KEMX vs. KGRN

Last updated Jun 3, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and KGRN (KraneShares MSCI China Clean Technology Index ETF) are both exchange-traded funds - KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index, while KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index. Both are passively managed. Over the past 5 years, KEMX returned 14.09%/yr vs -7.04%/yr for KGRN. At a 0.48 correlation, their price movements are largely independent. KEMX charges 0.25%/yr vs 0.79%/yr for KGRN.

Performance

KEMX vs. KGRN - 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 MSCI China Clean Technology Index ETF (KGRN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KEMX achieves a 44.15% return, which is significantly higher than KGRN's 3.37% return.

KEMX

• 1D: 0.91%
• 1M: 14.75%
• YTD: 44.15%
• 6M: 50.30%
• 1Y: 82.49%
• 3Y*: 30.23%
• 5Y*: 14.09%
• 10Y*: —

KGRN

• 1D: 0.83%
• 1M: -1.59%
• YTD: 3.37%
• 6M: 0.88%
• 1Y: 10.79%
• 3Y*: 3.57%
• 5Y*: -7.04%
• 10Y*: —

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

KEMX vs. KGRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	44.15%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%
KGRN KraneShares MSCI China Clean Technology Index ETF	3.37%	21.45%	-1.11%	-14.75%	-40.45%	5.91%	138.49%	-3.91%

Correlation

The correlation between KEMX and KGRN is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.48

KEMX vs. KGRN - Sectors Allocation Comparison

Sectors	KEMX	KGRN
Technology	41.2%	11.6%
Financial Services	20.7%	-
Industrials	8.6%	26.5%
Basic Materials	8.2%	-
Consumer Cyclical	5.4%	36.8%
Energy	4.8%	3.6%
Communication Services	3.2%	-
Consumer Defensive	3.0%	-
Utilities	2.0%	21.2%
Healthcare	1.7%	-
Real Estate	1.2%	-

Return for Risk

KEMX vs. KGRN — Risk / Return Rank

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

KEMX

KEMX Risk / Return Rank: 92
KEMX Sharpe Ratio Rank: 94
KEMX Sortino Ratio Rank: 91
KEMX Omega Ratio Rank: 93
KEMX Calmar Ratio Rank: 89
KEMX Martin Ratio Rank: 91

KGRN

KGRN Risk / Return Rank: 16
KGRN Sharpe Ratio Rank: 16
KGRN Sortino Ratio Rank: 17
KGRN Omega Ratio Rank: 16
KGRN Calmar Ratio Rank: 16
KGRN Martin Ratio Rank: 13

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. KGRN - 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 MSCI China Clean Technology Index ETF (KGRN). 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	KGRN	Difference
Sharpe ratio Return per unit of total volatility	3.71	0.47	+3.24
Sortino ratio Return per unit of downside risk	4.43	0.81	+3.62
Omega ratio Gain probability vs. loss probability	1.64	1.10	+0.54
Calmar ratio Return relative to maximum drawdown	5.44	0.63	+4.81
Martin ratio Return relative to average drawdown	21.72	1.08	+20.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KEMX vs. KGRN - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 3.71, which is higher than the KGRN Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of KEMX and KGRN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KEMX	KGRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.71	0.47	+3.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	-0.20	+0.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.08	+0.61

Drawdowns

KEMX vs. KGRN - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum KGRN drawdown of -66.24%. Use the drawdown chart below to compare losses from any high point for KEMX and KGRN.

Drawdown Indicators

	KEMX	KGRN	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-66.24%	+27.44%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-17.26%	+1.90%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-42.19%	+22.57%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	-63.60%	+32.75%
Current Drawdown Current decline from peak	0.00%	-45.87%	+45.87%
Average Drawdown Average peak-to-trough decline	-8.86%	-33.94%	+25.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	10.03%	-6.18%

Volatility

KEMX vs. KGRN - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.67% compared to KraneShares MSCI China Clean Technology Index ETF (KGRN) at 7.10%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than KGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	KGRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.67%	7.10%	+2.57%
Volatility (6M) Calculated over the trailing 6-month period	19.84%	14.94%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	22.34%	22.94%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	34.73%	-16.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.94%	32.86%	-11.92%

KEMX vs. KGRN - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is lower than KGRN's 0.79% expense ratio.

Dividends

KEMX vs. KGRN - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.28%, more than KGRN's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.28%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%	0.00%
KGRN KraneShares MSCI China Clean Technology Index ETF	0.83%	0.85%	1.49%	0.74%	1.98%	0.41%	0.01%	5.88%	2.04%

Frequently Asked Questions

Can I hold both KEMX and KGRN in my portfolio?

KEMX and KGRN have a correlation of 0.44, 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 KGRN?

KEMX has higher volatility (9.67%) compared to KGRN (7.10%). In terms of maximum drawdown, KEMX dropped -38.80% vs KGRN's -66.24%.

Which ETF is better, KEMX or KGRN?

On 5-year performance, KEMX leads with 14.09% vs -7.04% for KGRN. On fees, KEMX is cheaper at 0.25% per year. On volatility, KGRN has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or KGRN?

Over the 5-year period, KEMX has performed better with a 14.09% return vs -7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or KGRN?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.79% for KGRN.

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

KEMX has the higher dividend yield at 2.28%, compared with 0.83% for KGRN.

What is the main difference between KEMX and KGRN?

KEMX is categorized as Foreign Large Cap Equities, while KGRN is China Equities. KEMX tracks MSCI Emerging Markets ex China Index, while KGRN tracks MSCI China IMI Environment 10/40 Index. Their fees differ too: 0.25% for KEMX and 0.79% for KGRN.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (3.71 vs 0.47), 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.