KEMX vs SPY
KraneShares MSCI Emerging Markets ex China Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, KEMX or SPY?
Mid Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. KEMX led over 1Y, 3Y and 5Y, SPY over the full window. KEMX is less concentrated, with 36.2% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | KEMX | SPY |
|---|---|---|
| Expense Ratio | 0.24% | 0.09%Best |
| AUM | $135M | $804.7B |
| Dividend Yield | 2.37% | 0.98% |
| Holdings | 295 | 505 |
| YTD Return | +39.16%Best | +12.19% |
| 1Y Return | +62.99%Best | +18.53% |
| 3Y Return (annualized) | +29.34%Best | +20.88% |
| 5Y Return (annualized) | +14.09%Best | +12.69% |
| Volatility (annualized) | 20.3% | 16.6%Best |
| Max Drawdown | -38.8% | -34.1%Best |
| $10,000 over 5 years | $19,330Best | $18,173 |
| Top 10 Weight | 36.2%Best | 38.0% |
| Fund Family | KraneShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Apr 12, 2019 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 12, 2019 to Sep 9, 2026 (7.4 years).
KEMX vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 7.4 years both funds cover.
KEMX vs SPY Performance
KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) is an ETF from KraneShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year KEMX returned +62.99% while SPY returned +18.53%. Year to date, KEMX is up 39.16% versus a gain of 12.19% for SPY.
Over three years, KEMX compounded at +29.34% per year against +20.88% for SPY; over five years the annualized figures are +14.09% and +12.69% respectively. Across the full 7-year window we track, SPY has the edge at +15.07% annualized vs +13.74%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KEMX has been the more volatile fund, with annualized monthly volatility of 20.3% compared with 16.6% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -38.8% for KEMX and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
KEMX charges 0.24% per year while SPY charges 0.09%. On a $10,000 position that is $24 vs $9 annually, a gap of $15 per year that compounds over a long holding period. On income, KEMX currently yields 2.37% against 0.98% for SPY.
Holdings Overlap
0.3% of KEMX's money is in holdings SPY also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 282 positions we hold weights for in KEMX and 504 in SPY, against full books of 295 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for KEMX (99.4% of the fund), and 3 for KEMX that do not appear in SPY (1.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in KEMX | Weight in SPY | Difference |
|---|---|---|---|
| HALHalliburton Co. | 0.28% | 0.04% | 0.24% |
You are not choosing between two funds in isolation.
Whichever of KEMX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, KEMX or SPY?
KEMX has an expense ratio of 0.24% while SPY charges 0.09%. SPY is the cheaper option, by $15 a year on a $10,000 investment.
Which performed better, KEMX or SPY?
Over the past year KEMX returned +62.99% vs +18.53% for SPY, so KEMX leads on 1-year performance. Over the longest common window we track (7 years), KEMX annualized +13.74% vs +15.07% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KEMX or SPY?
KEMX has been the more volatile fund at 20.3% annualized versus 16.6% for SPY. Worst drawdown: KEMX -38.8% vs SPY -34.1%.
Should I hold both KEMX and SPY?
KEMX and SPY have a monthly-return correlation of 0.75, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, KEMX or SPY?
KEMX yields 2.37% while SPY yields 0.98%, so KEMX currently pays the higher dividend yield.
Is SPY better than KEMX?
SPY has a lower expense ratio. KEMX led over 1Y, 3Y and 5Y, SPY over the full window. KEMX is less concentrated, with 36.2% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.