KraneShares MSCI Emerging Markets ex China ETF (KEMX) Performance
KEMX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +29.2% since Dec 31, 2025
- 1 year
- +36.1% total return
- 5 years
- +12.1% a year
- Since first price
- +12.0% a year since 2019
KEMX trailing returns vs SPY, QQQ, AGG
| Period | KEMX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −7.4% | −7.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.0% | −2.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.0% | +6.0% | +7.8% | +8.4% | −1.5% |
| YTD | +29.2% | +29.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +36.1% | +31.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +106.1%+27.3%/yr | +89.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +76.7%+12.1%/yr | +48.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionApr 12, 2019 | +134.7%+12.0%/yr | +89.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: KEMX vs SPY
From Apr 12, 2019: KEMX grew to $23,472, SPY to $29,222.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
KEMX returns by calendar year
5 of 6 full years positive. Best 2025 (+38.3%), worst 2022 (−19.3%). 2026 is year to date.
KEMX annual returns table
| Year | KEMX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +29.2% | −16.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +38.3% | −13.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +0.4% | −11.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +20.6% | −10.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −19.3% | −30.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +10.5% | −7.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +12.8% | −38.8% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
KEMX largest drawdowns
Now 12.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 17, 2020 | −38.8% | Mar 23, 2020 | Nov 23, 2020 | 2 months | 10 months |
| Jan 12, 2022 | −30.8% | Sep 30, 2022 | Jul 3, 2024 | 9 months | 2.5 years |
| Sep 26, 2024 | −19.6% | Apr 8, 2025 | Jun 9, 2025 | 6 months | 8 months |
| Jun 22, 2026 | −16.1% | Jul 29, 2026 | not yet | 37 days | 4 months so far |
| Feb 25, 2026 | −15.4% | Mar 30, 2026 | Apr 17, 2026 | 33 days | 51 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
KEMX risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +29.6% | +13.9% | +13.3% |
| Volatility (annualized) | 19.1% | 19.4% | 20.5% |
| Sharpe ratio | 1.23 | 0.59 | 0.59 |
| Sortino ratio | 2.42 | 0.97 | 0.91 |
| Best month | +15.0% | +15.0% | +15.0% |
| Worst month | −11.1% | −11.1% | −20.5% |
| Best 12 months | +77.7% | +77.7% | +77.7% |
| Worst 12 months | −1.9% | −26.0% | −26.0% |
| Positive months | 67% | 60% | 62% |
| Beta vs S&P 500 | 0.96 | 0.89 | — |
| Correlation with S&P 500 | 0.63 | 0.72 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
KEMX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 79 | −26.0% | +11.7% | +77.7% | 73% |
| 3-year (a year) | 55 | −0.8% | +5.8% | +30.1% | 93% |
| 5-year (a year) | 31 | +4.0% | +9.9% | +14.0% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
KEMX performance overview
KraneShares MSCI Emerging Markets ex China ETF (KEMX) returned +36.1% over the past year and +12.1% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +12.0% a year, turning $10,000 into about $23,472. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −38.8%, from Jan 17, 2020 to Mar 23, 2020, and it took 8 months to get back to the old high. KEMX finished 5 of its 6 full calendar years with a gain; the best year was 2025 (+38.3%) and the worst 2022 (−19.3%). Volatility has been 20.5% a year.
Related: KEMX chart, KEMX holdings, KEMX dividends. See the KEMX overview for the latest quote and fund facts.
KEMX performance FAQ
What is the KEMX return over the past year?
KEMX returned +36.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 31.7%.
What is the average annual return of KEMX?
KEMX has returned +12.1% a year over 5 years, +12.0% a year since April 12, 2019 (total return, distributions reinvested).
How much would $10,000 invested in KEMX be worth?
$10,000 invested in KEMX at its first recorded close on April 12, 2019 would be worth about $23,472 on October 23, 2026 with distributions reinvested.
What was the worst year for KEMX?
The worst calendar year was 2022, with a total return of −19.3%. The best was 2025 at +38.3%.
What is the biggest drawdown of KEMX?
The largest peak-to-trough decline was −38.8% between January 17, 2020 and March 23, 2020. It recovered to the old high on November 23, 2020, 8 months after the bottom.
How volatile is KEMX?
Over the past 3 years KEMX had an annualized volatility of 19.1% and a Sharpe ratio of 1.23 (excess return over 1–3 month T-bills per unit of risk).