AIPO vs. KMLM

Last updated Jun 14, 2026

AIPO (Defiance AI & Power Infrastructure ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - AIPO is a Building & Construction fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. Both are passively managed. At a correlation of -0.01, they often move in opposite directions. AIPO charges 0.69%/yr vs 0.90%/yr for KMLM.

Performance

AIPO vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance AI & Power Infrastructure ETF (AIPO) 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, AIPO achieves a 42.18% return, which is significantly higher than KMLM's 8.32% return.

AIPO

• 1D: 1.81%
• 1M: -2.51%
• YTD: 42.18%
• 6M: 37.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: -0.53%
• 1M: -5.80%
• YTD: 8.32%
• 6M: 9.68%
• 1Y: 13.24%
• 3Y*: -1.51%
• 5Y*: 4.11%
• 10Y*: —

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

AIPO vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025
AIPO Defiance AI & Power Infrastructure ETF	42.18%	9.46%
KMLM KFA Mount Lucas Index Strategy ETF	8.32%	0.64%

Correlation

The correlation between AIPO and KMLM is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	-0.01

Return for Risk

AIPO vs. KMLM — Risk / Return Rank

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

AIPO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

KMLM

KMLM Risk / Return Rank: 36
KMLM Sharpe Ratio Rank: 33
KMLM Sortino Ratio Rank: 31
KMLM Omega Ratio Rank: 32
KMLM Calmar Ratio Rank: 41
KMLM Martin Ratio Rank: 41

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.

AIPO vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance AI & Power Infrastructure ETF (AIPO) 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.

	AIPO	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.06	—
Sortino ratio: Return per unit of downside risk	—	1.49	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.78	—
Martin ratio: Return relative to average drawdown	—	5.86	—

Drawdowns

AIPO vs. KMLM - Drawdown Comparison

The maximum AIPO drawdown since its inception was -17.31%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for AIPO and KMLM.

Drawdown Indicators

	AIPO	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-17.31%	-27.47%	+10.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.83%	—
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	-7.53%	-15.54%	+8.01%
Average Drawdown Average peak-to-trough decline	-4.48%	-12.74%	+8.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.10%	—

Volatility

Volatility by Period

	AIPO	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	35.17%	11.50%	+23.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.17%	14.62%	+20.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.17%	14.71%	+20.46%

AIPO vs. KMLM - Expense Ratio Comparison

AIPO has a 0.69% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

AIPO vs. KMLM - Dividend Comparison

AIPO's dividend yield for the trailing twelve months is around 0.01%, less than KMLM's 4.64% yield.

Position	TTM	2025	2024	2023	2022	2021
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
KMLM KFA Mount Lucas Index Strategy ETF	4.64%	5.02%	0.82%	0.00%	13.22%	6.94%

Frequently Asked Questions

Can I hold both AIPO and KMLM in my portfolio?

AIPO and KMLM have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AIPO or KMLM?

On fees, AIPO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AIPO or KMLM?

AIPO is cheaper with a 0.69% expense ratio, compared with 0.90% for KMLM.

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

KMLM has the higher dividend yield at 4.64%, compared with 0.01% for AIPO.

What is the main difference between AIPO and KMLM?

AIPO is categorized as Building & Construction, while KMLM is Systematic Trend. AIPO tracks MarketVector™ US Listed AI and Power Infrastructure Index, while KMLM tracks KFA MLM Index. They also come from different issuers: Defiance and KraneShares. Their fees differ too: 0.69% for AIPO and 0.90% for KMLM.