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KEMX vs. IAK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KEMX vs. IAK

Last updated Aug 4, 2026
Documentation

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - KEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 5 years, KEMX returned 12.08%/yr vs 15.99%/yr for IAK. Their 0.32 correlation means their historical movements had little consistent relationship. KEMX charges 0.25%/yr vs 0.38%/yr for IAK.

Performance

KEMX vs. IAK - 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 U.S. Insurance ETF (IAK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KEMX achieves a 30.22% return, which is significantly higher than IAK's 10.11% 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%

IAK

1D
0.03%
1M
-0.03%
6M
12.56%
YTD
10.11%
1Y
19.67%
3Y*
19.67%
5Y*
15.99%
10Y*
13.18%
ALL TIME*
7.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IAK

iShares U.S. Insurance ETF
$15.27M$20.59M$12.29M

KEMX

KraneShares MSCI Emerging Markets ex China Index ETF
$527.87K$528.96K$586.53K

KEMX vs. IAK - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
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%
IAK
iShares U.S. Insurance ETF		10.11%9.50%28.25%11.28%11.33%26.84%-2.86%10.70%

Correlation

The correlation between KEMX and IAK is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.23

Correlation (3Y)
Balances recent behavior with more history.

0.03

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.24

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2019

0.32

The correlation between KEMX and IAK shifts across timeframes, from -0.23 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

KEMX vs. IAK - Sectors Allocation Comparison

Sectors
KEMX
IAK

Technology

46.4%

-

Financial Services

20.3%
99.3%

Industrials

7.5%

-

Basic Materials

7.3%

-

Consumer Cyclical

4.9%

-

Energy

3.6%

-

Communication Services

3.0%

-

Consumer Defensive

2.7%

-

Utilities

1.6%

-

Healthcare

1.5%
0.7%

Real Estate

1.1%

-

Technology

KEMX
46.4%
IAK

-

Financial Services

KEMX
20.3%
IAK
99.3%

Industrials

KEMX
7.5%
IAK

-

Basic Materials

KEMX
7.3%
IAK

-

Consumer Cyclical

KEMX
4.9%
IAK

-

Energy

KEMX
3.6%
IAK

-

Communication Services

KEMX
3.0%
IAK

-

Consumer Defensive

KEMX
2.7%
IAK

-

Utilities

KEMX
1.6%
IAK

-

Healthcare

KEMX
1.5%
IAK
0.7%

Real Estate

KEMX
1.1%
IAK

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

KraneShares MSCI Emerging Markets ex China Index ETF

iShares U.S. Insurance ETF

Often compared with KEMX:
KEMX vs. XCEMKEMX vs. KLIPKEMX vs. KOKUKEMX vs. EMXCKEMX vs. VOOKEMX vs. SPYKEMX vs. STXE
Often compared with IAK:
IAK vs. KIEIAK vs. KBWPIAK vs. IHEIAK vs. DIVBIAK vs. INFLIAK vs. ^SP500TRIAK vs. VYM

Return for Risk

KEMX vs. IAK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
KEMX
KEMX Risk / Return Rank: 8383
Overall Rank
KEMX Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
KEMX Sortino Ratio Rank: 7878
Sortino Ratio Rank
KEMX Omega Ratio Rank: 8383
Omega Ratio Rank
KEMX Calmar Ratio Rank: 8686
Calmar Ratio Rank
KEMX Martin Ratio Rank: 8080
Martin Ratio Rank
IAK
IAK Risk / Return Rank: 5454
Overall Rank
IAK Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
IAK Sortino Ratio Rank: 4949
Sortino Ratio Rank
IAK Omega Ratio Rank: 4747
Omega Ratio Rank
IAK Calmar Ratio Rank: 7272
Calmar Ratio Rank
IAK Martin Ratio Rank: 5252
Martin Ratio Rank
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. IAK - 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 U.S. Insurance ETF (IAK). 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.

KEMXIAKDifference
Sharpe ratioReturn per unit of total volatility
2.09
1.24

+0.85

Sortino ratioReturn per unit of downside risk
2.64
1.81

+0.83

Omega ratioGain probability vs. loss probability

1.37

1.22

+0.15

Calmar ratioReturn relative to maximum drawdown

3.49

2.59

+0.90

Martin ratioReturn relative to average drawdown

10.97

6.29

+4.68

KEMX vs. IAK - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.09, which is higher than the IAK Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of KEMX and IAK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

KEMX vs. IAK - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for KEMX and IAK.

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Drawdown Indicators

KEMXIAKDifference

Max Drawdown

Largest peak-to-trough decline

-38.80%

-77.38%

+38.58%

Max Drawdown (1Y)

Largest decline over 1 year

-16.11%

-7.62%

-8.49%

Max Drawdown (3Y)

Largest decline over 3 years

-19.62%

-11.58%

-8.04%

Max Drawdown (5Y)

Largest decline over 5 years

-30.85%

-14.76%

-16.09%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.95%

—

Current Drawdown

Current decline from peak

-11.37%

-3.20%

-8.17%

Average Drawdown

Average peak-to-trough decline

-8.82%

-16.01%

+7.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.12%

3.13%

+1.99%

Volatility

KEMX vs. IAK - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.60% compared to iShares U.S. Insurance ETF (IAK) at 6.56%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KEMXIAKDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.60%

6.56%

+3.04%

Volatility (6M)

Calculated over the trailing 6-month period

24.90%

12.42%

+12.48%

Volatility (1Y)

Calculated over the trailing 1-year period

26.99%

15.99%

+11.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.41%

18.13%

+1.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.51%

20.92%

+0.59%

KEMX vs. IAK - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is lower than IAK's 0.38% expense ratio.

Dividends

KEMX vs. IAK - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.52%, more than IAK's 2.42% yield.

PositionTTM20252024202320222021202020192018201720162015
IAK
iShares U.S. Insurance ETF		2.42%1.69%1.49%1.44%1.69%2.26%2.07%1.84%2.33%1.62%1.68%1.62%
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

KEMX and IAK have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KEMX has higher volatility (9.60%) compared to IAK (6.56%). In terms of maximum drawdown, KEMX dropped -38.80% vs IAK's -77.38%.

On 5-year performance, IAK leads with 15.99% vs 12.08% for KEMX. On fees, KEMX is cheaper at 0.25% per year. On volatility, IAK has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IAK has performed better with a 15.99% return vs 12.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KEMX is cheaper with a 0.25% expense ratio, compared with 0.38% for IAK.

KEMX has the higher dividend yield at 2.52%, compared with 2.42% for IAK.

KEMX is categorized as Emerging Markets Equities, while IAK is Financials Equities. KEMX tracks MSCI Emerging Markets ex China Index, while IAK tracks Dow Jones U.S. Select Insurance Index. They also come from different issuers: CICC and iShares. Their fees differ too: 0.25% for KEMX and 0.38% for IAK.

KEMX currently has the higher Sharpe Ratio (2.09 vs 1.24), 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.

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