BITX vs. KMLM

Last updated Jun 7, 2026

BITX (2x Bitcoin Strategy ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while KMLM is a Long-Short fund actively managed by CICC. BITX is passively managed, while KMLM is actively managed. Over the past year, BITX returned -76.33% vs 12.51% for KMLM. At a 0.04 correlation, their price movements are largely independent. BITX charges 2.38%/yr vs 0.90%/yr for KMLM.

Performance

BITX vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) 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, BITX achieves a -59.63% return, which is significantly lower than KMLM's 9.36% return.

BITX

• 1D: -10.38%
• 1M: -44.71%
• YTD: -59.63%
• 6M: -62.06%
• 1Y: -76.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: -0.35%
• 1M: -2.74%
• YTD: 9.36%
• 6M: 12.51%
• 1Y: 12.51%
• 3Y*: -0.86%
• 5Y*: 4.06%
• 10Y*: —

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

BITX vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITX 2x Bitcoin Strategy ETF	-59.63%	-38.71%	163.41%	47.23%
KMLM KFA Mount Lucas Index Strategy ETF	9.36%	-2.98%	-1.69%	-4.73%

Correlation

The correlation between BITX and KMLM is 0.05, 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 (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.04

Return for Risk

BITX vs. KMLM — Risk / Return Rank

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

BITX

BITX Risk / Return Rank: 2
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 2
BITX Calmar Ratio Rank: 1
BITX Martin Ratio Rank: 1

KMLM

KMLM Risk / Return Rank: 33
KMLM Sharpe Ratio Rank: 30
KMLM Sortino Ratio Rank: 28
KMLM Omega Ratio Rank: 28
KMLM Calmar Ratio Rank: 40
KMLM Martin Ratio Rank: 40

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.

BITX vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.

	BITX	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	1.04	-1.90
Sortino ratio: Return per unit of downside risk	-1.54	1.47	-3.01
Omega ratio: Gain probability vs. loss probability	0.83	1.19	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.92	1.89	-2.81
Martin ratio: Return relative to average drawdown	-1.49	6.13	-7.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITX vs. KMLM - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.86, which is lower than the KMLM Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of BITX 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.

Sharpe Ratios by Period

	BITX	KMLM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	1.04	-1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.48	-0.49

Drawdowns

BITX vs. KMLM - Drawdown Comparison

The maximum BITX drawdown since its inception was -82.16%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for BITX and KMLM.

Drawdown Indicators

	BITX	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-82.16%	-27.47%	-54.69%
Max Drawdown (1Y) Largest decline over 1 year	-82.16%	-6.30%	-75.86%
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	-82.16%	-14.72%	-67.44%
Average Drawdown Average peak-to-trough decline	-31.83%	-12.74%	-19.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.55%	1.98%	+48.57%

Volatility

BITX vs. KMLM - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 20.21% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 4.27%. This indicates that BITX'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

	BITX	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.21%	4.27%	+15.94%
Volatility (6M) Calculated over the trailing 6-month period	68.69%	9.68%	+59.01%
Volatility (1Y) Calculated over the trailing 1-year period	87.44%	11.46%	+75.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.39%	14.62%	+83.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.39%	14.73%	+83.66%

BITX vs. KMLM - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than KMLM's 0.90% expense ratio.

Dividends

BITX vs. KMLM - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 39.27%, more than KMLM's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021
BITX 2x Bitcoin Strategy ETF	39.27%	21.69%	10.70%	0.00%	0.00%	0.00%
KMLM KFA Mount Lucas Index Strategy ETF	4.59%	5.02%	0.82%	0.00%	13.22%	6.94%

Frequently Asked Questions

Can I hold both BITX and KMLM in my portfolio?

BITX and KMLM have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITX or KMLM?

BITX has higher volatility (20.21%) compared to KMLM (4.27%). In terms of maximum drawdown, BITX dropped -82.16% vs KMLM's -27.47%.

Which ETF is better, BITX or KMLM?

On 1-year performance, KMLM leads with 12.51% vs -76.33% for BITX. On fees, KMLM is cheaper at 0.90% per year. On volatility, KMLM has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or KMLM?

Over the 1-year period, KMLM has performed better with a 12.51% return vs -76.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or KMLM?

KMLM is cheaper with a 0.90% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 39.27%, compared with 4.59% for KMLM.

What is the main difference between BITX and KMLM?

BITX is categorized as Cryptocurrency, while KMLM is Long-Short. They also come from different issuers: Volatility Shares and CICC. Their fees differ too: 2.38% for BITX and 0.90% for KMLM.

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (1.04 vs -0.86), 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.