KEMX vs. KOKU
KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and KOKU (Xtrackers MSCI Kokusai Equity ETF) are both exchange-traded funds - KEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while KOKU is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index (World ex Japan). Both are passively managed. Over the past 5 years, KEMX returned 12.08%/yr vs 11.78%/yr for KOKU. Their 0.73 correlation means they have sometimes moved together and sometimes differently. KEMX charges 0.25%/yr vs 0.09%/yr for KOKU.
Performance
KEMX vs. KOKU - 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 KOKU's 11.40% 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%
KOKU
- 1D
- 1.07%
- 1M
- 2.90%
- 6M
- 8.83%
- YTD
- 11.40%
- 1Y
- 23.25%
- 3Y*
- 20.09%
- 5Y*
- 11.78%
- 10Y*
- —
- ALL TIME*
- 18.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $527.87K | $528.96K | $586.53K | |
| $12.82K | $15.28K | $43.38K |
KEMX vs. KOKU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 30.22% | 38.28% | 0.36% | 20.57% | -19.35% | 10.55% | 58.30% |
KOKU Xtrackers MSCI Kokusai Equity ETF | 11.40% | 21.45% | 19.45% | 24.23% | -17.83% | 23.84% | 42.72% |
Correlation
The correlation between KEMX and KOKU is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020 | 0.73 |
The correlation between KEMX and KOKU has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
KEMX vs. KOKU — Risk / Return Rank
KEMX
KOKU
KEMX vs. KOKU - 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 Xtrackers MSCI Kokusai Equity ETF (KOKU). 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 | KOKU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.33 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 2.58 | +0.91 |
| Martin ratioReturn relative to average drawdown | 10.97 | 10.96 | +0.01 |
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Drawdowns
KEMX vs. KOKU - Drawdown Comparison
The maximum KEMX drawdown since its inception was -38.80%, which is greater than KOKU's maximum drawdown of -25.77%. Use the drawdown chart below to compare losses from any high point for KEMX and KOKU.
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Drawdown Indicators
| KEMX | KOKU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -25.77% | -13.03% |
Max Drawdown (1Y)Largest decline over 1 year | -16.11% | -9.04% | -7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -19.62% | -17.73% | -1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -30.85% | -25.77% | -5.08% |
Current DrawdownCurrent decline from peak | -11.37% | 0.00% | -11.37% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -4.74% | -4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 2.13% | +2.99% |
Volatility
KEMX vs. KOKU - Volatility Comparison
KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.60% compared to Xtrackers MSCI Kokusai Equity ETF (KOKU) at 3.15%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than KOKU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KEMX | KOKU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.60% | 3.15% | +6.45% |
Volatility (6M)Calculated over the trailing 6-month period | 24.90% | 10.27% | +14.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.99% | 12.70% | +14.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.41% | 16.49% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.51% | 16.74% | +4.77% |
KEMX vs. KOKU - Expense Ratio Comparison
KEMX has a 0.25% expense ratio, which is higher than KOKU's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
KEMX vs. KOKU - Dividend Comparison
KEMX's dividend yield for the trailing twelve months is around 2.52%, more than KOKU's 1.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
KOKU Xtrackers MSCI Kokusai Equity ETF | 1.41% | 1.48% | 1.63% | 1.76% | 1.98% | 1.89% | 0.55% | 0.00% |
Frequently Asked Questions
KEMX and KOKU have a correlation of 0.73, 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 KOKU (3.15%). In terms of maximum drawdown, KEMX dropped -38.80% vs KOKU's -25.77%.
On 5-year performance, KEMX leads with 12.08% vs 11.78% for KOKU. On fees, KOKU is cheaper at 0.09% per year. On volatility, KOKU has been the lower-risk option at 3.15%. 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 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOKU is cheaper with a 0.09% expense ratio, compared with 0.25% for KEMX.
KEMX has the higher dividend yield at 2.52%, compared with 1.41% for KOKU.
KEMX is categorized as Emerging Markets Equities, while KOKU is Large Cap Growth Equities. KEMX tracks MSCI Emerging Markets ex China Index, while KOKU tracks MSCI Kokusai Index (World ex Japan). They also come from different issuers: CICC and Deutsche Bank. Their fees differ too: 0.25% for KEMX and 0.09% for KOKU.
KEMX currently has the higher Sharpe Ratio (2.09 vs 1.84), 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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