PXH vs. KEMQ

Last updated Jun 4, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and KEMQ (KraneShares Emerging Markets Consumer Technology Index ETF) are both Emerging Markets Equities funds - PXH tracks the FTSE RAFI Emerging Markets Index while KEMQ tracks the Solactive Emerging Markets Consumer Technology Index. Both are passively managed. Over the past 5 years, PXH returned 9.00%/yr vs -2.87%/yr for KEMQ. A 0.80 correlation means they provide meaningful diversification when combined. PXH charges 0.50%/yr vs 0.60%/yr for KEMQ.

Performance

PXH vs. KEMQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXH achieves a 14.63% return, which is significantly higher than KEMQ's 6.99% return.

PXH

• 1D: -1.63%
• 1M: 3.38%
• YTD: 14.63%
• 6M: 15.56%
• 1Y: 36.41%
• 3Y*: 22.02%
• 5Y*: 9.00%
• 10Y*: 10.81%

KEMQ

• 1D: -2.81%
• 1M: 7.12%
• YTD: 6.99%
• 6M: 8.35%
• 1Y: 36.95%
• 3Y*: 24.42%
• 5Y*: -2.87%
• 10Y*: —

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

PXH vs. KEMQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXH Invesco FTSE RAFI Emerging Markets ETF	14.63%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	2.58%
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF	6.99%	56.28%	13.81%	0.77%	-38.09%	-27.31%	39.26%	28.26%	-25.52%	1.88%

Correlation

The correlation between PXH and KEMQ is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017	0.80

The correlation between PXH and KEMQ has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

PXH vs. KEMQ - Sectors Allocation Comparison

Sectors	PXH	KEMQ
Financial Services	25.8%	-
Technology	19.9%	45.0%
Energy	13.0%	-
Basic Materials	12.1%	-
Consumer Cyclical	10.7%	33.0%
Communication Services	6.2%	15.5%
Industrials	4.6%	-
Consumer Defensive	2.8%	0.4%
Utilities	2.4%	-
Real Estate	1.7%	-
Healthcare	0.9%	3.5%

Return for Risk

PXH vs. KEMQ — Risk / Return Rank

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

PXH

PXH Risk / Return Rank: 71
PXH Sharpe Ratio Rank: 72
PXH Sortino Ratio Rank: 69
PXH Omega Ratio Rank: 72
PXH Calmar Ratio Rank: 71
PXH Martin Ratio Rank: 71

KEMQ

KEMQ Risk / Return Rank: 36
KEMQ Sharpe Ratio Rank: 40
KEMQ Sortino Ratio Rank: 38
KEMQ Omega Ratio Rank: 38
KEMQ Calmar Ratio Rank: 34
KEMQ Martin Ratio Rank: 31

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.

PXH vs. KEMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ). 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.

	PXH	KEMQ	Difference
Sharpe ratio Return per unit of total volatility	2.39	1.42	+0.97
Sortino ratio Return per unit of downside risk	3.20	2.00	+1.20
Omega ratio Gain probability vs. loss probability	1.43	1.25	+0.18
Calmar ratio Return relative to maximum drawdown	3.57	1.69	+1.88
Martin ratio Return relative to average drawdown	13.29	4.52	+8.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXH vs. KEMQ - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.39, which is higher than the KEMQ Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of PXH and KEMQ, 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

	PXH	KEMQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.42	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	-0.09	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.06	+0.08

Drawdowns

PXH vs. KEMQ - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, smaller than the maximum KEMQ drawdown of -70.72%. Use the drawdown chart below to compare losses from any high point for PXH and KEMQ.

Drawdown Indicators

	PXH	KEMQ	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-70.72%	+7.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-21.94%	+11.70%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-21.94%	+4.22%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-66.02%	+36.43%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	—	—
Current Drawdown Current decline from peak	-1.63%	-28.14%	+26.51%
Average Drawdown Average peak-to-trough decline	-16.86%	-35.69%	+18.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	8.20%	-5.45%

Volatility

PXH vs. KEMQ - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 5.43%, while KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ) has a volatility of 10.09%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than KEMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	KEMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	10.09%	-4.66%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	20.87%	-8.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	26.14%	-10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	31.88%	-14.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	29.58%	-9.51%

PXH vs. KEMQ - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is lower than KEMQ's 0.60% expense ratio.

Dividends

PXH vs. KEMQ - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.43%, less than KEMQ's 4.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF	4.92%	5.27%	0.73%	0.29%	0.00%	0.28%	2.28%	1.76%	0.00%	0.00%	0.00%	0.00%
PXH Invesco FTSE RAFI Emerging Markets ETF	3.43%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%

Frequently Asked Questions

Can I hold both PXH and KEMQ in my portfolio?

PXH and KEMQ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXH or KEMQ?

KEMQ has higher volatility (10.09%) compared to PXH (5.43%). In terms of maximum drawdown, PXH dropped -63.63% vs KEMQ's -70.72%.

Which ETF is better, PXH or KEMQ?

On 5-year performance, PXH leads with 9.00% vs -2.87% for KEMQ. On fees, PXH is cheaper at 0.50% per year. On volatility, PXH has been the lower-risk option at 5.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or KEMQ?

Over the 5-year period, PXH has performed better with a 9.00% return vs -2.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or KEMQ?

PXH is cheaper with a 0.50% expense ratio, compared with 0.60% for KEMQ.

Which ETF pays a higher dividend yield, PXH or KEMQ?

KEMQ has the higher dividend yield at 4.92%, compared with 3.43% for PXH.

What is the main difference between PXH and KEMQ?

PXH tracks FTSE RAFI Emerging Markets Index, while KEMQ tracks Solactive Emerging Markets Consumer Technology Index. They also come from different issuers: Invesco and CICC. Their fees differ too: 0.50% for PXH and 0.60% for KEMQ.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (2.39 vs 1.42), 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.