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 Foreign Large Cap 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 13.33%/yr vs -5.63%/yr for IVOL. At a 0.05 correlation, their price movements are largely independent. 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 38.57% return, which is significantly higher than IVOL's -8.37% return.
KEMX
- 1D
- -5.69%
- 1M
- 5.55%
- YTD
- 38.57%
- 6M
- 40.16%
- 1Y
- 71.39%
- 3Y*
- 28.36%
- 5Y*
- 13.33%
- 10Y*
- —
IVOL
- 1D
- 0.35%
- 1M
- -3.04%
- YTD
- -8.37%
- 6M
- -7.51%
- 1Y
- -7.39%
- 3Y*
- -2.64%
- 5Y*
- -5.63%
- 10Y*
- —
KEMX vs. IVOL - 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% | 16.19% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.37% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
Correlation
The correlation between KEMX and IVOL is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
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 | +3.90 | ||
| Sortino ratioReturn per unit of downside risk | +4.84 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.84 | +0.67 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | -0.61 | +5.29 |
| Martin ratioReturn relative to average drawdown | 17.76 | -1.48 | +19.25 |
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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 | -15.36% | -12.08% | -3.28% |
Max Drawdown (3Y)Largest decline over 3 years | -19.62% | -14.48% | -5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -30.85% | -30.28% | -0.57% |
Current DrawdownCurrent decline from peak | -5.69% | -27.94% | +22.25% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -13.39% | +4.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.03% | 4.99% | -0.96% |
Volatility
KEMX vs. IVOL - Volatility Comparison
KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 13.52% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 2.57%. 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 | 13.52% | 2.57% | +10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 23.20% | 4.97% | +18.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.26% | 7.05% | +18.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 12.85% | +6.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.33% | 11.98% | +9.35% |
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 2.37%, less than IVOL's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.98% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
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% |
Frequently Asked Questions
KEMX and IVOL have a correlation of 0.04, 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 IVOL (2.57%). In terms of maximum drawdown, KEMX dropped -38.80% vs IVOL's -31.16%.
On 5-year performance, KEMX leads with 13.33% vs -5.63% for IVOL. On fees, KEMX is cheaper at 0.25% per year. On volatility, IVOL has been the lower-risk option at 2.57%. 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 -5.63%. 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 3.98%, compared with 2.37% for KEMX.
KEMX is categorized as Foreign Large Cap 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 (2.84 vs -1.05), 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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