KEMX vs. IFLO

Last updated Jul 18, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and IFLO (VictoryShares International Free Cash Flow ETF) are both Foreign Large Cap Equities funds. Over the past year, KEMX returned 52.14% vs 33.15% for IFLO. A 0.68 correlation means they provide meaningful diversification when combined. KEMX charges 0.25%/yr vs 0.56%/yr for IFLO.

Performance

KEMX vs. IFLO - 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 VictoryShares International Free Cash Flow ETF (IFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KEMX achieves a 29.65% return, which is significantly higher than IFLO's 18.73% return.

KEMX

• 1D: -0.76%
• 1M: -8.36%
• 6M: 21.66%
• YTD: 29.65%
• 1Y: 52.14%
• 3Y*: 23.80%
• 5Y*: 12.26%
• 10Y*: —

IFLO

• 1D: 0.10%
• 1M: -0.54%
• 6M: 15.77%
• YTD: 18.73%
• 1Y: 33.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KEMX vs. IFLO - Yearly Performance Comparison

	2026 (YTD)	2025
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	29.65%	20.28%
IFLO VictoryShares International Free Cash Flow ETF	18.73%	13.12%

Correlation

The correlation between KEMX and IFLO is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.68

The correlation between KEMX and IFLO has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

KEMX vs. IFLO - Sectors Allocation Comparison

Sectors	KEMX	IFLO
Technology	46.8%	21.5%
Financial Services	18.7%	1.1%
Industrials	7.6%	18.1%
Basic Materials	7.6%	11.3%
Consumer Cyclical	5.5%	13.8%
Energy	4.0%	12.1%
Communication Services	2.9%	6.7%
Consumer Defensive	2.6%	2.8%
Utilities	1.7%	1.0%
Healthcare	1.5%	11.7%
Real Estate	1.0%	0.0%

Return for Risk

KEMX vs. IFLO — Risk / Return Rank

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

KEMX

KEMX Risk / Return Rank: 78
KEMX Sharpe Ratio Rank: 80
KEMX Sortino Ratio Rank: 71
KEMX Omega Ratio Rank: 78
KEMX Calmar Ratio Rank: 82
KEMX Martin Ratio Rank: 79

IFLO

IFLO Risk / Return Rank: 90
IFLO Sharpe Ratio Rank: 89
IFLO Sortino Ratio Rank: 90
IFLO Omega Ratio Rank: 87
IFLO Calmar Ratio Rank: 94
IFLO Martin Ratio Rank: 92

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. IFLO - 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 VictoryShares International Free Cash Flow ETF (IFLO). 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	IFLO	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.29	-0.28
Sortino ratio: Return per unit of downside risk	2.54	3.33	-0.79
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	3.41	5.17	-1.76
Martin ratio: Return relative to average drawdown	11.68	17.35	-5.67

KEMX vs. IFLO - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.00, which is comparable to the IFLO Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of KEMX and IFLO, 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. IFLO - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, which is greater than IFLO's maximum drawdown of -6.44%. Use the drawdown chart below to compare losses from any high point for KEMX and IFLO.

Drawdown Indicators

	KEMX	IFLO	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-6.44%	-32.36%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-6.44%	-8.92%
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	-11.76%	-1.89%	-9.87%
Average Drawdown Average peak-to-trough decline	-8.80%	-1.30%	-7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	1.92%	+2.56%

Volatility

KEMX vs. IFLO - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 10.16% compared to VictoryShares International Free Cash Flow ETF (IFLO) at 3.18%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than IFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	IFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.16%	3.18%	+6.98%
Volatility (6M) Calculated over the trailing 6-month period	24.25%	12.01%	+12.24%
Volatility (1Y) Calculated over the trailing 1-year period	26.15%	14.55%	+11.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	14.51%	+4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	14.51%	+6.91%

KEMX vs. IFLO - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is lower than IFLO's 0.56% expense ratio.

Dividends

KEMX vs. IFLO - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.53%, more than IFLO's 1.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IFLO VictoryShares International Free Cash Flow ETF	1.57%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.53%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%

Frequently Asked Questions

Can I hold both KEMX and IFLO in my portfolio?

KEMX and IFLO have a correlation of 0.69, 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 IFLO?

KEMX has higher volatility (10.16%) compared to IFLO (3.18%). In terms of maximum drawdown, KEMX dropped -38.80% vs IFLO's -6.44%.

Which ETF is better, KEMX or IFLO?

On 1-year performance, KEMX leads with 52.14% vs 33.15% for IFLO. On fees, KEMX is cheaper at 0.25% per year. On volatility, IFLO has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or IFLO?

Over the 1-year period, KEMX has performed better with a 52.14% return vs 33.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or IFLO?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.56% for IFLO.

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

KEMX has the higher dividend yield at 2.53%, compared with 1.57% for IFLO.

What is the main difference between KEMX and IFLO?

They also come from different issuers: CICC and VictoryShares. Their fees differ too: 0.25% for KEMX and 0.56% for IFLO.

Which has better risk-adjusted returns?

IFLO currently has the higher Sharpe Ratio (2.29 vs 2.00), 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.