BCI vs. KMLM
BCI (abrdn Bloomberg All Commodity Strategy K-1 Free ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - BCI is a Commodities fund tracking the Bloomberg Commodity Index Total Return, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. Both are passively managed. Over the past 5 years, BCI returned 10.01%/yr vs 5.77%/yr for KMLM. Their 0.22 correlation means their historical movements had little consistent relationship. BCI charges 0.26%/yr vs 0.90%/yr for KMLM.
Performance
BCI vs. KMLM - Performance Comparison
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Returns By Period
In the year-to-date period, BCI achieves a 22.53% return, which is significantly higher than KMLM's 12.95% return.
BCI
- 1D
- -0.21%
- 1M
- 7.31%
- 6M
- 10.17%
- YTD
- 22.53%
- 1Y
- 35.51%
- 3Y*
- 11.89%
- 5Y*
- 10.01%
- 10Y*
- —
- ALL TIME*
- 7.06%
KMLM
- 1D
- 0.24%
- 1M
- 6.85%
- 6M
- 12.90%
- YTD
- 12.95%
- 1Y
- 18.19%
- 3Y*
- 0.08%
- 5Y*
- 5.77%
- 10Y*
- —
- ALL TIME*
- 7.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $33.67M | $55.32M | $39.13M | |
| $14.29M | $9.53M | $7.83M |
BCI vs. KMLM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 22.53% | 15.07% | 5.47% | -8.79% | 15.09% | 26.18% | 5.01% |
KMLM KFA Mount Lucas Index Strategy ETF | 12.95% | -2.98% | -1.69% | -5.66% | 30.61% | 7.04% | 5.74% |
Correlation
The correlation between BCI and KMLM is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020 | 0.22 |
Over the past year, BCI and KMLM have become more correlated (0.52) than their long-term average of 0.22, meaning their price movements have been converging.
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Return for Risk
BCI vs. KMLM — Risk / Return Rank
BCI
KMLM
BCI vs. KMLM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) 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.
| BCI | KMLM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.28 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 1.86 | +0.51 |
| Martin ratioReturn relative to average drawdown | 7.60 | 6.03 | +1.57 |
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Drawdowns
BCI vs. KMLM - Drawdown Comparison
The maximum BCI drawdown since its inception was -32.69%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for BCI and KMLM.
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Drawdown Indicators
| BCI | KMLM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.69% | -27.47% | -5.22% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -9.61% | -5.21% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -22.28% | +7.46% |
Max Drawdown (5Y)Largest decline over 5 years | -26.50% | -27.47% | +0.97% |
Current DrawdownCurrent decline from peak | -7.64% | -11.93% | +4.29% |
Average DrawdownAverage peak-to-trough decline | -11.96% | -12.79% | +0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 2.95% | +1.66% |
Volatility
BCI vs. KMLM - Volatility Comparison
abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) has a higher volatility of 5.02% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 3.70%. This indicates that BCI'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.
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Volatility by Period
| BCI | KMLM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.02% | 3.70% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 15.08% | 10.31% | +4.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.55% | 11.49% | +6.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 14.53% | +2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.68% | 14.66% | +1.02% |
BCI vs. KMLM - Expense Ratio Comparison
BCI has a 0.26% expense ratio, which is lower than KMLM's 0.90% expense ratio.
Dividends
BCI vs. KMLM - Dividend Comparison
BCI's dividend yield for the trailing twelve months is around 13.46%, more than KMLM's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 13.46% | 16.49% | 3.29% | 3.93% | 19.98% | 19.43% | 0.68% | 1.47% | 1.13% | 5.02% |
KMLM KFA Mount Lucas Index Strategy ETF | 4.45% | 5.02% | 0.82% | 0.00% | 13.22% | 6.94% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BCI and KMLM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCI has higher volatility (5.02%) compared to KMLM (3.70%). In terms of maximum drawdown, BCI dropped -32.69% vs KMLM's -27.47%.
On 5-year performance, BCI leads with 10.01% vs 5.77% for KMLM. On fees, BCI is cheaper at 0.26% per year. On volatility, KMLM has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BCI has performed better with a 10.01% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCI is cheaper with a 0.26% expense ratio, compared with 0.90% for KMLM.
BCI has the higher dividend yield at 13.46%, compared with 4.45% for KMLM.
BCI is categorized as Commodities, while KMLM is Systematic Trend. BCI tracks Bloomberg Commodity Index Total Return, while KMLM tracks KFA MLM Index. They also come from different issuers: Aberdeen and KraneShares. Their fees differ too: 0.26% for BCI and 0.90% for KMLM.
BCI currently has the higher Sharpe Ratio (2.00 vs 1.55), 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.
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