HIMU vs. KMLM
HIMU (iShares High Yield Muni Active ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - HIMU is a High Yield Muni fund actively managed by iShares, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. HIMU is actively managed, while KMLM is passively managed. Over the past year, HIMU returned 7.32% vs 12.95% for KMLM. At a correlation of -0.23, they often move in opposite directions. HIMU charges 0.42%/yr vs 0.90%/yr for KMLM.
Performance
HIMU vs. KMLM - Performance Comparison
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Returns By Period
In the year-to-date period, HIMU achieves a 3.66% return, which is significantly lower than KMLM's 6.97% return.
HIMU
- 1D
- 0.26%
- 1M
- 2.47%
- YTD
- 3.66%
- 6M
- 3.75%
- 1Y
- 7.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KMLM
- 1D
- -0.79%
- 1M
- -4.98%
- YTD
- 6.97%
- 6M
- 6.95%
- 1Y
- 12.95%
- 3Y*
- -0.70%
- 5Y*
- 4.34%
- 10Y*
- —
HIMU vs. KMLM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HIMU iShares High Yield Muni Active ETF | 3.66% | 1.48% |
KMLM KFA Mount Lucas Index Strategy ETF | 6.97% | 1.16% |
Correlation
The correlation between HIMU and KMLM is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025 | -0.23 |
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Return for Risk
HIMU vs. KMLM — Risk / Return Rank
HIMU
KMLM
HIMU vs. KMLM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Muni Active ETF (HIMU) 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.
| HIMU | KMLM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.62 | +0.62 |
| Martin ratioReturn relative to average drawdown | 7.03 | 5.47 | +1.57 |
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Drawdowns
HIMU vs. KMLM - Drawdown Comparison
The maximum HIMU drawdown since its inception was -8.01%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for HIMU and KMLM.
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Drawdown Indicators
| HIMU | KMLM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.01% | -27.47% | +19.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -8.04% | +4.75% |
Max Drawdown (3Y)Largest decline over 3 years | — | -22.28% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.47% | — |
Current DrawdownCurrent decline from peak | 0.00% | -16.59% | +16.59% |
Average DrawdownAverage peak-to-trough decline | -1.69% | -12.76% | +11.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 2.37% | -1.33% |
Volatility
HIMU vs. KMLM - Volatility Comparison
The current volatility for iShares High Yield Muni Active ETF (HIMU) is 0.99%, while KFA Mount Lucas Index Strategy ETF (KMLM) has a volatility of 2.95%. This indicates that HIMU experiences smaller price fluctuations and is considered to be less risky than KMLM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIMU | KMLM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 2.95% | -1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 3.23% | 9.82% | -6.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.42% | 11.39% | -6.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 14.57% | -7.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.31% | 14.69% | -7.38% |
HIMU vs. KMLM - Expense Ratio Comparison
HIMU has a 0.42% expense ratio, which is lower than KMLM's 0.90% expense ratio.
Dividends
HIMU vs. KMLM - Dividend Comparison
HIMU's dividend yield for the trailing twelve months is around 5.10%, more than KMLM's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HIMU iShares High Yield Muni Active ETF | 5.10% | 4.57% | 0.00% | 0.00% | 0.00% | 0.00% |
KMLM KFA Mount Lucas Index Strategy ETF | 4.70% | 5.02% | 0.82% | 0.00% | 13.22% | 6.94% |
Frequently Asked Questions
HIMU and KMLM have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KMLM has higher volatility (2.95%) compared to HIMU (0.99%). In terms of maximum drawdown, HIMU dropped -8.01% vs KMLM's -27.47%.
On 1-year performance, KMLM leads with 12.95% vs 7.32% for HIMU. On fees, HIMU is cheaper at 0.42% per year. On volatility, HIMU has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KMLM has performed better with a 12.95% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIMU is cheaper with a 0.42% expense ratio, compared with 0.90% for KMLM.
HIMU has the higher dividend yield at 5.10%, compared with 4.70% for KMLM.
HIMU is categorized as High Yield Muni, while KMLM is Systematic Trend. They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.42% for HIMU and 0.90% for KMLM.
HIMU currently has the higher Sharpe Ratio (1.66 vs 1.16), 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.
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