KEMX vs. FNDF

Last updated Aug 4, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and FNDF (Schwab Fundamental International Equity ETF) are both exchange-traded funds - KEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while FNDF is a Foreign Large Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). Both are passively managed. Over the past 5 years, KEMX returned 12.08%/yr vs 14.10%/yr for FNDF. Their 0.79 correlation means they have sometimes moved together and sometimes differently. 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 30.22% return, which is significantly higher than FNDF's 20.34% 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%

FNDF

• 1D: 0.17%
• 1M: 2.58%
• 6M: 11.58%
• YTD: 20.34%
• 1Y: 40.46%
• 3Y*: 22.54%
• 5Y*: 14.10%
• 10Y*: 11.76%
• ALL TIME*: 9.08%

*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)
FNDF Schwab Fundamental International Equity ETF	$75.53M	$72.26M	$76.64M
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	$527.87K	$528.96K	$586.53K

KEMX vs. FNDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	30.22%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%
FNDF Schwab Fundamental International Equity ETF	20.34%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	6.24%

Correlation

The correlation between KEMX and FNDF is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer 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	46.4%	11.5%
Financial Services	20.3%	20.2%
Industrials	7.5%	12.8%
Basic Materials	7.3%	10.0%
Consumer Cyclical	4.9%	8.2%
Energy	3.6%	10.6%
Communication Services	3.0%	3.4%
Consumer Defensive	2.7%	6.2%
Utilities	1.6%	4.3%
Healthcare	1.5%	6.0%
Real Estate	1.1%	0.9%

Return for Risk

KEMX vs. FNDF — 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

FNDF

FNDF Risk / Return Rank: 91
FNDF Sharpe Ratio Rank: 93
FNDF Sortino Ratio Rank: 91
FNDF Omega Ratio Rank: 92
FNDF Calmar Ratio Rank: 90
FNDF Martin Ratio Rank: 88

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. 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	2.09	2.51	-0.42
Sortino ratio: Return per unit of downside risk	2.64	3.29	-0.65
Omega ratio: Gain probability vs. loss probability	1.37	1.45	-0.08
Calmar ratio: Return relative to maximum drawdown	3.49	3.84	-0.34
Martin ratio: Return relative to average drawdown	10.97	13.43	-2.46

KEMX vs. FNDF - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.09, which is comparable to the FNDF Sharpe Ratio of 2.51. 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	-16.11%	-10.60%	-5.51%
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	-11.37%	-1.38%	-9.99%
Average Drawdown Average peak-to-trough decline	-8.82%	-7.59%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	3.02%	+2.10%

Volatility

KEMX vs. FNDF - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.60% compared to Schwab Fundamental International Equity ETF (FNDF) at 4.42%. 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	9.60%	4.42%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	24.90%	14.19%	+10.71%
Volatility (1Y) Calculated over the trailing 1-year period	26.99%	16.21%	+10.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.41%	16.34%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	17.44%	+4.07%

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 2.52%, less than FNDF's 3.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Equity ETF	3.03%	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	2.52%	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 0.80, 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 (9.60%) compared to FNDF (4.42%). 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, FNDF leads with 14.10% vs 12.08% for KEMX. Both ETFs have the same 0.25% expense ratio. On volatility, FNDF has been the lower-risk option at 4.42%. 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, FNDF has performed better with a 14.10% return vs 12.08%. 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 3.03%, compared with 2.52% for KEMX.

What is the main difference between KEMX and FNDF?

KEMX is categorized as Emerging Markets Equities, while FNDF is Foreign Large Cap Equities. 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?

FNDF currently has the higher Sharpe Ratio (2.51 vs 2.09), 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.