KURE vs. KEMX

Last updated Jun 26, 2026

KURE (KraneShares MSCI All China Health Care Index ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both exchange-traded funds - KURE is a China Equities fund tracking the MSCI China All Shares Health Care 10/40 Index, while KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, KURE returned -16.64%/yr vs 13.57%/yr for KEMX. At a 0.37 correlation, their price movements are largely independent. KURE charges 0.65%/yr vs 0.25%/yr for KEMX.

Performance

KURE vs. KEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI All China Health Care Index ETF (KURE) and KraneShares MSCI Emerging Markets ex China Index ETF (KEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KURE achieves a -11.03% return, which is significantly lower than KEMX's 40.15% return.

KURE

• 1D: 0.40%
• 1M: -5.31%
• YTD: -11.03%
• 6M: -13.96%
• 1Y: -8.07%
• 3Y*: -3.44%
• 5Y*: -16.64%
• 10Y*: —

KEMX

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

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

KURE vs. KEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KURE KraneShares MSCI All China Health Care Index ETF	-11.03%	24.87%	-17.83%	-17.70%	-25.43%	-16.01%	68.97%	-0.08%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	40.15%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%

Correlation

The correlation between KURE and KEMX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.37

The correlation between KURE and KEMX shifts across timeframes, from 0.27 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

KURE vs. KEMX - Sectors Allocation Comparison

Sectors	KURE	KEMX
Healthcare	99.3%	1.5%
Consumer Defensive	0.7%	2.6%
Basic Materials	-	7.6%
Communication Services	-	2.9%
Consumer Cyclical	-	5.5%
Energy	-	4.0%
Financial Services	-	18.7%
Industrials	-	7.6%
Real Estate	-	1.0%
Technology	-	46.8%
Utilities	-	1.7%

Return for Risk

KURE vs. KEMX — Risk / Return Rank

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

KURE

KURE Risk / Return Rank: 7
KURE Sharpe Ratio Rank: 7
KURE Sortino Ratio Rank: 7
KURE Omega Ratio Rank: 6
KURE Calmar Ratio Rank: 7
KURE Martin Ratio Rank: 7

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

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.

KURE vs. KEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI All China Health Care Index ETF (KURE) 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.

	KURE	KEMX	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	2.74	-3.05
Sortino ratio: Return per unit of downside risk	-0.26	3.28	-3.55
Omega ratio: Gain probability vs. loss probability	0.97	1.49	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.26	4.49	-4.75
Martin ratio: Return relative to average drawdown	-0.54	16.95	-17.49

KURE vs. KEMX - Sharpe Ratio Comparison

The current KURE Sharpe Ratio is -0.31, which is lower than the KEMX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of KURE and KEMX, 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

KURE vs. KEMX - Drawdown Comparison

The maximum KURE drawdown since its inception was -68.53%, which is greater than KEMX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for KURE and KEMX.

Drawdown Indicators

	KURE	KEMX	Difference
Max Drawdown Largest peak-to-trough decline	-68.53%	-38.80%	-29.73%
Max Drawdown (1Y) Largest decline over 1 year	-30.88%	-15.36%	-15.52%
Max Drawdown (3Y) Largest decline over 3 years	-34.05%	-19.62%	-14.43%
Max Drawdown (5Y) Largest decline over 5 years	-67.94%	-30.85%	-37.09%
Current Drawdown Current decline from peak	-61.26%	-4.61%	-56.65%
Average Drawdown Average peak-to-trough decline	-38.22%	-8.82%	-29.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.85%	4.06%	+10.79%

Volatility

KURE vs. KEMX - Volatility Comparison

The current volatility for KraneShares MSCI All China Health Care Index ETF (KURE) is 7.54%, while KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a volatility of 12.89%. This indicates that KURE 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.

Volatility by Period

	KURE	KEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.54%	12.89%	-5.35%
Volatility (6M) Calculated over the trailing 6-month period	18.04%	23.20%	-5.16%
Volatility (1Y) Calculated over the trailing 1-year period	26.09%	25.17%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.85%	18.97%	+12.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.32%	21.33%	+10.99%

KURE vs. KEMX - Expense Ratio Comparison

KURE has a 0.65% expense ratio, which is higher than KEMX's 0.25% expense ratio.

Dividends

KURE vs. KEMX - Dividend Comparison

KURE's dividend yield for the trailing twelve months is around 4.71%, more than KEMX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%	0.00%
KURE KraneShares MSCI All China Health Care Index ETF	4.71%	4.19%	1.29%	0.65%	0.05%	14.12%	0.00%	0.25%	0.21%

Frequently Asked Questions

Can I hold both KURE and KEMX in my portfolio?

KURE and KEMX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KURE or KEMX?

KEMX has higher volatility (12.89%) compared to KURE (7.54%). In terms of maximum drawdown, KURE dropped -68.53% vs KEMX's -38.80%.

Which ETF is better, KURE or KEMX?

On 5-year performance, KEMX leads with 13.57% vs -16.64% for KURE. On fees, KEMX is cheaper at 0.25% per year. On volatility, KURE has been the lower-risk option at 7.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KURE or KEMX?

Over the 5-year period, KEMX has performed better with a 13.57% return vs -16.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KURE or KEMX?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.65% for KURE.

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

KURE has the higher dividend yield at 4.71%, compared with 2.34% for KEMX.

What is the main difference between KURE and KEMX?

KURE is categorized as China Equities, while KEMX is Foreign Large Cap Equities. KURE tracks MSCI China All Shares Health Care 10/40 Index, while KEMX tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.65% for KURE and 0.25% for KEMX.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (2.74 vs -0.31), 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.