KEMX vs. WNTR

Last updated Jun 26, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index, while WNTR is a Derivative Income fund actively managed by YieldMax. KEMX is passively managed, while WNTR is actively managed. Over the past year, KEMX returned 68.58% vs 115.98% for WNTR. At a correlation of -0.37, they often move in opposite directions. KEMX charges 0.25%/yr vs 1.01%/yr for WNTR.

Performance

KEMX vs. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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 WNTR's 17.65% return.

KEMX

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

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KEMX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	40.15%	34.47%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between KEMX and WNTR is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.37

Return for Risk

KEMX vs. WNTR — 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

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.74	2.20	+0.54
Sortino ratio: Return per unit of downside risk	3.28	2.46	+0.82
Omega ratio: Gain probability vs. loss probability	1.49	1.33	+0.16
Calmar ratio: Return relative to maximum drawdown	4.49	2.73	+1.75
Martin ratio: Return relative to average drawdown	16.95	6.99	+9.96

KEMX vs. WNTR - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.74, which is comparable to the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of KEMX and WNTR, 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. WNTR - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for KEMX and WNTR.

Drawdown Indicators

	KEMX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-42.65%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-42.65%	+27.29%
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%	-4.02%	-0.59%
Average Drawdown Average peak-to-trough decline	-8.82%	-20.87%	+12.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	16.66%	-12.60%

Volatility

KEMX vs. WNTR - Volatility Comparison

The current volatility for KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) is 12.89%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that KEMX experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.89%	18.14%	-5.25%
Volatility (6M) Calculated over the trailing 6-month period	23.20%	46.41%	-23.21%
Volatility (1Y) Calculated over the trailing 1-year period	25.17%	53.16%	-27.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	53.31%	-34.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	53.31%	-31.98%

KEMX vs. WNTR - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

KEMX vs. WNTR - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.34%, less than WNTR's 94.34% 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%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KEMX and WNTR in my portfolio?

KEMX and WNTR have a correlation of -0.37, 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 WNTR?

WNTR has higher volatility (18.14%) compared to KEMX (12.89%). In terms of maximum drawdown, KEMX dropped -38.80% vs WNTR's -42.65%.

Which ETF is better, KEMX or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 68.58% for KEMX. On fees, KEMX is cheaper at 0.25% per year. On volatility, KEMX has been the lower-risk option at 12.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 68.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or WNTR?

KEMX is cheaper with a 0.25% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 2.34% for KEMX.

What is the main difference between KEMX and WNTR?

KEMX is categorized as Foreign Large Cap Equities, while WNTR is Derivative Income. They also come from different issuers: CICC and YieldMax. Their fees differ too: 0.25% for KEMX and 1.01% for WNTR.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.74 vs 2.20), 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.