PIEQ vs. KEMX
PIEQ (Principal International Equity ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both exchange-traded funds - PIEQ is a Foreign Large Cap Equities fund actively managed by Principal, while KEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. PIEQ is actively managed, while KEMX is passively managed. Over the past year, PIEQ returned 27.27% vs 54.76% for KEMX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. PIEQ charges 0.48%/yr vs 0.25%/yr for KEMX.
Performance
PIEQ vs. KEMX - Performance Comparison
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Returns By Period
In the year-to-date period, PIEQ achieves a 10.07% return, which is significantly lower than KEMX's 29.19% return.
PIEQ
- 1D
- -0.55%
- 1M
- 2.25%
- 6M
- 5.01%
- YTD
- 10.07%
- 1Y
- 27.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 25.17%
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 | |
| $1.59M | $1.39M | $4.05M |
PIEQ vs. KEMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PIEQ Principal International Equity ETF | 10.07% | 38.10% | -2.98% |
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 29.19% | 38.28% | -6.74% |
Correlation
The correlation between PIEQ and KEMX is 0.79, 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. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024 | 0.76 |
The correlation between PIEQ and KEMX has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.
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Return for Risk
PIEQ vs. KEMX — Risk / Return Rank
PIEQ
KEMX
PIEQ vs. KEMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal International Equity ETF (PIEQ) 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.
| PIEQ | KEMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.36 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 3.37 | -0.57 |
| Martin ratioReturn relative to average drawdown | 10.22 | 10.68 | -0.46 |
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Drawdowns
PIEQ vs. KEMX - Drawdown Comparison
The maximum PIEQ drawdown since its inception was -15.17%, smaller than the maximum KEMX drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for PIEQ and KEMX.
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Drawdown Indicators
| PIEQ | KEMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.17% | -38.80% | +23.63% |
Max Drawdown (1Y)Largest decline over 1 year | -9.53% | -16.11% | +6.58% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.62% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.85% | — |
Current DrawdownCurrent decline from peak | -0.87% | -12.07% | +11.20% |
Average DrawdownAverage peak-to-trough decline | -2.00% | -8.82% | +6.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 5.07% | -2.47% |
Volatility
PIEQ vs. KEMX - Volatility Comparison
The current volatility for Principal International Equity ETF (PIEQ) is 4.74%, while KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a volatility of 9.57%. This indicates that PIEQ 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
| PIEQ | KEMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 9.57% | -4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 15.19% | 24.95% | -9.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.37% | 26.95% | -9.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.69% | 19.41% | -1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 21.51% | -3.82% |
PIEQ vs. KEMX - Expense Ratio Comparison
PIEQ has a 0.48% expense ratio, which is higher than KEMX's 0.25% expense ratio.
Dividends
PIEQ vs. KEMX - Dividend Comparison
PIEQ's dividend yield for the trailing twelve months is around 1.17%, 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% |
PIEQ Principal International Equity ETF | 1.17% | 1.28% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PIEQ and KEMX have a correlation of 0.79, 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 PIEQ (4.74%). In terms of maximum drawdown, PIEQ dropped -15.17% vs KEMX's -38.80%.
On 1-year performance, KEMX leads with 54.76% vs 27.27% for PIEQ. On fees, KEMX is cheaper at 0.25% per year. On volatility, PIEQ has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KEMX has performed better with a 54.76% return vs 27.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KEMX is cheaper with a 0.25% expense ratio, compared with 0.48% for PIEQ.
KEMX has the higher dividend yield at 2.54%, compared with 1.17% for PIEQ.
PIEQ is categorized as Foreign Large Cap Equities, while KEMX is Emerging Markets Equities. They also come from different issuers: Principal and CICC. Their fees differ too: 0.48% for PIEQ and 0.25% for KEMX.
KEMX currently has the higher Sharpe Ratio (2.01 vs 1.54), 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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