KEMX vs. IVOL
KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both exchange-traded funds - KEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while IVOL is a Inflation-Protected Bonds fund actively managed by CICC. KEMX is passively managed, while IVOL is actively managed. Over the past 5 years, KEMX returned 12.08%/yr vs -5.74%/yr for IVOL. Their 0.05 correlation means their historical movements had little consistent relationship. KEMX charges 0.25%/yr vs 0.99%/yr for IVOL.
Performance
KEMX vs. IVOL - Performance Comparison
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Returns By Period
In the year-to-date period, KEMX achieves a 30.22% return, which is significantly higher than IVOL's -6.93% 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%
IVOL
- 1D
- 0.43%
- 1M
- 0.79%
- 6M
- -5.94%
- YTD
- -6.93%
- 1Y
- -7.22%
- 3Y*
- -2.76%
- 5Y*
- -5.74%
- 10Y*
- —
- ALL TIME*
- -1.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.47M | $1.20M | $2.07M | |
| $527.87K | $528.96K | $586.53K |
KEMX vs. IVOL - 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% | 16.19% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -6.93% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
Correlation
The correlation between KEMX and IVOL is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | -0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.05 |
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Return for Risk
KEMX vs. IVOL — Risk / Return Rank
KEMX
IVOL
KEMX vs. IVOL - 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 Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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 | IVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.20 | ||
| Sortino ratioReturn per unit of downside risk | +4.14 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.83 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | -0.60 | +4.09 |
| Martin ratioReturn relative to average drawdown | 10.97 | -1.16 | +12.13 |
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Drawdowns
KEMX vs. IVOL - Drawdown Comparison
The maximum KEMX drawdown since its inception was -38.80%, which is greater than IVOL's maximum drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for KEMX and IVOL.
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Drawdown Indicators
| KEMX | IVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -31.16% | -7.64% |
Max Drawdown (1Y)Largest decline over 1 year | -16.11% | -12.17% | -3.94% |
Max Drawdown (3Y)Largest decline over 3 years | -19.62% | -14.48% | -5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -30.85% | -30.07% | -0.78% |
Current DrawdownCurrent decline from peak | -11.37% | -26.81% | +15.44% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -13.61% | +4.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 6.25% | -1.13% |
Volatility
KEMX vs. IVOL - Volatility Comparison
KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.60% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 1.72%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KEMX | IVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.60% | 1.72% | +7.88% |
Volatility (6M)Calculated over the trailing 6-month period | 24.90% | 4.93% | +19.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.99% | 6.52% | +20.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.41% | 12.85% | +6.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.51% | 11.91% | +9.60% |
KEMX vs. IVOL - Expense Ratio Comparison
KEMX has a 0.25% expense ratio, which is lower than IVOL's 0.99% expense ratio.
Dividends
KEMX vs. IVOL - Dividend Comparison
KEMX's dividend yield for the trailing twelve months is around 2.52%, less than IVOL's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.87% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
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% |
Frequently Asked Questions
KEMX and IVOL have a correlation of 0.00, 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 IVOL (1.72%). In terms of maximum drawdown, KEMX dropped -38.80% vs IVOL's -31.16%.
On 5-year performance, KEMX leads with 12.08% vs -5.74% for IVOL. On fees, KEMX is cheaper at 0.25% per year. On volatility, IVOL has been the lower-risk option at 1.72%. 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 12.08% return vs -5.74%. 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 0.99% for IVOL.
IVOL has the higher dividend yield at 3.87%, compared with 2.52% for KEMX.
KEMX is categorized as Emerging Markets Equities, while IVOL is Inflation-Protected Bonds. Their fees differ too: 0.25% for KEMX and 0.99% for IVOL.
KEMX currently has the higher Sharpe Ratio (2.09 vs -1.11), 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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