KMLM vs. 0883.HK

Last updated Jun 14, 2026

KMLM (KFA Mount Lucas Index Strategy ETF) is Systematic Trend fund tracking the KFA MLM Index, while 0883.HK (CNOOC Ltd) is a stock. Over the past 5 years, KMLM returned 4.11%/yr vs 34.22%/yr for 0883.HK. At a 0.03 correlation, their price movements are largely independent.

Performance

KMLM vs. 0883.HK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KFA Mount Lucas Index Strategy ETF (KMLM) and CNOOC Ltd (0883.HK). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

KMLM is traded in USD, while 0883.HK is traded in HKD. To make them comparable, the 0883.HK values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, KMLM achieves a 8.32% return, which is significantly lower than 0883.HK's 18.76% return.

KMLM

• 1D: -0.53%
• 1M: -5.80%
• YTD: 8.32%
• 6M: 9.68%
• 1Y: 13.24%
• 3Y*: -1.51%
• 5Y*: 4.11%
• 10Y*: —

0883.HK

• 1D: 0.82%
• 1M: -3.67%
• YTD: 18.76%
• 6M: 21.18%
• 1Y: 41.57%
• 3Y*: 39.59%
• 5Y*: 34.22%
• 10Y*: 18.61%

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

KMLM vs. 0883.HK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KMLM KFA Mount Lucas Index Strategy ETF	8.32%	-2.98%	-1.69%	-5.66%	30.61%	7.04%	5.74%
0883.HK CNOOC Ltd	18.76%	19.56%	58.71%	44.92%	46.73%	18.97%	-7.36%

Correlation

The correlation between KMLM and 0883.HK is 0.07, 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 (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020	0.03

Return for Risk

KMLM vs. 0883.HK — Risk / Return Rank

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

KMLM

KMLM Risk / Return Rank: 36
KMLM Sharpe Ratio Rank: 33
KMLM Sortino Ratio Rank: 31
KMLM Omega Ratio Rank: 32
KMLM Calmar Ratio Rank: 41
KMLM Martin Ratio Rank: 41

0883.HK

0883.HK Risk / Return Rank: 82
0883.HK Sharpe Ratio Rank: 85
0883.HK Sortino Ratio Rank: 81
0883.HK Omega Ratio Rank: 79
0883.HK Calmar Ratio Rank: 82
0883.HK Martin Ratio Rank: 83

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.

KMLM vs. 0883.HK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KFA Mount Lucas Index Strategy ETF (KMLM) and CNOOC Ltd (0883.HK). 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.

	KMLM	0883.HK	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.61	-0.56
Sortino ratio: Return per unit of downside risk	1.49	2.27	-0.78
Omega ratio: Gain probability vs. loss probability	1.19	1.28	-0.08
Calmar ratio: Return relative to maximum drawdown	1.78	2.66	-0.88
Martin ratio: Return relative to average drawdown	5.86	7.01	-1.15

KMLM vs. 0883.HK - Sharpe Ratio Comparison

The current KMLM Sharpe Ratio is 1.06, which is lower than the 0883.HK Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of KMLM and 0883.HK, 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

KMLM vs. 0883.HK - Drawdown Comparison

The maximum KMLM drawdown since its inception was -27.47%, smaller than the maximum 0883.HK drawdown of -74.18%. Use the drawdown chart below to compare losses from any high point for KMLM and 0883.HK.

Drawdown Indicators

	KMLM	0883.HK	Difference
Max Drawdown Largest peak-to-trough decline	-27.47%	-74.18%	+46.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-17.20%	+10.37%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-30.46%	+8.18%
Max Drawdown (5Y) Largest decline over 5 years	-27.47%	-30.46%	+2.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.21%	—
Current Drawdown Current decline from peak	-15.54%	-16.52%	+0.98%
Average Drawdown Average peak-to-trough decline	-12.74%	-24.70%	+11.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	6.45%	-4.35%

Volatility

KMLM vs. 0883.HK - Volatility Comparison

The current volatility for KFA Mount Lucas Index Strategy ETF (KMLM) is 3.35%, while CNOOC Ltd (0883.HK) has a volatility of 8.07%. This indicates that KMLM experiences smaller price fluctuations and is considered to be less risky than 0883.HK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMLM	0883.HK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	8.07%	-4.72%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	24.18%	-14.41%
Volatility (1Y) Calculated over the trailing 1-year period	11.50%	28.36%	-16.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	29.82%	-15.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	31.92%	-17.21%

Dividends

KMLM vs. 0883.HK - Dividend Comparison

KMLM's dividend yield for the trailing twelve months is around 4.64%, less than 0883.HK's 5.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
0883.HK CNOOC Ltd	5.14%	6.53%	7.32%	10.31%	18.84%	6.85%	9.05%	5.63%	4.96%	3.83%	3.81%	7.06%
KMLM KFA Mount Lucas Index Strategy ETF	4.64%	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 KMLM and 0883.HK in my portfolio?

KMLM and 0883.HK have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.