BKFI vs. KMLM

Last updated Aug 2, 2026

BKFI (BNY Mellon Active Core Bond ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - BKFI is a Intermediate Core Bond fund actively managed by BNY Mellon, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. BKFI is actively managed, while KMLM is passively managed. Their -0.53 correlation means they have often moved in opposite directions in the past. BKFI charges 0.40%/yr vs 0.90%/yr for KMLM.

Performance

BKFI vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Active Core Bond ETF (BKFI) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BKFI

• 1D: -0.34%
• 1M: -1.30%
• 6M: -1.20%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKFI BNY Mellon Active Core Bond ETF	$291.85K	$607.01K	$1.20M
KMLM KFA Mount Lucas Index Strategy ETF	$14.29M	$9.53M	$7.83M

BKFI vs. KMLM - Yearly Performance Comparison

	2026 (YTD)
BKFI BNY Mellon Active Core Bond ETF	-1.23%
KMLM KFA Mount Lucas Index Strategy ETF	11.25%

Correlation

The correlation between BKFI and KMLM is -0.53, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	-0.53

Return for Risk

BKFI vs. KMLM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BKFI

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

KMLM

KMLM Risk / Return Rank: 61
KMLM Sharpe Ratio Rank: 69
KMLM Sortino Ratio Rank: 65
KMLM Omega Ratio Rank: 67
KMLM Calmar Ratio Rank: 52
KMLM Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BKFI vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Active Core Bond ETF (BKFI) 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.

	BKFI	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.55	—
Sortino ratio: Return per unit of downside risk	—	2.14	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	1.86	—
Martin ratio: Return relative to average drawdown	—	6.03	—

Drawdowns

BKFI vs. KMLM - Drawdown Comparison

The maximum BKFI drawdown since its inception was -3.08%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for BKFI and KMLM.

Drawdown Indicators

	BKFI	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-3.08%	-27.47%	+24.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.61%	—
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	-2.69%	-11.93%	+9.24%
Average Drawdown Average peak-to-trough decline	-1.35%	-12.79%	+11.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.95%	—

Volatility

Volatility by Period

	BKFI	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.18%	11.49%	-7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.18%	14.53%	-10.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.18%	14.66%	-10.48%

BKFI vs. KMLM - Expense Ratio Comparison

BKFI has a 0.40% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

BKFI vs. KMLM - Dividend Comparison

BKFI's dividend yield for the trailing twelve months is around 2.17%, less than KMLM's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021
BKFI BNY Mellon Active Core Bond ETF	2.17%	0.00%	0.00%	0.00%	0.00%	0.00%
KMLM KFA Mount Lucas Index Strategy ETF	4.45%	5.02%	0.82%	0.00%	13.22%	6.94%

Frequently Asked Questions

Can I hold both BKFI and KMLM in my portfolio?

BKFI and KMLM have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKFI or KMLM?

On fees, BKFI is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKFI or KMLM?

BKFI is cheaper with a 0.40% expense ratio, compared with 0.90% for KMLM.

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

KMLM has the higher dividend yield at 4.45%, compared with 2.17% for BKFI.

What is the main difference between BKFI and KMLM?

BKFI is categorized as Intermediate Core Bond, while KMLM is Systematic Trend. They also come from different issuers: BNY Mellon and KraneShares. Their fees differ too: 0.40% for BKFI and 0.90% for KMLM.