EQCHX vs. KMLM

Last updated Jun 6, 2026

EQCHX (AXS Chesapeake Strategy Fund Class I) and KMLM (KFA Mount Lucas Index Strategy ETF) are both funds - EQCHX is a Systematic Trend fund managed by AXS, while KMLM is a Long-Short fund actively managed by CICC. A 0.54 correlation means they provide meaningful diversification when combined. EQCHX charges 1.91%/yr vs 0.90%/yr for KMLM.

Performance

EQCHX vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXS Chesapeake Strategy Fund Class I (EQCHX) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EQCHX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: -0.35%
• 1M: -2.27%
• YTD: 9.36%
• 6M: 12.51%
• 1Y: 11.88%
• 3Y*: -0.86%
• 5Y*: 4.06%
• 10Y*: —

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

EQCHX vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EQCHX AXS Chesapeake Strategy Fund Class I	0.83%	-8.09%	-3.79%	-8.07%	20.13%	12.28%	8.11%
KMLM KFA Mount Lucas Index Strategy ETF	9.36%	-2.98%	-1.69%	-5.66%	30.61%	7.04%	5.40%

Correlation

The correlation between EQCHX and KMLM is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.54

Over the past year, the correlation between EQCHX and KMLM has dropped to 0.30 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

EQCHX vs. KMLM — Risk / Return Rank

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

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.

EQCHX vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS Chesapeake Strategy Fund Class I (EQCHX) 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.

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

Sharpe Ratios by Period

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

Drawdowns

Drawdown Indicators

	EQCHX	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	—	-27.47%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.30%	—
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	—	-14.72%	—
Average Drawdown Average peak-to-trough decline	—	-12.74%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.98%	—

Volatility

Volatility by Period

	EQCHX	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.46%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	14.62%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.73%	—

EQCHX vs. KMLM - Expense Ratio Comparison

EQCHX has a 1.91% expense ratio, which is higher than KMLM's 0.90% expense ratio.

Dividends

EQCHX vs. KMLM - Dividend Comparison

EQCHX has not paid dividends to shareholders, while KMLM's dividend yield for the trailing twelve months is around 4.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQCHX AXS Chesapeake Strategy Fund Class I	0.00%	0.00%	0.62%	1.82%	1.54%	20.40%	0.00%	3.86%	1.18%	0.00%	0.00%	1.34%
KMLM KFA Mount Lucas Index Strategy ETF	4.59%	5.02%	0.82%	0.00%	13.22%	6.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EQCHX and KMLM in my portfolio?

EQCHX and KMLM have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.