KBUF vs. KMLM

Last updated Aug 4, 2026

KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. KBUF is actively managed, while KMLM is passively managed. Over the past year, KBUF returned -3.49% vs 15.77% for KMLM. Their -0.02 correlation means they have often moved in opposite directions in the past. KBUF charges 0.95%/yr vs 0.90%/yr for KMLM.

Performance

KBUF vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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, KBUF achieves a -9.39% return, which is significantly lower than KMLM's 10.64% return.

KBUF

• 1D: 0.45%
• 1M: 6.29%
• 6M: -11.08%
• YTD: -9.39%
• 1Y: -3.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.02%

KMLM

• 1D: -2.05%
• 1M: 4.67%
• 6M: 8.67%
• YTD: 10.64%
• 1Y: 15.77%
• 3Y*: -0.31%
• 5Y*: 5.46%
• 10Y*: —
• ALL TIME*: 7.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	$6.79K	$35.72K	$167.86K
KMLM KFA Mount Lucas Index Strategy ETF	$10.28M	$9.90M	$7.93M

KBUF vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-9.39%	18.04%	15.85%
KMLM KFA Mount Lucas Index Strategy ETF	10.64%	-2.98%	-1.97%

Correlation

The correlation between KBUF and KMLM is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.01
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	-0.02

Return for Risk

KBUF vs. KMLM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KBUF

KBUF Risk / Return Rank: 7
KBUF Sharpe Ratio Rank: 7
KBUF Sortino Ratio Rank: 7
KBUF Omega Ratio Rank: 7
KBUF Calmar Ratio Rank: 8
KBUF Martin Ratio Rank: 8

KMLM

KMLM Risk / Return Rank: 51
KMLM Sharpe Ratio Rank: 55
KMLM Sortino Ratio Rank: 52
KMLM Omega Ratio Rank: 54
KMLM Calmar Ratio Rank: 46
KMLM Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KBUF vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.

	KBUF	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	1.36	-1.62
Sortino ratio: Return per unit of downside risk	-0.28	1.87	-2.15
Omega ratio: Gain probability vs. loss probability	0.97	1.25	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.17	1.65	-1.81
Martin ratio: Return relative to average drawdown	-0.33	5.33	-5.66

KBUF vs. KMLM - Sharpe Ratio Comparison

The current KBUF Sharpe Ratio is -0.26, which is lower than the KMLM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of KBUF 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

KBUF vs. KMLM - Drawdown Comparison

The maximum KBUF drawdown since its inception was -21.14%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for KBUF and KMLM.

Drawdown Indicators

	KBUF	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-27.47%	+6.33%
Max Drawdown (1Y) Largest decline over 1 year	-21.14%	-9.61%	-11.53%
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	-14.74%	-13.73%	-1.01%
Average Drawdown Average peak-to-trough decline	-5.07%	-12.79%	+7.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	2.97%	+7.49%

Volatility

KBUF vs. KMLM - Volatility Comparison

The current volatility for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) is 3.46%, while KFA Mount Lucas Index Strategy ETF (KMLM) has a volatility of 4.35%. This indicates that KBUF 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.

Volatility by Period

	KBUF	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	4.35%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	10.24%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	11.68%	+1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.18%	14.55%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.18%	14.68%	-0.50%

KBUF vs. KMLM - Expense Ratio Comparison

KBUF has a 0.95% expense ratio, which is higher than KMLM's 0.90% expense ratio.

Dividends

KBUF vs. KMLM - Dividend Comparison

KBUF's dividend yield for the trailing twelve months is around 8.29%, more than KMLM's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.29%	7.51%	3.53%	0.00%	0.00%	0.00%
KMLM KFA Mount Lucas Index Strategy ETF	4.54%	5.02%	0.82%	0.00%	13.22%	6.94%

Frequently Asked Questions

Can I hold both KBUF and KMLM in my portfolio?

KBUF 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 is riskier, KBUF or KMLM?

KMLM has higher volatility (4.35%) compared to KBUF (3.46%). In terms of maximum drawdown, KBUF dropped -21.14% vs KMLM's -27.47%.

Which ETF is better, KBUF or KMLM?

On 1-year performance, KMLM leads with 15.77% vs -3.49% for KBUF. On fees, KMLM is cheaper at 0.90% per year. On volatility, KBUF has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBUF or KMLM?

Over the 1-year period, KMLM has performed better with a 15.77% return vs -3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBUF or KMLM?

KMLM is cheaper with a 0.90% expense ratio, compared with 0.95% for KBUF.

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

KBUF has the higher dividend yield at 8.29%, compared with 4.54% for KMLM.

What is the main difference between KBUF and KMLM?

KBUF is categorized as Options Trading, while KMLM is Systematic Trend. Their fees differ too: 0.95% for KBUF and 0.90% for KMLM.

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (1.36 vs -0.26), 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.