HFEQ vs. KMLM

Last updated Apr 1, 2026

Compare and contrast key facts about Unlimited HFEQ Equity Long/Short ETF (HFEQ) and KFA Mount Lucas Index Strategy ETF (KMLM).

HFEQ and KMLM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HFEQ is an actively managed fund by Unlimited. It was launched on Jul 14, 2025. KMLM is an actively managed fund by CICC. It was launched on Dec 2, 2020.

Performance

HFEQ vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

HFEQ vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	1.16%	14.92%
KMLM KFA Mount Lucas Index Strategy ETF	8.67%	1.73%

Returns By Period

In the year-to-date period, HFEQ achieves a 1.16% return, which is significantly lower than KMLM's 8.67% return.

HFEQ

• 1D: 3.18%
• 1M: -8.48%
• YTD: 1.16%
• 6M: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: -0.28%
• 1M: 4.21%
• YTD: 8.67%
• 6M: 10.01%
• 1Y: 8.60%
• 3Y*: 0.44%
• 5Y*: 5.63%
• 10Y*: —

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

HFEQ vs. KMLM - Expense Ratio Comparison

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

HFEQ

Unlimited HFEQ Equity Long/Short ETF

KMLM

KFA Mount Lucas Index Strategy ETF

Return for Risk

HFEQ 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: 46
KMLM Sharpe Ratio Rank: 52
KMLM Sortino Ratio Rank: 50
KMLM Omega Ratio Rank: 44
KMLM Calmar Ratio Rank: 48
KMLM Martin Ratio Rank: 38

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.

HFEQ vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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

	HFEQ	KMLM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.88	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.49	+0.60

Correlation

The correlation between HFEQ and KMLM is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HFEQ vs. KMLM - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 10.43%, more than KMLM's 4.62% yield.

	TTM	2025	2024	2023	2022	2021
HFEQ Unlimited HFEQ Equity Long/Short ETF	10.43%	10.55%	0.00%	0.00%	0.00%	0.00%
KMLM KFA Mount Lucas Index Strategy ETF	4.62%	5.02%	0.82%	0.00%	13.22%	6.94%

Drawdowns

HFEQ vs. KMLM - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for HFEQ and KMLM.

Drawdown Indicators

	HFEQ	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-27.47%	+15.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.47%	—
Current Drawdown Current decline from peak	-9.67%	-15.27%	+5.60%
Average Drawdown Average peak-to-trough decline	-2.32%	-12.73%	+10.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.41%	—

Volatility

Volatility by Period

	HFEQ	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	9.84%	+12.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.86%	14.57%	+7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	14.67%	+7.19%