KEMX vs. STXE
KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and STXE (Strive Emerging Markets Ex-China ETF) are both exchange-traded funds - KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index, while STXE is a Emerging Markets Diversified fund tracking the Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, KEMX returned 30.89%/yr vs 31.44%/yr for STXE. Their correlation of 0.92 suggests significant overlap in exposure. KEMX charges 0.25%/yr vs 0.32%/yr for STXE.
Performance
KEMX vs. STXE - Performance Comparison
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Returns By Period
In the year-to-date period, KEMX achieves a 46.93% return, which is significantly lower than STXE's 53.94% return.
KEMX
- 1D
- 0.63%
- 1M
- 11.91%
- YTD
- 46.93%
- 6M
- 49.88%
- 1Y
- 82.27%
- 3Y*
- 30.89%
- 5Y*
- 14.85%
- 10Y*
- —
STXE
- 1D
- 0.43%
- 1M
- 13.55%
- YTD
- 53.94%
- 6M
- 57.48%
- 1Y
- 88.62%
- 3Y*
- 31.44%
- 5Y*
- —
- 10Y*
- —
KEMX vs. STXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 46.93% | 38.28% | 0.36% | 11.30% |
STXE Strive Emerging Markets Ex-China ETF | 53.94% | 34.23% | 2.09% | 12.38% |
Correlation
The correlation between KEMX and STXE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023 | 0.92 |
The correlation between KEMX and STXE has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
KEMX vs. STXE — Risk / Return Rank
KEMX
STXE
KEMX vs. STXE - 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 Strive Emerging Markets Ex-China ETF (STXE). 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 | STXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.62 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.39 | 6.14 | -0.75 |
| Martin ratioReturn relative to average drawdown | 20.56 | 23.88 | -3.33 |
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Drawdowns
KEMX vs. STXE - Drawdown Comparison
The maximum KEMX drawdown since its inception was -38.80%, which is greater than STXE's maximum drawdown of -18.92%. Use the drawdown chart below to compare losses from any high point for KEMX and STXE.
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Drawdown Indicators
| KEMX | STXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -18.92% | -19.88% |
Max Drawdown (1Y)Largest decline over 1 year | -15.36% | -14.51% | -0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -19.62% | -18.92% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -30.85% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -3.72% | -5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.02% | 3.72% | +0.30% |
Volatility
KEMX vs. STXE - Volatility Comparison
The current volatility for KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) is 11.91%, while Strive Emerging Markets Ex-China ETF (STXE) has a volatility of 13.76%. This indicates that KEMX experiences smaller price fluctuations and is considered to be less risky than STXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KEMX | STXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.91% | 13.76% | -1.85% |
Volatility (6M)Calculated over the trailing 6-month period | 22.38% | 23.96% | -1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.60% | 25.88% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 18.76% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.23% | 18.76% | +2.47% |
KEMX vs. STXE - Expense Ratio Comparison
KEMX has a 0.25% expense ratio, which is lower than STXE's 0.32% expense ratio.
Dividends
KEMX vs. STXE - Dividend Comparison
KEMX's dividend yield for the trailing twelve months is around 2.23%, more than STXE's 1.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 2.23% | 3.28% | 3.39% | 2.00% | 4.10% | 4.79% | 1.69% | 2.77% |
STXE Strive Emerging Markets Ex-China ETF | 1.75% | 2.66% | 3.22% | 1.08% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, KEMX and STXE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
STXE has higher volatility (13.76%) compared to KEMX (11.91%). In terms of maximum drawdown, KEMX dropped -38.80% vs STXE's -18.92%.
On 3-year performance, STXE leads with 31.44% vs 30.89% for KEMX. On fees, KEMX is cheaper at 0.25% per year. On volatility, KEMX has been the lower-risk option at 11.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, STXE has performed better with a 31.44% return vs 30.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KEMX is cheaper with a 0.25% expense ratio, compared with 0.32% for STXE.
KEMX has the higher dividend yield at 2.23%, compared with 1.75% for STXE.
KEMX is categorized as Foreign Large Cap Equities, while STXE is Emerging Markets Diversified. KEMX tracks MSCI Emerging Markets ex China Index, while STXE tracks Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. They also come from different issuers: CICC and Strive. Their fees differ too: 0.25% for KEMX and 0.32% for STXE.
STXE currently has the higher Sharpe Ratio (3.45 vs 3.37), 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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