KPHO vs. RNEM

Last updated Jul 17, 2026

KPHO (KraneShares Dragon Capital Vietnam Growth Index ETF) and RNEM (First Trust Emerging Markets Equity Select ETF) are both Emerging Markets Equities funds - KPHO tracks the Dragon Capital Merqube Vietnam Growth Index while RNEM tracks the Nasdaq Riskalyze Emerging Markets Equity Select Index. Both are passively managed. At a 0.42 correlation, their price movements are largely independent. KPHO charges 1.03%/yr vs 0.75%/yr for RNEM.

Performance

KPHO vs. RNEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO) and First Trust Emerging Markets Equity Select ETF (RNEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPHO achieves a -9.36% return, which is significantly lower than RNEM's 1.18% return.

KPHO

• 1D: -0.10%
• 1M: -4.59%
• 6M: -12.57%
• YTD: -9.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RNEM

• 1D: -0.18%
• 1M: -0.16%
• 6M: -0.69%
• YTD: 1.18%
• 1Y: 3.25%
• 3Y*: 5.95%
• 5Y*: 5.15%
• 10Y*: —

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

KPHO vs. RNEM - Yearly Performance Comparison

	2026 (YTD)	2025
KPHO KraneShares Dragon Capital Vietnam Growth Index ETF	-9.36%	9.46%
RNEM First Trust Emerging Markets Equity Select ETF	1.18%	0.53%

Correlation

The correlation between KPHO and RNEM is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.42

Return for Risk

KPHO vs. RNEM — Risk / Return Rank

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

KPHO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

RNEM

RNEM Risk / Return Rank: 13
RNEM Sharpe Ratio Rank: 14
RNEM Sortino Ratio Rank: 13
RNEM Omega Ratio Rank: 12
RNEM Calmar Ratio Rank: 14
RNEM Martin Ratio Rank: 14

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.

KPHO vs. RNEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO) and First Trust Emerging Markets Equity Select ETF (RNEM). 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.

	KPHO	RNEM	Difference
Sharpe ratio: Return per unit of total volatility	—	0.26	—
Sortino ratio: Return per unit of downside risk	—	0.46	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	0.30	—
Martin ratio: Return relative to average drawdown	—	0.81	—

Drawdowns

KPHO vs. RNEM - Drawdown Comparison

The maximum KPHO drawdown since its inception was -14.37%, smaller than the maximum RNEM drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for KPHO and RNEM.

Drawdown Indicators

	KPHO	RNEM	Difference
Max Drawdown Largest peak-to-trough decline	-14.37%	-38.38%	+24.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.71%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.41%	—
Current Drawdown Current decline from peak	-14.37%	-4.94%	-9.43%
Average Drawdown Average peak-to-trough decline	-6.83%	-9.25%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.02%	—

Volatility

Volatility by Period

	KPHO	RNEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	26.87%	12.50%	+14.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.87%	14.48%	+12.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.87%	17.17%	+9.70%

KPHO vs. RNEM - Expense Ratio Comparison

KPHO has a 1.03% expense ratio, which is higher than RNEM's 0.75% expense ratio.

Dividends

KPHO vs. RNEM - Dividend Comparison

KPHO's dividend yield for the trailing twelve months is around 11.47%, more than RNEM's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KPHO KraneShares Dragon Capital Vietnam Growth Index ETF	11.47%	10.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RNEM First Trust Emerging Markets Equity Select ETF	2.35%	2.75%	3.45%	1.63%	2.99%	3.20%	3.01%	2.85%	2.85%	2.28%

Frequently Asked Questions

Can I hold both KPHO and RNEM in my portfolio?

KPHO and RNEM have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KPHO or RNEM?

On fees, RNEM is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KPHO or RNEM?

RNEM is cheaper with a 0.75% expense ratio, compared with 1.03% for KPHO.

Which ETF pays a higher dividend yield, KPHO or RNEM?

KPHO has the higher dividend yield at 11.47%, compared with 2.35% for RNEM.

What is the main difference between KPHO and RNEM?

KPHO tracks Dragon Capital Merqube Vietnam Growth Index, while RNEM tracks Nasdaq Riskalyze Emerging Markets Equity Select Index. They also come from different issuers: KraneShares and First Trust. Their fees differ too: 1.03% for KPHO and 0.75% for RNEM.