KEMX vs. NVOH

Last updated Jun 26, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and NVOH (Novo Nordisk A/S (B Shares) ADRhedged ETF) are both Foreign Large Cap Equities funds. KEMX is passively managed, while NVOH is actively managed. Over the past year, KEMX returned 68.58% vs -22.77% for NVOH. At a 0.19 correlation, their price movements are largely independent. KEMX charges 0.25%/yr vs 0.19%/yr for NVOH.

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.

Returns By Period

In the year-to-date period, KEMX achieves a 40.15% return, which is significantly higher than NVOH's -0.97% return.

KEMX

• 1D: 1.31%
• 1M: 2.22%
• YTD: 40.15%
• 6M: 41.62%
• 1Y: 68.58%
• 3Y*: 28.53%
• 5Y*: 13.57%
• 10Y*: —

NVOH

• 1D: 0.00%
• 1M: 9.60%
• YTD: -0.97%
• 6M: -3.24%
• 1Y: -22.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KEMX vs. NVOH - Yearly Performance Comparison

	2026 (YTD)	2025
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	40.15%	34.27%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	-0.97%	-43.79%

Correlation

The correlation between KEMX and NVOH is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.19

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: 88
KEMX Sharpe Ratio Rank: 91
KEMX Sortino Ratio Rank: 84
KEMX Omega Ratio Rank: 89
KEMX Calmar Ratio Rank: 88
KEMX Martin Ratio Rank: 89

NVOH

NVOH Risk / Return Rank: 6
NVOH Sharpe Ratio Rank: 6
NVOH Sortino Ratio Rank: 6
NVOH Omega Ratio Rank: 6
NVOH Calmar Ratio Rank: 5
NVOH Martin Ratio Rank: 6

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.

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	NVOH	Difference
Sharpe ratio: Return per unit of total volatility	2.74	-0.47	+3.20
Sortino ratio: Return per unit of downside risk	3.28	-0.35	+3.63
Omega ratio: Gain probability vs. loss probability	1.49	0.95	+0.54
Calmar ratio: Return relative to maximum drawdown	4.49	-0.49	+4.98
Martin ratio: Return relative to average drawdown	16.95	-0.78	+17.73

KEMX vs. NVOH - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.74, which is higher than the NVOH Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of KEMX and NVOH, 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. 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%	-46.22%	+30.86%
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	-4.61%	-47.89%	+43.28%
Average Drawdown Average peak-to-trough decline	-8.82%	-38.76%	+29.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	29.21%	-25.15%

Volatility

KEMX vs. NVOH - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 12.89% compared to Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) at 11.15%. 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	12.89%	11.15%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	23.20%	36.97%	-13.77%
Volatility (1Y) Calculated over the trailing 1-year period	25.17%	49.38%	-24.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	48.74%	-29.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	48.74%	-27.41%

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%.

Dividends

KEMX vs. NVOH - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.34%, less than NVOH's 6.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.34%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	6.53%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KEMX and NVOH in my portfolio?

KEMX and NVOH have a correlation of 0.15, 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 NVOH?

KEMX has higher volatility (12.89%) compared to NVOH (11.15%). In terms of maximum drawdown, KEMX dropped -38.80% vs NVOH's -61.60%.

Which ETF is better, KEMX or NVOH?

On 1-year performance, KEMX leads with 68.58% vs -22.77% for NVOH. On fees, NVOH is cheaper at 0.19% per year. On volatility, NVOH has been the lower-risk option at 11.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or NVOH?

Over the 1-year period, KEMX has performed better with a 68.58% return vs -22.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or NVOH?

NVOH is cheaper with a 0.19% expense ratio, compared with 0.25% for KEMX.

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

NVOH has the higher dividend yield at 6.53%, compared with 2.34% for KEMX.

What is the main difference between KEMX and NVOH?

They also come from different issuers: CICC and Precidian. Their fees differ too: 0.25% for KEMX and 0.19% for NVOH.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.74 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.