BUYO vs. KMLM

Last updated Jul 1, 2026

BUYO (KraneShares Man Buyout Beta Index ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - BUYO is a Small Cap Blend Equities fund tracking the Man Buyout Beta Index, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. Both are passively managed. Over the past year, BUYO returned 34.64% vs 9.62% for KMLM. At a correlation of -0.02, they often move in opposite directions. BUYO charges 0.89%/yr vs 0.90%/yr for KMLM.

Performance

BUYO vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Man Buyout Beta Index ETF (BUYO) 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, BUYO achieves a 21.28% return, which is significantly higher than KMLM's 6.05% return.

BUYO

• 1D: 1.25%
• 1M: 6.83%
• YTD: 21.28%
• 6M: 20.02%
• 1Y: 34.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: 0.62%
• 1M: -2.65%
• YTD: 6.05%
• 6M: 5.97%
• 1Y: 9.62%
• 3Y*: -1.46%
• 5Y*: 3.88%
• 10Y*: —

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

BUYO vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUYO KraneShares Man Buyout Beta Index ETF	21.28%	10.94%	0.16%
KMLM KFA Mount Lucas Index Strategy ETF	6.05%	-2.98%	2.50%

Correlation

The correlation between BUYO and KMLM is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since Oct 8, 2024	-0.02

Return for Risk

BUYO vs. KMLM — Risk / Return Rank

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

BUYO

BUYO Risk / Return Rank: 72
BUYO Sharpe Ratio Rank: 70
BUYO Sortino Ratio Rank: 71
BUYO Omega Ratio Rank: 63
BUYO Calmar Ratio Rank: 78
BUYO Martin Ratio Rank: 77

KMLM

KMLM Risk / Return Rank: 24
KMLM Sharpe Ratio Rank: 25
KMLM Sortino Ratio Rank: 23
KMLM Omega Ratio Rank: 24
KMLM Calmar Ratio Rank: 23
KMLM Martin Ratio Rank: 28

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.

BUYO vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Man Buyout Beta Index ETF (BUYO) 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.

	BUYO	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	1.92	0.85	+1.08
Sortino ratio: Return per unit of downside risk	2.72	1.21	+1.51
Omega ratio: Gain probability vs. loss probability	1.32	1.15	+0.17
Calmar ratio: Return relative to maximum drawdown	3.45	1.01	+2.45
Martin ratio: Return relative to average drawdown	12.59	3.57	+9.02

BUYO vs. KMLM - Sharpe Ratio Comparison

The current BUYO Sharpe Ratio is 1.92, which is higher than the KMLM Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of BUYO 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

BUYO vs. KMLM - Drawdown Comparison

The maximum BUYO drawdown since its inception was -28.01%, roughly equal to the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for BUYO and KMLM.

Drawdown Indicators

	BUYO	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-28.01%	-27.47%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-9.61%	-0.46%
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	0.00%	-17.31%	+17.31%
Average Drawdown Average peak-to-trough decline	-5.57%	-12.77%	+7.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.70%	+0.06%

Volatility

BUYO vs. KMLM - Volatility Comparison

KraneShares Man Buyout Beta Index ETF (BUYO) has a higher volatility of 4.98% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 3.23%. This indicates that BUYO'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

	BUYO	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	3.23%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	9.98%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	11.39%	+6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	14.58%	+6.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	14.69%	+6.82%

BUYO vs. KMLM - Expense Ratio Comparison

BUYO has a 0.89% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

BUYO vs. KMLM - Dividend Comparison

BUYO's dividend yield for the trailing twelve months is around 0.01%, less than KMLM's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021
BUYO KraneShares Man Buyout Beta Index ETF	0.01%	0.01%	0.04%	0.00%	0.00%	0.00%
KMLM KFA Mount Lucas Index Strategy ETF	4.74%	5.02%	0.82%	0.00%	13.22%	6.94%

Frequently Asked Questions

Can I hold both BUYO and KMLM in my portfolio?

BUYO and KMLM have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUYO or KMLM?

BUYO has higher volatility (4.98%) compared to KMLM (3.23%). In terms of maximum drawdown, BUYO dropped -28.01% vs KMLM's -27.47%.

Which ETF is better, BUYO or KMLM?

On 1-year performance, BUYO leads with 34.64% vs 9.62% for KMLM. On fees, BUYO is cheaper at 0.89% per year. On volatility, KMLM has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUYO or KMLM?

Over the 1-year period, BUYO has performed better with a 34.64% return vs 9.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUYO or KMLM?

BUYO is cheaper with a 0.89% expense ratio, compared with 0.90% for KMLM.

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

KMLM has the higher dividend yield at 4.74%, compared with 0.01% for BUYO.

What is the main difference between BUYO and KMLM?

BUYO is categorized as Small Cap Blend Equities, while KMLM is Systematic Trend. BUYO tracks Man Buyout Beta Index, while KMLM tracks KFA MLM Index. Their fees differ too: 0.89% for BUYO and 0.90% for KMLM.

Which has better risk-adjusted returns?

BUYO currently has the higher Sharpe Ratio (1.92 vs 0.85), 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.