XCEM vs. KEMX

Last updated Jun 23, 2026

XCEM (Columbia EM Core ex-China ETF) and KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) are both exchange-traded funds - XCEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, XCEM returned 13.15%/yr vs 14.85%/yr for KEMX. Their correlation of 0.93 suggests significant overlap in exposure. XCEM charges 0.16%/yr vs 0.25%/yr for KEMX.

Performance

XCEM vs. KEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia EM Core ex-China ETF (XCEM) 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, XCEM achieves a 43.27% return, which is significantly lower than KEMX's 46.93% return.

XCEM

• 1D: 0.26%
• 1M: 11.26%
• YTD: 43.27%
• 6M: 46.87%
• 1Y: 73.75%
• 3Y*: 27.69%
• 5Y*: 13.15%
• 10Y*: 13.36%

KEMX

• 1D: 0.63%
• 1M: 11.91%
• YTD: 46.93%
• 6M: 49.88%
• 1Y: 82.27%
• 3Y*: 30.89%
• 5Y*: 14.85%
• 10Y*: —

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

XCEM vs. KEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XCEM Columbia EM Core ex-China ETF	43.27%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	9.41%
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	46.93%	38.28%	0.36%	20.57%	-19.35%	10.55%	12.84%	7.93%

Correlation

The correlation between XCEM and KEMX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.93

The correlation between XCEM and KEMX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

XCEM vs. KEMX - Sectors Allocation Comparison

Sectors	XCEM	KEMX
Technology	37.1%	46.8%
Financial Services	22.8%	18.7%
Industrials	9.7%	7.6%
Basic Materials	6.4%	7.6%
Consumer Cyclical	6.3%	5.5%
Communication Services	4.2%	2.9%
Energy	3.8%	4.0%
Consumer Defensive	3.0%	2.6%
Healthcare	2.9%	1.5%
Utilities	1.9%	1.7%
Real Estate	1.8%	1.0%

Return for Risk

XCEM vs. KEMX — Risk / Return Rank

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

XCEM

XCEM Risk / Return Rank: 90
XCEM Sharpe Ratio Rank: 93
XCEM Sortino Ratio Rank: 89
XCEM Omega Ratio Rank: 91
XCEM Calmar Ratio Rank: 89
XCEM Martin Ratio Rank: 90

KEMX

KEMX Risk / Return Rank: 91
KEMX Sharpe Ratio Rank: 94
KEMX Sortino Ratio Rank: 90
KEMX Omega Ratio Rank: 92
KEMX Calmar Ratio Rank: 90
KEMX Martin Ratio Rank: 91

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.

XCEM vs. KEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia EM Core ex-China ETF (XCEM) 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.

	XCEM	KEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.17	3.37	-0.20
Sortino ratio: Return per unit of downside risk	3.88	3.97	-0.09
Omega ratio: Gain probability vs. loss probability	1.57	1.59	-0.01
Calmar ratio: Return relative to maximum drawdown	5.13	5.39	-0.26
Martin ratio: Return relative to average drawdown	19.88	20.56	-0.68

XCEM vs. KEMX - Sharpe Ratio Comparison

The current XCEM Sharpe Ratio is 3.17, which is comparable to the KEMX Sharpe Ratio of 3.37. The chart below compares the historical Sharpe Ratios of XCEM 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.

Drawdowns

XCEM vs. KEMX - Drawdown Comparison

The maximum XCEM drawdown since its inception was -41.24%, which is greater than KEMX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for XCEM and KEMX.

Drawdown Indicators

	XCEM	KEMX	Difference
Max Drawdown Largest peak-to-trough decline	-41.24%	-38.80%	-2.44%
Max Drawdown (1Y) Largest decline over 1 year	-14.46%	-15.36%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-19.62%	+0.70%
Max Drawdown (5Y) Largest decline over 5 years	-29.57%	-30.85%	+1.28%
Max Drawdown (10Y) Largest decline over 10 years	-41.24%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.57%	-8.82%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	4.02%	-0.30%

Volatility

XCEM vs. KEMX - Volatility Comparison

Columbia EM Core ex-China ETF (XCEM) and KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) have volatilities of 12.12% and 11.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCEM	KEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.12%	11.91%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	21.53%	22.38%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	24.60%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	18.78%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	21.23%	-1.32%

XCEM vs. KEMX - Expense Ratio Comparison

XCEM has a 0.16% expense ratio, which is lower than KEMX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XCEM vs. KEMX - Dividend Comparison

XCEM's dividend yield for the trailing twelve months is around 2.27%, more than KEMX's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KEMX KraneShares MSCI Emerging Markets ex China Index ETF	2.23%	3.28%	3.39%	2.00%	4.10%	4.79%	1.69%	2.77%	0.00%	0.00%	0.00%	0.00%
XCEM Columbia EM Core ex-China ETF	2.27%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both XCEM and KEMX in my portfolio?

With a correlation of 0.95, XCEM and KEMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XCEM or KEMX?

XCEM has higher volatility (12.12%) compared to KEMX (11.91%). In terms of maximum drawdown, XCEM dropped -41.24% vs KEMX's -38.80%.

Which ETF is better, XCEM or KEMX?

On 5-year performance, KEMX leads with 14.85% vs 13.15% for XCEM. On fees, XCEM is cheaper at 0.16% per year. On volatility, KEMX has been the lower-risk option at 11.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCEM or KEMX?

Over the 5-year period, KEMX has performed better with a 14.85% return vs 13.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCEM or KEMX?

XCEM is cheaper with a 0.16% expense ratio, compared with 0.25% for KEMX.

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

XCEM has the higher dividend yield at 2.27%, compared with 2.23% for KEMX.

What is the main difference between XCEM and KEMX?

XCEM is categorized as Emerging Markets Equities, while KEMX is Foreign Large Cap Equities. Both ETFs track MSCI Emerging Markets ex China Index. They also come from different issuers: Ameriprise Financial and CICC. Their fees differ too: 0.16% for XCEM and 0.25% for KEMX.

Which has better risk-adjusted returns?

KEMX currently has the higher Sharpe Ratio (3.37 vs 3.17), 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.