KBND vs. KMLM

Last updated Jun 25, 2026

KBND (KraneShares Bloomberg China Bond Inclusion Index ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - KBND is a International Government Bonds fund tracking the KBND-US - Bloomberg China Inclusion Focused Bond Index, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. Both are passively managed. At a correlation of -0.01, they often move in opposite directions. KBND charges 0.50%/yr vs 0.90%/yr for KMLM.

Performance

KBND vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Bloomberg China Bond Inclusion Index ETF (KBND) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KBND

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

KMLM

• 1D: -1.30%
• 1M: -6.21%
• YTD: 5.59%
• 6M: 5.76%
• 1Y: 10.89%
• 3Y*: -1.13%
• 5Y*: 4.07%
• 10Y*: —

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

KBND vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.89%	3.13%	-6.81%	4.41%	0.53%
KMLM KFA Mount Lucas Index Strategy ETF	5.59%	-2.98%	-1.69%	-5.66%	30.61%	7.04%	5.74%

Correlation

The correlation between KBND and KMLM is -0.01, 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 (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020	-0.01

Return for Risk

KBND vs. KMLM — Risk / Return Rank

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

KBND

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

KMLM

KMLM Risk / Return Rank: 28
KMLM Sharpe Ratio Rank: 29
KMLM Sortino Ratio Rank: 26
KMLM Omega Ratio Rank: 27
KMLM Calmar Ratio Rank: 26
KMLM Martin Ratio Rank: 33

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.

KBND vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Bloomberg China Bond Inclusion Index ETF (KBND) 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.

	KBND	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	—	0.97	—
Sortino ratio: Return per unit of downside risk	—	1.36	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.19	—
Martin ratio: Return relative to average drawdown	—	4.46	—

Drawdowns

Drawdown Indicators

	KBND	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	—	-27.47%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.18%	—
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	—	-17.67%	—
Average Drawdown Average peak-to-trough decline	—	-12.76%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.44%	—

Volatility

Volatility by Period

	KBND	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.34%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	14.58%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.69%	—

KBND vs. KMLM - Expense Ratio Comparison

KBND has a 0.50% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

KBND vs. KMLM - Dividend Comparison

KBND has not paid dividends to shareholders, while KMLM's dividend yield for the trailing twelve months is around 4.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.40%	2.20%	2.51%	6.97%	2.27%	3.47%	4.98%	0.00%	0.04%	1.16%
KMLM KFA Mount Lucas Index Strategy ETF	4.76%	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 KBND and KMLM in my portfolio?

KBND and KMLM have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBND or KMLM?

On fees, KBND is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBND or KMLM?

KBND is cheaper with a 0.50% expense ratio, compared with 0.90% for KMLM.

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

KMLM has the higher dividend yield at 4.76%, compared with 0.00% for KBND.

What is the main difference between KBND and KMLM?

KBND is categorized as International Government Bonds, while KMLM is Systematic Trend. KBND tracks KBND-US - Bloomberg China Inclusion Focused Bond Index, while KMLM tracks KFA MLM Index. They also come from different issuers: CICC and KraneShares. Their fees differ too: 0.50% for KBND and 0.90% for KMLM.