BTGD vs. KMLM

Last updated Jul 22, 2026

BTGD (STKD Bitcoin & Gold ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - BTGD is a Cryptocurrency fund actively managed by Quantify Funds, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. BTGD is actively managed, while KMLM is passively managed. Over the past year, BTGD returned -42.90% vs 15.15% for KMLM. At a 0.08 correlation, their price movements are largely independent. BTGD charges 1.00%/yr vs 0.90%/yr for KMLM.

Performance

BTGD vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in STKD Bitcoin & Gold ETF (BTGD) 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, BTGD achieves a -35.83% return, which is significantly lower than KMLM's 13.45% return.

BTGD

• 1D: 4.01%
• 1M: 0.82%
• 6M: -42.84%
• YTD: -35.83%
• 1Y: -42.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.49%

KMLM

• 1D: 0.65%
• 1M: 5.82%
• 6M: 11.47%
• YTD: 13.45%
• 1Y: 15.15%
• 3Y*: 0.48%
• 5Y*: 5.84%
• 10Y*: —
• ALL TIME*: 7.58%

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

BTGD vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTGD STKD Bitcoin & Gold ETF	-35.83%	34.62%	29.32%
KMLM KFA Mount Lucas Index Strategy ETF	13.45%	-2.98%	0.04%

Correlation

The correlation between BTGD and KMLM is 0.09, 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	0.09
Correlation (All Time) Calculated using the full available price history since Oct 16, 2024	0.08

Return for Risk

BTGD vs. KMLM — Risk / Return Rank

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

BTGD

BTGD Risk / Return Rank: 3
BTGD Sharpe Ratio Rank: 3
BTGD Sortino Ratio Rank: 4
BTGD Omega Ratio Rank: 4
BTGD Calmar Ratio Rank: 3
BTGD Martin Ratio Rank: 1

KMLM

KMLM Risk / Return Rank: 47
KMLM Sharpe Ratio Rank: 51
KMLM Sortino Ratio Rank: 49
KMLM Omega Ratio Rank: 51
KMLM Calmar Ratio Rank: 41
KMLM Martin Ratio Rank: 42

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.

BTGD vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for STKD Bitcoin & Gold ETF (BTGD) 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.

	BTGD	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	1.32	-2.07
Sortino ratio: Return per unit of downside risk	-0.91	1.84	-2.75
Omega ratio: Gain probability vs. loss probability	0.90	1.24	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.73	1.58	-2.31
Martin ratio: Return relative to average drawdown	-1.39	4.94	-6.33

BTGD vs. KMLM - Sharpe Ratio Comparison

The current BTGD Sharpe Ratio is -0.74, which is lower than the KMLM Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of BTGD 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

BTGD vs. KMLM - Drawdown Comparison

The maximum BTGD drawdown since its inception was -58.79%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for BTGD and KMLM.

Drawdown Indicators

	BTGD	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-58.79%	-27.47%	-31.32%
Max Drawdown (1Y) Largest decline over 1 year	-58.79%	-9.61%	-49.18%
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	-52.99%	-11.54%	-41.45%
Average Drawdown Average peak-to-trough decline	-17.44%	-12.79%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.90%	3.07%	+27.83%

Volatility

BTGD vs. KMLM - Volatility Comparison

STKD Bitcoin & Gold ETF (BTGD) has a higher volatility of 15.69% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 3.62%. This indicates that BTGD'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

	BTGD	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.69%	3.62%	+12.07%
Volatility (6M) Calculated over the trailing 6-month period	47.88%	10.11%	+37.77%
Volatility (1Y) Calculated over the trailing 1-year period	57.94%	11.51%	+46.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.96%	14.53%	+41.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.96%	14.67%	+41.29%

BTGD vs. KMLM - Expense Ratio Comparison

BTGD has a 1.00% expense ratio, which is higher than KMLM's 0.90% expense ratio.

Dividends

BTGD vs. KMLM - Dividend Comparison

BTGD's dividend yield for the trailing twelve months is around 5.24%, more than KMLM's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021
BTGD STKD Bitcoin & Gold ETF	5.24%	3.36%	0.19%	0.00%	0.00%	0.00%
KMLM KFA Mount Lucas Index Strategy ETF	4.43%	5.02%	0.82%	0.00%	13.22%	6.94%

Frequently Asked Questions

Can I hold both BTGD and KMLM in my portfolio?

BTGD and KMLM have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTGD or KMLM?

BTGD has higher volatility (15.69%) compared to KMLM (3.62%). In terms of maximum drawdown, BTGD dropped -58.79% vs KMLM's -27.47%.

Which ETF is better, BTGD or KMLM?

On 1-year performance, KMLM leads with 15.15% vs -42.90% for BTGD. On fees, KMLM is cheaper at 0.90% per year. On volatility, KMLM has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTGD or KMLM?

Over the 1-year period, KMLM has performed better with a 15.15% return vs -42.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTGD or KMLM?

KMLM is cheaper with a 0.90% expense ratio, compared with 1.00% for BTGD.

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

BTGD has the higher dividend yield at 5.24%, compared with 4.43% for KMLM.

What is the main difference between BTGD and KMLM?

BTGD is categorized as Cryptocurrency, while KMLM is Systematic Trend. They also come from different issuers: Quantify Funds and KraneShares. Their fees differ too: 1.00% for BTGD and 0.90% for KMLM.

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (1.32 vs -0.74), 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.