AHLT vs. KMLM

Last updated Jun 24, 2026

AHLT (American Beacon AHL Trend ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both Systematic Trend funds. AHLT is actively managed, while KMLM is passively managed. Over the past year, AHLT returned 34.47% vs 12.95% for KMLM. A 0.51 correlation means they provide meaningful diversification when combined. AHLT charges 0.95%/yr vs 0.90%/yr for KMLM.

Performance

AHLT vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Beacon AHL Trend ETF (AHLT) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AHLT achieves a 9.50% return, which is significantly higher than KMLM's 6.97% return.

AHLT

• 1D: -1.85%
• 1M: -2.14%
• YTD: 9.50%
• 6M: 8.40%
• 1Y: 34.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: -0.79%
• 1M: -4.98%
• YTD: 6.97%
• 6M: 6.95%
• 1Y: 12.95%
• 3Y*: -0.70%
• 5Y*: 4.34%
• 10Y*: —

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

AHLT vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AHLT American Beacon AHL Trend ETF	9.50%	13.73%	6.08%	-8.42%
KMLM KFA Mount Lucas Index Strategy ETF	6.97%	-2.98%	-1.69%	-7.86%

Correlation

The correlation between AHLT and KMLM is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 31, 2023	0.51

The correlation between AHLT and KMLM has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

Return for Risk

AHLT vs. KMLM — Risk / Return Rank

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

AHLT

AHLT Risk / Return Rank: 66
AHLT Sharpe Ratio Rank: 64
AHLT Sortino Ratio Rank: 56
AHLT Omega Ratio Rank: 63
AHLT Calmar Ratio Rank: 83
AHLT Martin Ratio Rank: 65

KMLM

KMLM Risk / Return Rank: 33
KMLM Sharpe Ratio Rank: 33
KMLM Sortino Ratio Rank: 31
KMLM Omega Ratio Rank: 32
KMLM Calmar Ratio Rank: 33
KMLM Martin Ratio Rank: 37

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.

AHLT vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Beacon AHL Trend ETF (AHLT) and KFA Mount Lucas Index Strategy ETF (KMLM). 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.

	AHLT	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.16	+0.82
Sortino ratio: Return per unit of downside risk	2.51	1.61	+0.90
Omega ratio: Gain probability vs. loss probability	1.36	1.21	+0.15
Calmar ratio: Return relative to maximum drawdown	4.19	1.62	+2.57
Martin ratio: Return relative to average drawdown	11.05	5.47	+5.59

AHLT vs. KMLM - Sharpe Ratio Comparison

The current AHLT Sharpe Ratio is 1.97, which is higher than the KMLM Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of AHLT and KMLM, 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

AHLT vs. KMLM - Drawdown Comparison

The maximum AHLT drawdown since its inception was -20.18%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for AHLT and KMLM.

Drawdown Indicators

	AHLT	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-20.18%	-27.47%	+7.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.26%	-8.04%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.28%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.47%	—
Current Drawdown Current decline from peak	-3.38%	-16.59%	+13.21%
Average Drawdown Average peak-to-trough decline	-9.26%	-12.76%	+3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	2.37%	+0.76%

Volatility

AHLT vs. KMLM - Volatility Comparison

American Beacon AHL Trend ETF (AHLT) has a higher volatility of 4.60% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 2.95%. This indicates that AHLT's price experiences larger fluctuations and is considered to be riskier than KMLM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AHLT	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	2.95%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	9.82%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	11.39%	+6.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	14.57%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	14.69%	+2.69%

AHLT vs. KMLM - Expense Ratio Comparison

AHLT has a 0.95% expense ratio, which is higher than KMLM's 0.90% expense ratio.

Dividends

AHLT vs. KMLM - Dividend Comparison

AHLT's dividend yield for the trailing twelve months is around 1.55%, less than KMLM's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021
AHLT American Beacon AHL Trend ETF	1.55%	1.70%	0.00%	3.72%	0.00%	0.00%
KMLM KFA Mount Lucas Index Strategy ETF	4.70%	5.02%	0.82%	0.00%	13.22%	6.94%

Frequently Asked Questions

Can I hold both AHLT and KMLM in my portfolio?

AHLT and KMLM have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHLT or KMLM?

AHLT has higher volatility (4.60%) compared to KMLM (2.95%). In terms of maximum drawdown, AHLT dropped -20.18% vs KMLM's -27.47%.

Which ETF is better, AHLT or KMLM?

On 1-year performance, AHLT leads with 34.47% vs 12.95% for KMLM. On fees, KMLM is cheaper at 0.90% per year. On volatility, KMLM has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AHLT or KMLM?

Over the 1-year period, AHLT has performed better with a 34.47% return vs 12.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AHLT or KMLM?

KMLM is cheaper with a 0.90% expense ratio, compared with 0.95% for AHLT.

Which ETF pays a higher dividend yield, AHLT or KMLM?

KMLM has the higher dividend yield at 4.70%, compared with 1.55% for AHLT.

What is the main difference between AHLT and KMLM?

They also come from different issuers: American Beacon and KraneShares. Their fees differ too: 0.95% for AHLT and 0.90% for KMLM.

Which has better risk-adjusted returns?

AHLT currently has the higher Sharpe Ratio (1.97 vs 1.16), 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.