REFA vs. KEMX

Last updated Jul 4, 2026

REFA (Columbia Research Enhanced International Equity ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both Foreign Large Cap Equities funds - REFA tracks the Beta Advantage Research Enhanced International Equity Index while KEMX tracks the MSCI Emerging Markets ex China Index. Both are passively managed. A 0.76 correlation means they provide meaningful diversification when combined. REFA charges 0.32%/yr vs 0.25%/yr for KEMX.

Performance

REFA vs. KEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Research Enhanced International Equity ETF (REFA) 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, REFA achieves a 11.14% return, which is significantly lower than KEMX's 35.75% return.

REFA

• 1D: 1.35%
• 1M: 2.81%
• 6M: 9.75%
• YTD: 11.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KEMX

• 1D: -0.88%
• 1M: -4.57%
• 6M: 32.79%
• YTD: 35.75%
• 1Y: 58.22%
• 3Y*: 26.70%
• 5Y*: 13.03%
• 10Y*: —

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

REFA vs. KEMX - Yearly Performance Comparison

	2026 (YTD)	2025
REFA Columbia Research Enhanced International Equity ETF	11.14%	0.33%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	35.75%	1.92%

Correlation

The correlation between REFA and KEMX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.76

Return for Risk

REFA vs. KEMX — Risk / Return Rank

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

REFA

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

KEMX

KEMX Risk / Return Rank: 85
KEMX Sharpe Ratio Rank: 88
KEMX Sortino Ratio Rank: 79
KEMX Omega Ratio Rank: 85
KEMX Calmar Ratio Rank: 86
KEMX Martin Ratio Rank: 86

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.

REFA vs. KEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) 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.

	REFA	KEMX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.35	—
Sortino ratio: Return per unit of downside risk	—	2.90	—
Omega ratio: Gain probability vs. loss probability	—	1.42	—
Calmar ratio: Return relative to maximum drawdown	—	3.90	—
Martin ratio: Return relative to average drawdown	—	14.43	—

Drawdowns

REFA vs. KEMX - Drawdown Comparison

The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum KEMX drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for REFA and KEMX.

Drawdown Indicators

	REFA	KEMX	Difference
Max Drawdown Largest peak-to-trough decline	-11.23%	-38.80%	+27.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.36%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.85%	—
Current Drawdown Current decline from peak	-0.36%	-7.60%	+7.24%
Average Drawdown Average peak-to-trough decline	-2.79%	-8.81%	+6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.14%	—

Volatility

Volatility by Period

	REFA	KEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	25.48%	-6.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	19.04%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	21.35%	-2.74%

REFA vs. KEMX - Expense Ratio Comparison

REFA has a 0.32% expense ratio, which is higher than KEMX's 0.25% expense ratio.

Dividends

REFA vs. KEMX - Dividend Comparison

REFA's dividend yield for the trailing twelve months is around 0.03%, less than KEMX's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.42%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%
REFA Columbia Research Enhanced International Equity ETF	0.03%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both REFA and KEMX in my portfolio?

REFA and KEMX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, REFA or KEMX?

On fees, KEMX is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, REFA or KEMX?

KEMX is cheaper with a 0.25% expense ratio, compared with 0.32% for REFA.

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

KEMX has the higher dividend yield at 2.42%, compared with 0.03% for REFA.

What is the main difference between REFA and KEMX?

REFA tracks Beta Advantage Research Enhanced International Equity Index, while KEMX tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Columbia Threadneedle and CICC. Their fees differ too: 0.32% for REFA and 0.25% for KEMX.