KEMX vs. KOKU

Last updated Jun 24, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and KOKU (Xtrackers MSCI Kokusai Equity ETF) are both exchange-traded funds - KEMX is a Foreign Large Cap 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 13.33%/yr vs 11.64%/yr for KOKU. A 0.73 correlation means they provide meaningful diversification when combined. KEMX charges 0.25%/yr vs 0.09%/yr for KOKU.

Performance

KEMX vs. KOKU - 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 Xtrackers MSCI Kokusai Equity ETF (KOKU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KEMX achieves a 38.57% return, which is significantly higher than KOKU's 7.89% return.

KEMX

• 1D: -5.69%
• 1M: 5.55%
• YTD: 38.57%
• 6M: 40.16%
• 1Y: 71.39%
• 3Y*: 28.36%
• 5Y*: 13.33%
• 10Y*: —

KOKU

• 1D: -1.29%
• 1M: -0.75%
• YTD: 7.89%
• 6M: 7.10%
• 1Y: 22.27%
• 3Y*: 19.94%
• 5Y*: 11.64%
• 10Y*: —

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

KEMX vs. KOKU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	38.57%	38.28%	0.36%	20.57%	-19.35%	10.55%	58.30%
KOKU Xtrackers MSCI Kokusai Equity ETF	7.89%	21.45%	19.45%	24.23%	-17.83%	23.84%	42.72%

Correlation

The correlation between KEMX and KOKU is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.74
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 0.75 - a consistent structural relationship.

KEMX vs. KOKU - Sectors Allocation Comparison

Sectors	KEMX	KOKU
Technology	46.8%	31.8%
Financial Services	18.7%	14.9%
Industrials	7.6%	10.1%
Basic Materials	7.6%	3.3%
Consumer Cyclical	5.5%	9.0%
Energy	4.0%	4.0%
Communication Services	2.9%	8.9%
Consumer Defensive	2.6%	5.0%
Utilities	1.7%	2.6%
Healthcare	1.5%	8.8%
Real Estate	1.0%	1.7%

Return for Risk

KEMX vs. KOKU — Risk / Return Rank

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

KEMX

KEMX Risk / Return Rank: 87
KEMX Sharpe Ratio Rank: 90
KEMX Sortino Ratio Rank: 82
KEMX Omega Ratio Rank: 87
KEMX Calmar Ratio Rank: 87
KEMX Martin Ratio Rank: 87

KOKU

KOKU Risk / Return Rank: 57
KOKU Sharpe Ratio Rank: 57
KOKU Sortino Ratio Rank: 56
KOKU Omega Ratio Rank: 55
KOKU Calmar Ratio Rank: 54
KOKU Martin Ratio Rank: 64

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. 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 ratio: Return per unit of total volatility	2.84	1.78	+1.06
Sortino ratio: Return per unit of downside risk	3.38	2.48	+0.90
Omega ratio: Gain probability vs. loss probability	1.51	1.32	+0.19
Calmar ratio: Return relative to maximum drawdown	4.67	2.47	+2.20
Martin ratio: Return relative to average drawdown	17.76	10.88	+6.88

KEMX vs. KOKU - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.84, which is higher than the KOKU Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of KEMX and KOKU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	KEMX	KOKU	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-25.77%	-13.03%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-9.04%	-6.32%
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 Drawdown Current decline from peak	-5.69%	-2.45%	-3.24%
Average Drawdown Average peak-to-trough decline	-8.82%	-4.80%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	2.05%	+1.98%

Volatility

KEMX vs. KOKU - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 13.52% compared to Xtrackers MSCI Kokusai Equity ETF (KOKU) at 4.71%. 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.

Volatility by Period

	KEMX	KOKU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.52%	4.71%	+8.81%
Volatility (6M) Calculated over the trailing 6-month period	23.20%	10.23%	+12.97%
Volatility (1Y) Calculated over the trailing 1-year period	25.26%	12.57%	+12.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	16.51%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	16.84%	+4.49%

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 2.37%, more than KOKU's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
KOKU Xtrackers MSCI Kokusai Equity ETF	1.45%	1.48%	1.63%	1.76%	1.98%	1.89%	0.55%	0.00%

Frequently Asked Questions

Can I hold both KEMX and KOKU in my portfolio?

KEMX and KOKU have a correlation of 0.75, 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 KOKU?

KEMX has higher volatility (13.52%) compared to KOKU (4.71%). In terms of maximum drawdown, KEMX dropped -38.80% vs KOKU's -25.77%.

Which ETF is better, KEMX or KOKU?

On 5-year performance, KEMX leads with 13.33% vs 11.64% for KOKU. On fees, KOKU is cheaper at 0.09% per year. On volatility, KOKU has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or KOKU?

Over the 5-year period, KEMX has performed better with a 13.33% return vs 11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or KOKU?

KOKU is cheaper with a 0.09% expense ratio, compared with 0.25% for KEMX.

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

KEMX has the higher dividend yield at 2.37%, compared with 1.45% for KOKU.

What is the main difference between KEMX and KOKU?

KEMX is categorized as Foreign Large Cap 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.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.84 vs 1.78), 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.