-10.60%	-4.76%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-13.89%	-5.73%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	-25.56%	-5.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.14%	—
Current Drawdown Current decline from peak	-5.69%	-4.59%	-1.10%
Average Drawdown Average peak-to-trough decline	-8.82%	-7.62%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	2.85%	+1.18%

Volatility

KEMX vs. FNDF - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 13.52% compared to Schwab Fundamental International Equity ETF (FNDF) at 6.77%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than FNDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	FNDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.52%	6.77%	+6.75%
Volatility (6M) Calculated over the trailing 6-month period	23.20%	13.93%	+9.27%
Volatility (1Y) Calculated over the trailing 1-year period	25.26%	16.16%	+9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	16.36%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	17.47%	+3.86%

KEMX vs. FNDF - Expense Ratio Comparison

Both KEMX and FNDF have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

KEMX vs. FNDF - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.37%, less than FNDF's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Equity ETF	2.95%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.37%	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 FNDF in my portfolio?

KEMX and FNDF have a correlation of 0.79, 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 FNDF?

KEMX has higher volatility (13.52%) compared to FNDF (6.77%). In terms of maximum drawdown, KEMX dropped -38.80% vs FNDF's -40.14%.

Which ETF is better, KEMX or FNDF?

On 5-year performance, KEMX leads with 13.33% vs 12.99% for FNDF. Both ETFs have the same 0.25% expense ratio. On volatility, FNDF has been the lower-risk option at 6.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or FNDF?

Over the 5-year period, KEMX has performed better with a 13.33% return vs 12.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or FNDF?

KEMX and FNDF have the same expense ratio: 0.25% per year.

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

FNDF has the higher dividend yield at 2.95%, compared with 2.37% for KEMX.

What is the main difference between KEMX and FNDF?

KEMX tracks MSCI Emerging Markets ex China Index, while FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net). They also come from different issuers: CICC and Charles Schwab.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.84 vs 2.43), 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.