RFEM vs. KNG

Last updated Jun 4, 2026

RFEM (First Trust RiverFront Dynamic Emerging Markets ETF) and KNG (FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF) are both exchange-traded funds - RFEM is a Emerging Markets Equities fund actively managed by First Trust, while KNG is a Dividend fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. RFEM is actively managed, while KNG is passively managed. Over the past 5 years, RFEM returned 8.99%/yr vs 4.31%/yr for KNG. At a 0.49 correlation, their price movements are largely independent. RFEM charges 0.95%/yr vs 0.75%/yr for KNG.

Performance

RFEM vs. KNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) and FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFEM achieves a 21.66% return, which is significantly higher than KNG's 2.20% return.

RFEM

• 1D: -1.39%
• 1M: 4.27%
• YTD: 21.66%
• 6M: 23.54%
• 1Y: 45.49%
• 3Y*: 24.73%
• 5Y*: 8.99%
• 10Y*: —

KNG

• 1D: -0.04%
• 1M: 0.89%
• YTD: 2.20%
• 6M: 2.33%
• 1Y: 7.44%
• 3Y*: 7.06%
• 5Y*: 4.31%
• 10Y*: —

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

RFEM vs. KNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
RFEM First Trust RiverFront Dynamic Emerging Markets ETF	21.66%	27.71%	10.85%	20.78%	-19.05%	0.97%	8.19%	20.33%	-21.81%
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	2.20%	6.63%	5.99%	7.48%	-7.03%	24.78%	7.21%	26.64%	-0.84%

Correlation

The correlation between RFEM and KNG is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Mar 28, 2018	0.49

The correlation between RFEM and KNG shifts across timeframes, from 0.34 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

RFEM vs. KNG - Sectors Allocation Comparison

Sectors	RFEM	KNG
Technology	35.8%	4.3%
Financial Services	20.4%	12.7%
Consumer Cyclical	11.4%	5.5%
Industrials	7.9%	20.3%
Energy	6.6%	3.0%
Communication Services	5.7%	-
Basic Materials	4.0%	10.2%
Consumer Defensive	3.4%	23.5%
Healthcare	2.7%	10.1%
Utilities	1.4%	6.1%
Real Estate	0.7%	4.4%

Return for Risk

RFEM vs. KNG — Risk / Return Rank

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

RFEM

RFEM Risk / Return Rank: 81
RFEM Sharpe Ratio Rank: 83
RFEM Sortino Ratio Rank: 81
RFEM Omega Ratio Rank: 82
RFEM Calmar Ratio Rank: 78
RFEM Martin Ratio Rank: 81

KNG

KNG Risk / Return Rank: 20
KNG Sharpe Ratio Rank: 21
KNG Sortino Ratio Rank: 21
KNG Omega Ratio Rank: 19
KNG Calmar Ratio Rank: 20
KNG Martin Ratio Rank: 19

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.

RFEM vs. KNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) and FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). 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.

	RFEM	KNG	Difference
Sharpe ratio: Return per unit of total volatility	2.71	0.73	+1.98
Sortino ratio: Return per unit of downside risk	3.63	1.15	+2.48
Omega ratio: Gain probability vs. loss probability	1.49	1.13	+0.36
Calmar ratio: Return relative to maximum drawdown	3.92	0.87	+3.06
Martin ratio: Return relative to average drawdown	15.99	2.25	+13.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFEM vs. KNG - Sharpe Ratio Comparison

The current RFEM Sharpe Ratio is 2.71, which is higher than the KNG Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of RFEM and KNG, 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

	RFEM	KNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	0.73	+1.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.32	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.49	+0.03

Drawdowns

RFEM vs. KNG - Drawdown Comparison

The maximum RFEM drawdown since its inception was -42.22%, which is greater than KNG's maximum drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for RFEM and KNG.

Drawdown Indicators

	RFEM	KNG	Difference
Max Drawdown Largest peak-to-trough decline	-42.22%	-35.12%	-7.10%
Max Drawdown (1Y) Largest decline over 1 year	-11.65%	-8.61%	-3.04%
Max Drawdown (3Y) Largest decline over 3 years	-15.81%	-14.24%	-1.57%
Max Drawdown (5Y) Largest decline over 5 years	-34.73%	-18.20%	-16.53%
Current Drawdown Current decline from peak	-1.39%	-5.89%	+4.50%
Average Drawdown Average peak-to-trough decline	-11.98%	-4.13%	-7.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.32%	-0.47%

Volatility

RFEM vs. KNG - Volatility Comparison

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) has a higher volatility of 6.86% compared to FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) at 2.29%. This indicates that RFEM's price experiences larger fluctuations and is considered to be riskier than KNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFEM	KNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	2.29%	+4.57%
Volatility (6M) Calculated over the trailing 6-month period	14.37%	7.39%	+6.98%
Volatility (1Y) Calculated over the trailing 1-year period	16.85%	10.19%	+6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	13.59%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	17.18%	+2.63%

RFEM vs. KNG - Expense Ratio Comparison

RFEM has a 0.95% expense ratio, which is higher than KNG's 0.75% expense ratio.

Dividends

RFEM vs. KNG - Dividend Comparison

RFEM's dividend yield for the trailing twelve months is around 1.68%, less than KNG's 8.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	8.67%	8.61%	9.08%	5.91%	4.00%	3.45%	3.62%	4.09%	3.46%	0.00%	0.00%
RFEM First Trust RiverFront Dynamic Emerging Markets ETF	1.68%	1.98%	3.64%	3.28%	7.74%	3.21%	1.22%	3.75%	2.37%	1.62%	3.73%

Frequently Asked Questions

Can I hold both RFEM and KNG in my portfolio?

RFEM and KNG have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFEM or KNG?

RFEM has higher volatility (6.86%) compared to KNG (2.29%). In terms of maximum drawdown, RFEM dropped -42.22% vs KNG's -35.12%.

Which ETF is better, RFEM or KNG?

On 5-year performance, RFEM leads with 8.99% vs 4.31% for KNG. On fees, KNG is cheaper at 0.75% per year. On volatility, KNG has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFEM or KNG?

Over the 5-year period, RFEM has performed better with a 8.99% return vs 4.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFEM or KNG?

KNG is cheaper with a 0.75% expense ratio, compared with 0.95% for RFEM.

Which ETF pays a higher dividend yield, RFEM or KNG?

KNG has the higher dividend yield at 8.67%, compared with 1.68% for RFEM.

What is the main difference between RFEM and KNG?

RFEM is categorized as Emerging Markets Equities, while KNG is Dividend. Their fees differ too: 0.95% for RFEM and 0.75% for KNG.

Which has better risk-adjusted returns?

RFEM currently has the higher Sharpe Ratio (2.71 vs 0.73), 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.