KOKU vs. KEMX
KOKU (Xtrackers MSCI Kokusai Equity ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both exchange-traded funds - KOKU is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index (World ex Japan), while KEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, KOKU returned 11.65%/yr vs 12.35%/yr for KEMX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. KOKU charges 0.09%/yr vs 0.25%/yr for KEMX.
Performance
KOKU vs. KEMX - Performance Comparison
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Returns By Period
In the year-to-date period, KOKU achieves a 10.22% return, which is significantly lower than KEMX's 29.19% return.
KOKU
- 1D
- 0.54%
- 1M
- 1.81%
- 6M
- 8.30%
- YTD
- 10.22%
- 1Y
- 21.94%
- 3Y*
- 18.77%
- 5Y*
- 11.65%
- 10Y*
- —
- ALL TIME*
- 18.28%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $479.51K | $502.15K | $570.21K | |
| $13.64K | $42.79K | $42.71K |
KOKU vs. KEMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KOKU Xtrackers MSCI Kokusai Equity ETF | 10.22% | 21.45% | 19.45% | 24.23% | -17.83% | 23.84% | 42.72% |
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 29.19% | 38.28% | 0.36% | 20.57% | -19.35% | 10.55% | 58.30% |
Correlation
The correlation between KOKU and KEMX is 0.73, 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. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020 | 0.73 |
The correlation between KOKU and KEMX has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
KOKU vs. KEMX — Risk / Return Rank
KOKU
KEMX
KOKU vs. KEMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Kokusai Equity ETF (KOKU) and KraneShares MSCI Emerging Markets ex China Index ETF (KEMX). 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.
| KOKU | KEMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.36 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 3.37 | -1.12 |
| Martin ratioReturn relative to average drawdown | 9.55 | 10.68 | -1.13 |
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Drawdowns
KOKU vs. KEMX - Drawdown Comparison
The maximum KOKU drawdown since its inception was -25.77%, smaller than the maximum KEMX drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for KOKU and KEMX.
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Drawdown Indicators
| KOKU | KEMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.77% | -38.80% | +13.03% |
Max Drawdown (1Y)Largest decline over 1 year | -9.04% | -16.11% | +7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -17.73% | -19.62% | +1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -25.77% | -30.85% | +5.08% |
Current DrawdownCurrent decline from peak | -0.34% | -12.07% | +11.73% |
Average DrawdownAverage peak-to-trough decline | -4.75% | -8.82% | +4.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 5.07% | -2.94% |
Volatility
KOKU vs. KEMX - Volatility Comparison
The current volatility for Xtrackers MSCI Kokusai Equity ETF (KOKU) is 3.00%, while KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a volatility of 9.57%. This indicates that KOKU experiences smaller price fluctuations and is considered to be less risky than KEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOKU | KEMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.00% | 9.57% | -6.57% |
Volatility (6M)Calculated over the trailing 6-month period | 10.22% | 24.95% | -14.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 26.95% | -14.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.48% | 19.41% | -2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.74% | 21.51% | -4.77% |
KOKU vs. KEMX - Expense Ratio Comparison
KOKU has a 0.09% expense ratio, which is lower than KEMX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
KOKU vs. KEMX - Dividend Comparison
KOKU's dividend yield for the trailing twelve months is around 1.42%, less than KEMX's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
KOKU Xtrackers MSCI Kokusai Equity ETF | 1.42% | 1.48% | 1.63% | 1.76% | 1.98% | 1.89% | 0.55% | 0.00% |
Frequently Asked Questions
KOKU and KEMX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KEMX has higher volatility (9.57%) compared to KOKU (3.00%). In terms of maximum drawdown, KOKU dropped -25.77% vs KEMX's -38.80%.
On 5-year performance, KEMX leads with 12.35% vs 11.65% for KOKU. On fees, KOKU is cheaper at 0.09% per year. On volatility, KOKU has been the lower-risk option at 3.00%. 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 12.35% return vs 11.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOKU is cheaper with a 0.09% expense ratio, compared with 0.25% for KEMX.
KEMX has the higher dividend yield at 2.54%, compared with 1.42% for KOKU.
KOKU is categorized as Large Cap Growth Equities, while KEMX is Emerging Markets Equities. KOKU tracks MSCI Kokusai Index (World ex Japan), while KEMX tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Deutsche Bank and CICC. Their fees differ too: 0.09% for KOKU and 0.25% for KEMX.
KEMX currently has the higher Sharpe Ratio (2.01 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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