KEMX vs. KBND

Last updated Jun 6, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and KBND (KraneShares Bloomberg China Bond Inclusion Index ETF) are both exchange-traded funds - KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index, while KBND is a International Government Bonds fund tracking the KBND-US - Bloomberg China Inclusion Focused Bond Index. Both are passively managed. At a 0.21 correlation, their price movements are largely independent. KEMX charges 0.25%/yr vs 0.50%/yr for KBND.

Performance

KEMX vs. KBND - 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 KraneShares Bloomberg China Bond Inclusion Index ETF (KBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KEMX

• 1D: -6.93%
• 1M: -2.01%
• YTD: 30.77%
• 6M: 35.35%
• 1Y: 62.85%
• 3Y*: 25.88%
• 5Y*: 11.63%
• 10Y*: —

KBND

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KEMX vs. KBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	30.77%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.89%	3.13%	-6.81%	4.41%	9.38%	-2.56%

Correlation

The correlation between KEMX and KBND is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.21

Return for Risk

KEMX vs. KBND — Risk / Return Rank

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

KEMX

KEMX Risk / Return Rank: 82
KEMX Sharpe Ratio Rank: 85
KEMX Sortino Ratio Rank: 76
KEMX Omega Ratio Rank: 83
KEMX Calmar Ratio Rank: 81
KEMX Martin Ratio Rank: 84

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. KBND - 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 KraneShares Bloomberg China Bond Inclusion Index ETF (KBND). 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.

	KEMX	KBND	Difference
Sharpe ratio: Return per unit of total volatility	2.68	—	—
Sortino ratio: Return per unit of downside risk	3.25	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	4.11	—	—
Martin ratio: Return relative to average drawdown	16.19	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KEMX	KBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	—	—

Drawdowns

Drawdown Indicators

	KEMX	KBND	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	—	—
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	-9.28%	—	—
Average Drawdown Average peak-to-trough decline	-8.85%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	—	—

Volatility

Volatility by Period

	KEMX	KBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.55%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.47%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.09%	—	—

KEMX vs. KBND - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is lower than KBND's 0.50% expense ratio.

Dividends

KEMX vs. KBND - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.51%, while KBND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.40%	2.20%	2.51%	6.97%	2.27%	3.47%	4.98%	0.00%	0.04%	1.16%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.51%	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

Can I hold both KEMX and KBND in my portfolio?

KEMX and KBND have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KEMX or KBND?

On fees, KEMX is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KEMX or KBND?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.50% for KBND.

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

KEMX has the higher dividend yield at 2.51%, compared with 0.00% for KBND.

What is the main difference between KEMX and KBND?

KEMX is categorized as Foreign Large Cap Equities, while KBND is International Government Bonds. KEMX tracks MSCI Emerging Markets ex China Index, while KBND tracks KBND-US - Bloomberg China Inclusion Focused Bond Index. Their fees differ too: 0.25% for KEMX and 0.50% for KBND.