KEMX vs. XCEM

Last updated Jun 24, 2026

KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and XCEM (Columbia EM Core 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 XCEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, KEMX returned 13.33%/yr vs 11.50%/yr for XCEM. Their correlation of 0.93 suggests significant overlap in exposure. KEMX charges 0.25%/yr vs 0.16%/yr for XCEM.

Performance

KEMX vs. XCEM - 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 Columbia EM Core ex-China ETF (XCEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KEMX achieves a 38.57% return, which is significantly higher than XCEM's 34.20% return.

KEMX

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

XCEM

• 1D: -6.33%
• 1M: 4.21%
• YTD: 34.20%
• 6M: 36.41%
• 1Y: 61.17%
• 3Y*: 24.94%
• 5Y*: 11.50%
• 10Y*: 12.62%

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

KEMX vs. XCEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%
XCEM Columbia EM Core ex-China ETF	34.20%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	9.41%

Correlation

The correlation between KEMX and XCEM 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.93

The correlation between KEMX and XCEM has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

KEMX vs. XCEM - Sectors Allocation Comparison

Sectors	KEMX	XCEM
Technology	46.8%	37.1%
Financial Services	18.7%	22.8%
Industrials	7.6%	9.7%
Basic Materials	7.6%	6.4%
Consumer Cyclical	5.5%	6.3%
Energy	4.0%	3.8%
Communication Services	2.9%	4.2%
Consumer Defensive	2.6%	3.0%
Utilities	1.7%	1.9%
Healthcare	1.5%	2.9%
Real Estate	1.0%	1.8%

Return for Risk

KEMX vs. XCEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KEMX

KEMX Risk / Return Rank: 87
KEMX Sharpe Ratio Rank: 90
KEMX Sortino Ratio Rank: 82
KEMX Omega Ratio Rank: 87
KEMX Calmar Ratio Rank: 87
KEMX Martin Ratio Rank: 87

XCEM

XCEM Risk / Return Rank: 82
XCEM Sharpe Ratio Rank: 83
XCEM Sortino Ratio Rank: 74
XCEM Omega Ratio Rank: 83
XCEM Calmar Ratio Rank: 83
XCEM Martin Ratio Rank: 84

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. XCEM - 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 Columbia EM Core ex-China ETF (XCEM). 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	XCEM	Difference
Sharpe ratio: Return per unit of total volatility	2.84	2.53	+0.31
Sortino ratio: Return per unit of downside risk	3.38	3.12	+0.26
Omega ratio: Gain probability vs. loss probability	1.51	1.47	+0.03
Calmar ratio: Return relative to maximum drawdown	4.67	4.25	+0.42
Martin ratio: Return relative to average drawdown	17.76	16.39	+1.37

KEMX vs. XCEM - Sharpe Ratio Comparison

The current KEMX Sharpe Ratio is 2.84, which is comparable to the XCEM Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of KEMX and XCEM, 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. XCEM - Drawdown Comparison

The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum XCEM drawdown of -41.24%. Use the drawdown chart below to compare losses from any high point for KEMX and XCEM.

Drawdown Indicators

	KEMX	XCEM	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-41.24%	+2.44%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-14.46%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-18.92%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	-29.57%	-1.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.24%	—
Current Drawdown Current decline from peak	-5.69%	-6.33%	+0.64%
Average Drawdown Average peak-to-trough decline	-8.82%	-8.57%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	3.74%	+0.29%

Volatility

KEMX vs. XCEM - Volatility Comparison

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) and Columbia EM Core ex-China ETF (XCEM) have volatilities of 13.52% and 14.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEMX	XCEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.52%	14.01%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	23.20%	22.56%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	25.26%	24.28%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	18.60%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	19.94%	+1.39%

KEMX vs. XCEM - Expense Ratio Comparison

KEMX has a 0.25% expense ratio, which is higher than XCEM's 0.16% 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. XCEM - Dividend Comparison

KEMX's dividend yield for the trailing twelve months is around 2.37%, less than XCEM's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XCEM Columbia EM Core ex-China ETF	2.42%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both KEMX and XCEM in my portfolio?

With a correlation of 0.96, KEMX and XCEM 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.

Which is riskier, KEMX or XCEM?

XCEM has higher volatility (14.01%) compared to KEMX (13.52%). In terms of maximum drawdown, KEMX dropped -38.80% vs XCEM's -41.24%.

Which ETF is better, KEMX or XCEM?

On 5-year performance, KEMX leads with 13.33% vs 11.50% for XCEM. On fees, XCEM is cheaper at 0.16% per year. On volatility, KEMX has been the lower-risk option at 13.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KEMX or XCEM?

Over the 5-year period, KEMX has performed better with a 13.33% return vs 11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KEMX or XCEM?

XCEM is cheaper with a 0.16% expense ratio, compared with 0.25% for KEMX.

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

XCEM has the higher dividend yield at 2.42%, compared with 2.37% for KEMX.

What is the main difference between KEMX and XCEM?

KEMX is categorized as Foreign Large Cap Equities, while XCEM is Emerging Markets Equities. Both ETFs track MSCI Emerging Markets ex China Index. They also come from different issuers: CICC and Ameriprise Financial. Their fees differ too: 0.25% for KEMX and 0.16% for XCEM.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.84 vs 2.53), 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.