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KEMX vs. VWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KEMX vs. VWO

Last updated Jun 24, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 5 years, KEMX returned 13.33%/yr vs 5.09%/yr for VWO. Their correlation of 0.85 suggests significant overlap in exposure. KEMX charges 0.25%/yr vs 0.08%/yr for VWO.

Performance

KEMX vs. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KEMX achieves a 38.57% return, which is significantly higher than VWO's 10.55% return.

KEMX

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

VWO

1D
-3.07%
1M
0.76%
YTD
10.55%
6M
10.67%
1Y
27.03%
3Y*
17.42%
5Y*
5.09%
10Y*
8.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KEMX vs. VWO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
KEMX
KraneShares MSCI Emerging Markets ex China Index ETF		38.57%38.28%0.36%20.57%-19.35%10.55%12.84%7.93%
VWO
Vanguard FTSE Emerging Markets ETF		10.55%25.60%10.59%9.25%-17.98%1.26%15.17%5.65%

Correlation

The correlation between KEMX and VWO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2019

0.86

The correlation between KEMX and VWO has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

KEMX vs. VWO - Sectors Allocation Comparison

Sectors
KEMX
VWO

Technology

46.8%
31.6%

Financial Services

18.7%
16.8%

Industrials

7.6%
6.8%

Basic Materials

7.6%
7.0%

Consumer Cyclical

5.5%
8.7%

Energy

4.0%
3.6%

Communication Services

2.9%
5.8%

Consumer Defensive

2.6%
3.1%

Utilities

1.7%
2.4%

Healthcare

1.5%
3.4%

Real Estate

1.0%
1.8%

Technology

KEMX
46.8%
VWO
31.6%

Financial Services

KEMX
18.7%
VWO
16.8%

Industrials

KEMX
7.6%
VWO
6.8%

Basic Materials

KEMX
7.6%
VWO
7.0%

Consumer Cyclical

KEMX
5.5%
VWO
8.7%

Energy

KEMX
4.0%
VWO
3.6%

Communication Services

KEMX
2.9%
VWO
5.8%

Consumer Defensive

KEMX
2.6%
VWO
3.1%

Utilities

KEMX
1.7%
VWO
2.4%

Healthcare

KEMX
1.5%
VWO
3.4%

Real Estate

KEMX
1.0%
VWO
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

KraneShares MSCI Emerging Markets ex China Index ETF

Vanguard FTSE Emerging Markets ETF

Often compared with KEMX:
KEMX vs. XCEMKEMX vs. KLIPKEMX vs. KOKUKEMX vs. VOOKEMX vs. EMXCKEMX vs. SPYKEMX vs. XLU
Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX

Return for Risk

KEMX vs. VWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KEMX
KEMX Risk / Return Rank: 8787
Overall Rank
KEMX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
KEMX Sortino Ratio Rank: 8282
Sortino Ratio Rank
KEMX Omega Ratio Rank: 8787
Omega Ratio Rank
KEMX Calmar Ratio Rank: 8787
Calmar Ratio Rank
KEMX Martin Ratio Rank: 8787
Martin Ratio Rank
VWO
VWO Risk / Return Rank: 4949
Overall Rank
VWO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 4646
Sortino Ratio Rank
VWO Omega Ratio Rank: 4949
Omega Ratio Rank
VWO Calmar Ratio Rank: 5151
Calmar Ratio Rank
VWO Martin Ratio Rank: 5151
Martin Ratio Rank
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. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). 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.

KEMXVWODifference
Sharpe ratioReturn per unit of total volatility
2.84
1.60

+1.24

Sortino ratioReturn per unit of downside risk
3.38
2.22

+1.17

Omega ratioGain probability vs. loss probability

1.51

1.30

+0.20

Calmar ratioReturn relative to maximum drawdown

4.67

2.43

+2.24

Martin ratioReturn relative to average drawdown

17.76

8.56

+9.20

KEMX vs. VWO - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.84, which is higher than the VWO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of KEMX and VWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

KEMX vs. VWO - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for KEMX and VWO.

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Drawdown Indicators

KEMXVWODifference

Max Drawdown

Largest peak-to-trough decline

-38.80%

-67.68%

+28.88%

Max Drawdown (1Y)

Largest decline over 1 year

-15.36%

-11.17%

-4.19%

Max Drawdown (3Y)

Largest decline over 3 years

-19.62%

-17.37%

-2.25%

Max Drawdown (5Y)

Largest decline over 5 years

-30.85%

-32.60%

+1.75%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.39%

—

Current Drawdown

Current decline from peak

-5.69%

-3.07%

-2.62%

Average Drawdown

Average peak-to-trough decline

-8.82%

-15.79%

+6.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.03%

3.17%

+0.86%

Volatility

KEMX vs. VWO - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 13.52% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 7.37%. This indicates that KEMX's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KEMXVWODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.52%

7.37%

+6.15%

Volatility (6M)

Calculated over the trailing 6-month period

23.20%

14.62%

+8.58%

Volatility (1Y)

Calculated over the trailing 1-year period

25.26%

16.94%

+8.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.96%

17.58%

+1.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.33%

19.18%

+2.15%

KEMX vs. VWO - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is higher than VWO's 0.08% 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. VWO - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.37%, more than VWO's 2.33% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%0.00%
VWO
Vanguard FTSE Emerging Markets ETF		2.33%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

KEMX and VWO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KEMX has higher volatility (13.52%) compared to VWO (7.37%). In terms of maximum drawdown, KEMX dropped -38.80% vs VWO's -67.68%.

On 5-year performance, KEMX leads with 13.33% vs 5.09% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 7.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, KEMX has performed better with a 13.33% return vs 5.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VWO is cheaper with a 0.08% expense ratio, compared with 0.25% for KEMX.

KEMX has the higher dividend yield at 2.37%, compared with 2.33% for VWO.

KEMX is categorized as Foreign Large Cap Equities, while VWO is Emerging Markets Equities. KEMX tracks MSCI Emerging Markets ex China Index, while VWO tracks FTSE Emerging Index. They also come from different issuers: CICC and Vanguard. Their fees differ too: 0.25% for KEMX and 0.08% for VWO.

KEMX currently has the higher Sharpe Ratio (2.84 vs 1.60), 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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