KEMX vs. IDHQ
KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and IDHQ (Invesco S&P International Developed High Quality ETF) are both Foreign Large Cap Equities funds - KEMX tracks the MSCI Emerging Markets ex China Index while IDHQ tracks the IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. Both are passively managed. Over the past 5 years, KEMX returned 13.33%/yr vs 9.28%/yr for IDHQ. A 0.74 correlation means they provide meaningful diversification when combined. KEMX charges 0.25%/yr vs 0.29%/yr for IDHQ.
Performance
KEMX vs. IDHQ - Performance Comparison
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Returns By Period
In the year-to-date period, KEMX achieves a 38.57% return, which is significantly higher than IDHQ's 23.16% return.
KEMX
- 1D
- -5.69%
- 1M
- 5.55%
- YTD
- 38.57%
- 6M
- 40.16%
- 1Y
- 71.39%
- 3Y*
- 28.36%
- 5Y*
- 13.33%
- 10Y*
- —
IDHQ
- 1D
- -3.06%
- 1M
- 6.76%
- YTD
- 23.16%
- 6M
- 22.77%
- 1Y
- 36.24%
- 3Y*
- 20.04%
- 5Y*
- 9.28%
- 10Y*
- 11.04%
KEMX vs. IDHQ - 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% |
IDHQ Invesco S&P International Developed High Quality ETF | 23.16% | 27.46% | 1.33% | 18.80% | -20.23% | 11.38% | 16.09% | 13.64% |
Correlation
The correlation between KEMX and IDHQ is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019 | 0.74 |
The correlation between KEMX and IDHQ has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.
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Return for Risk
KEMX vs. IDHQ — Risk / Return Rank
KEMX
IDHQ
KEMX vs. IDHQ - 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 Invesco S&P International Developed High Quality ETF (IDHQ). 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 | IDHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.33 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | 2.71 | +1.96 |
| Martin ratioReturn relative to average drawdown | 17.76 | 10.71 | +7.05 |
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Drawdowns
KEMX vs. IDHQ - Drawdown Comparison
The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum IDHQ drawdown of -73.84%. Use the drawdown chart below to compare losses from any high point for KEMX and IDHQ.
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Drawdown Indicators
| KEMX | IDHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -73.84% | +35.04% |
Max Drawdown (1Y)Largest decline over 1 year | -15.36% | -13.44% | -1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -19.62% | -14.07% | -5.55% |
Max Drawdown (5Y)Largest decline over 5 years | -30.85% | -33.54% | +2.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.54% | — |
Current DrawdownCurrent decline from peak | -5.69% | -3.06% | -2.63% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -21.14% | +12.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.03% | 3.39% | +0.64% |
Volatility
KEMX vs. IDHQ - Volatility Comparison
KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 13.52% compared to Invesco S&P International Developed High Quality ETF (IDHQ) at 10.09%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than IDHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KEMX | IDHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.52% | 10.09% | +3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 23.20% | 18.76% | +4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.26% | 20.63% | +4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 17.85% | +1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.33% | 17.99% | +3.34% |
KEMX vs. IDHQ - Expense Ratio Comparison
KEMX has a 0.25% expense ratio, which is lower than IDHQ's 0.29% expense ratio.
Dividends
KEMX vs. IDHQ - Dividend Comparison
KEMX's dividend yield for the trailing twelve months is around 2.37%, more than IDHQ's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDHQ Invesco S&P International Developed High Quality ETF | 2.06% | 2.46% | 2.41% | 2.52% | 3.33% | 2.10% | 1.60% | 2.10% | 2.67% | 1.68% | 2.36% | 1.71% |
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
KEMX and IDHQ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KEMX has higher volatility (13.52%) compared to IDHQ (10.09%). In terms of maximum drawdown, KEMX dropped -38.80% vs IDHQ's -73.84%.
On 5-year performance, KEMX leads with 13.33% vs 9.28% for IDHQ. On fees, KEMX is cheaper at 0.25% per year. On volatility, IDHQ has been the lower-risk option at 10.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KEMX has performed better with a 13.33% return vs 9.28%. 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 0.29% for IDHQ.
KEMX has the higher dividend yield at 2.37%, compared with 2.06% for IDHQ.
KEMX tracks MSCI Emerging Markets ex China Index, while IDHQ tracks IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. They also come from different issuers: CICC and Invesco. Their fees differ too: 0.25% for KEMX and 0.29% for IDHQ.
KEMX currently has the higher Sharpe Ratio (2.84 vs 1.77), 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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