KEMX vs. NVOH

Last updated Apr 3, 2026

Compare and contrast key facts about KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) and Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH).

KEMX and NVOH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KEMX is a passively managed fund by CICC that tracks the performance of the MSCI Emerging Markets ex China Index. It was launched on Apr 12, 2019. NVOH is an actively managed fund by Precidian. It was launched on Jan 2, 2025.

Performance

KEMX vs. NVOH - 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 Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH). The values are adjusted to include any dividend payments, if applicable.

KEMX vs. NVOH - Yearly Performance Comparison

	2026 (YTD)	2025
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	9.09%	35.94%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	-24.75%	-42.98%

Returns By Period

In the year-to-date period, KEMX achieves a 9.09% return, which is significantly higher than NVOH's -24.75% return.

KEMX

• 1D: -1.38%
• 1M: -4.33%
• YTD: 9.09%
• 6M: 19.23%
• 1Y: 48.69%
• 3Y*: 20.08%
• 5Y*: 9.00%
• 10Y*: —

NVOH

• 1D: -1.00%
• 1M: 0.42%
• YTD: -24.75%
• 6M: -34.28%
• 1Y: -46.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KEMX vs. NVOH - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is higher than NVOH's 0.19% 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%.

KEMX

KraneShares MSCI Emerging Markets ex China Index ETF

NVOH

Novo Nordisk A/S (B Shares) ADRhedged ETF

Return for Risk

KEMX vs. NVOH — Risk / Return Rank

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

KEMX

KEMX Risk / Return Rank: 91
KEMX Sharpe Ratio Rank: 93
KEMX Sortino Ratio Rank: 93
KEMX Omega Ratio Rank: 92
KEMX Calmar Ratio Rank: 87
KEMX Martin Ratio Rank: 89

NVOH

NVOH Risk / Return Rank: 1
NVOH Sharpe Ratio Rank: 1
NVOH Sortino Ratio Rank: 1
NVOH Omega Ratio Rank: 1
NVOH Calmar Ratio Rank: 1
NVOH Martin Ratio Rank: 1

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. NVOH - 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 Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH). 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	NVOH	Difference
Sharpe ratio Return per unit of total volatility	2.28	-0.88	+3.16
Sortino ratio Return per unit of downside risk	2.92	-1.14	+4.06
Omega ratio Gain probability vs. loss probability	1.42	0.84	+0.58
Calmar ratio Return relative to maximum drawdown	3.21	-0.89	+4.10
Martin ratio Return relative to average drawdown	12.94	-1.51	+14.45
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. NVOH - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.28, which is higher than the NVOH Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of KEMX and NVOH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KEMX	NVOH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	-0.88	+3.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	-0.98	+1.48

Correlation

The correlation between KEMX and NVOH is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KEMX vs. NVOH - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 3.01%, less than NVOH's 4.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	3.01%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	4.56%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

KEMX vs. NVOH - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum NVOH drawdown of -61.60%. Use the drawdown chart below to compare losses from any high point for KEMX and NVOH.

Drawdown Indicators

	KEMX	NVOH	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-61.60%	+22.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-53.00%	+37.64%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	—	—
Current Drawdown Current decline from peak	-11.89%	-60.40%	+48.51%
Average Drawdown Average peak-to-trough decline	-9.02%	-36.02%	+27.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	31.21%	-27.40%

Volatility

KEMX vs. NVOH - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 11.42% compared to Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) at 8.19%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than NVOH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	NVOH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	8.19%	+3.23%
Volatility (6M) Calculated over the trailing 6-month period	17.04%	37.53%	-20.49%
Volatility (1Y) Calculated over the trailing 1-year period	21.46%	52.51%	-31.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.56%	51.04%	-33.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.61%	51.04%	-30.43%