KEMX vs. SPY

Last updated Aug 2, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - KEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, KEMX returned 12.35%/yr vs 12.76%/yr for SPY. Their 0.69 correlation means they have sometimes moved together and sometimes differently. KEMX charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

KEMX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KEMX achieves a 29.19% return, which is significantly higher than SPY's 10.13% return.

KEMX

• 1D: 0.26%
• 1M: -4.84%
• 6M: 16.27%
• YTD: 29.19%
• 1Y: 54.76%
• 3Y*: 23.72%
• 5Y*: 12.35%
• 10Y*: —
• ALL TIME*: 12.40%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	$479.51K	$502.15K	$570.21K
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

KEMX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	29.19%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	13.29%

Correlation

The correlation between KEMX and SPY is 0.74, 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.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.69

The correlation between KEMX and SPY has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

KEMX vs. SPY - Sectors Allocation Comparison

Sectors	KEMX	SPY
Technology	46.4%	36.9%
Financial Services	20.3%	12.5%
Industrials	7.5%	7.6%
Basic Materials	7.3%	1.9%
Consumer Cyclical	4.9%	8.9%
Energy	3.6%	3.4%
Communication Services	3.0%	9.7%
Consumer Defensive	2.7%	4.8%
Utilities	1.6%	2.6%
Healthcare	1.5%	9.4%
Real Estate	1.1%	2.0%

Return for Risk

KEMX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KEMX

KEMX Risk / Return Rank: 83
KEMX Sharpe Ratio Rank: 85
KEMX Sortino Ratio Rank: 79
KEMX Omega Ratio Rank: 84
KEMX Calmar Ratio Rank: 86
KEMX Martin Ratio Rank: 81

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KEMX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.52	+0.49
Sortino ratio: Return per unit of downside risk	2.56	2.11	+0.45
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	3.37	2.20	+1.16
Martin ratio: Return relative to average drawdown	10.68	9.40	+1.28

KEMX vs. SPY - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.01, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of KEMX and SPY, 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. SPY - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KEMX and SPY.

Drawdown Indicators

	KEMX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-55.19%	+16.39%
Max Drawdown (1Y) Largest decline over 1 year	-16.11%	-8.88%	-7.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-18.76%	-0.86%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	-24.50%	-6.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-12.07%	-1.40%	-10.67%
Average Drawdown Average peak-to-trough decline	-8.82%	-9.01%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	2.08%	+2.99%

Volatility

KEMX vs. SPY - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.57% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.57%	3.58%	+5.99%
Volatility (6M) Calculated over the trailing 6-month period	24.95%	10.14%	+14.81%
Volatility (1Y) Calculated over the trailing 1-year period	26.95%	12.89%	+14.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.41%	17.18%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	17.95%	+3.56%

KEMX vs. SPY - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is higher than SPY'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. SPY - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.54%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.54%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both KEMX and SPY in my portfolio?

KEMX and SPY have a correlation of 0.74, 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 SPY?

KEMX has higher volatility (9.57%) compared to SPY (3.58%). In terms of maximum drawdown, KEMX dropped -38.80% vs SPY's -55.19%.

Which ETF is better, KEMX or SPY?

On 5-year performance, SPY leads with 12.76% vs 12.35% for KEMX. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or SPY?

Over the 5-year period, SPY has performed better with a 12.76% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or SPY?

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

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

KEMX has the higher dividend yield at 2.54%, compared with 1.01% for SPY.

What is the main difference between KEMX and SPY?

KEMX is categorized as Emerging Markets Equities, while SPY is S&P 500. KEMX tracks MSCI Emerging Markets ex China Index, while SPY tracks S&P 500 Index. They also come from different issuers: CICC and State Street. Their fees differ too: 0.25% for KEMX and 0.09% for SPY.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.01 vs 1.52), 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.