PXF vs. KEMX

Last updated Jun 4, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both Foreign Large Cap Equities funds - PXF tracks the FTSE RAFI Developed Markets ex-U.S. Index while KEMX tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, PXF returned 13.47%/yr vs 13.52%/yr for KEMX. A 0.78 correlation means they provide meaningful diversification when combined. PXF charges 0.45%/yr vs 0.25%/yr for KEMX.

Performance

PXF vs. KEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) 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, PXF achieves a 20.42% return, which is significantly lower than KEMX's 42.26% return.

PXF

• 1D: -0.70%
• 1M: 6.92%
• YTD: 20.42%
• 6M: 24.34%
• 1Y: 44.15%
• 3Y*: 25.13%
• 5Y*: 13.47%
• 10Y*: 11.80%

KEMX

• 1D: -1.31%
• 1M: 13.02%
• YTD: 42.26%
• 6M: 47.92%
• 1Y: 79.97%
• 3Y*: 29.66%
• 5Y*: 13.52%
• 10Y*: —

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

PXF vs. KEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	20.42%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	4.76%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	42.26%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%

Correlation

The correlation between PXF and KEMX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.78

The correlation between PXF and KEMX has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

PXF vs. KEMX - Sectors Allocation Comparison

Sectors	PXF	KEMX
Financial Services	19.7%	20.7%
Industrials	15.1%	8.6%
Technology	11.4%	41.2%
Energy	10.6%	4.8%
Consumer Cyclical	10.2%	5.4%
Basic Materials	10.1%	8.2%
Healthcare	7.2%	1.7%
Consumer Defensive	6.1%	3.0%
Communication Services	4.3%	3.2%
Utilities	3.6%	2.0%
Real Estate	1.8%	1.2%

Return for Risk

PXF vs. KEMX — Risk / Return Rank

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

PXF

PXF Risk / Return Rank: 83
PXF Sharpe Ratio Rank: 87
PXF Sortino Ratio Rank: 84
PXF Omega Ratio Rank: 85
PXF Calmar Ratio Rank: 79
PXF Martin Ratio Rank: 79

KEMX

KEMX Risk / Return Rank: 91
KEMX Sharpe Ratio Rank: 93
KEMX Sortino Ratio Rank: 91
KEMX Omega Ratio Rank: 92
KEMX Calmar Ratio Rank: 88
KEMX Martin Ratio Rank: 90

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.

PXF vs. KEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) 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.

	PXF	KEMX	Difference
Sharpe ratio Return per unit of total volatility	2.92	3.59	-0.67
Sortino ratio Return per unit of downside risk	3.83	4.31	-0.48
Omega ratio Gain probability vs. loss probability	1.52	1.62	-0.09
Calmar ratio Return relative to maximum drawdown	4.07	5.24	-1.17
Martin ratio Return relative to average drawdown	15.61	20.86	-5.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXF vs. KEMX - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.92, which is comparable to the KEMX Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of PXF 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.

Sharpe Ratios by Period

	PXF	KEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	3.59	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.75	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.68	-0.44

Drawdowns

PXF vs. KEMX - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, which is greater than KEMX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for PXF and KEMX.

Drawdown Indicators

	PXF	KEMX	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-38.80%	-25.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-15.36%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-19.62%	+5.56%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-30.85%	+4.03%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	—	—
Current Drawdown Current decline from peak	-0.70%	-1.31%	+0.61%
Average Drawdown Average peak-to-trough decline	-15.27%	-8.86%	-6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	3.85%	-1.01%

Volatility

PXF vs. KEMX - Volatility Comparison

The current volatility for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) is 5.33%, while KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a volatility of 9.86%. This indicates that PXF 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

	PXF	KEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	9.86%	-4.53%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	19.90%	-7.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	22.40%	-7.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	18.21%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	20.94%	-2.90%

PXF vs. KEMX - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is higher than KEMX's 0.25% expense ratio.

Dividends

PXF vs. KEMX - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.07%, more than KEMX's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.31%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%	0.00%	0.00%	0.00%	0.00%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.07%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%

Frequently Asked Questions

Can I hold both PXF and KEMX in my portfolio?

PXF and KEMX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXF or KEMX?

KEMX has higher volatility (9.86%) compared to PXF (5.33%). In terms of maximum drawdown, PXF dropped -64.74% vs KEMX's -38.80%.

Which ETF is better, PXF or KEMX?

On 5-year performance, KEMX leads with 13.52% vs 13.47% for PXF. On fees, KEMX is cheaper at 0.25% per year. On volatility, PXF has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXF or KEMX?

Over the 5-year period, KEMX has performed better with a 13.52% return vs 13.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXF or KEMX?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.45% for PXF.

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

PXF has the higher dividend yield at 3.07%, compared with 2.31% for KEMX.

What is the main difference between PXF and KEMX?

PXF tracks FTSE RAFI Developed Markets ex-U.S. Index, while KEMX tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Invesco and CICC. Their fees differ too: 0.45% for PXF and 0.25% for KEMX.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (3.59 vs 2.92), 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.