KMLM vs. AGGA

Last updated Aug 4, 2026

KMLM (KFA Mount Lucas Index Strategy ETF) and AGGA (Astoria Dynamic Core US Fixed Income ETF) are both exchange-traded funds - KMLM is a Systematic Trend fund tracking the KFA MLM Index, while AGGA is a Multisector Bonds fund actively managed by Astoria. KMLM is passively managed, while AGGA is actively managed. Over the past year, KMLM returned 15.77% vs 2.78% for AGGA. Their -0.27 correlation means they have often moved in opposite directions in the past. KMLM charges 0.90%/yr vs 0.55%/yr for AGGA.

Performance

KMLM vs. AGGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KFA Mount Lucas Index Strategy ETF (KMLM) and Astoria Dynamic Core US Fixed Income ETF (AGGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMLM achieves a 10.64% return, which is significantly higher than AGGA's 0.59% return.

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%

AGGA

• 1D: 0.19%
• 1M: -0.60%
• 6M: 0.31%
• YTD: 0.59%
• 1Y: 2.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.04%

*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)
AGGA Astoria Dynamic Core US Fixed Income ETF	$215.20K	$282.01K	$403.65K
KMLM KFA Mount Lucas Index Strategy ETF	$10.28M	$9.90M	$7.93M

KMLM vs. AGGA - Yearly Performance Comparison

	2026 (YTD)	2025
KMLM KFA Mount Lucas Index Strategy ETF	10.64%	3.58%
AGGA Astoria Dynamic Core US Fixed Income ETF	0.59%	4.49%

Correlation

The correlation between KMLM and AGGA is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.32
Correlation (All Time) Calculated using the full available price history since May 1, 2025	-0.27

Return for Risk

KMLM vs. AGGA — Risk / Return Rank

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

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

AGGA

AGGA Risk / Return Rank: 50
AGGA Sharpe Ratio Rank: 49
AGGA Sortino Ratio Rank: 49
AGGA Omega Ratio Rank: 48
AGGA Calmar Ratio Rank: 50
AGGA Martin Ratio Rank: 55

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.

KMLM vs. AGGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KFA Mount Lucas Index Strategy ETF (KMLM) and Astoria Dynamic Core US Fixed Income ETF (AGGA). 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	AGGA	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.30	+0.05
Sortino ratio: Return per unit of downside risk	1.87	1.88	-0.01
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	1.65	1.91	-0.26
Martin ratio: Return relative to average drawdown	5.33	6.97	-1.64

KMLM vs. AGGA - Sharpe Ratio Comparison

The current KMLM Sharpe Ratio is 1.36, which is comparable to the AGGA Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of KMLM and AGGA, 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. AGGA - Drawdown Comparison

The maximum KMLM drawdown since its inception was -27.47%, which is greater than AGGA's maximum drawdown of -1.47%. Use the drawdown chart below to compare losses from any high point for KMLM and AGGA.

Drawdown Indicators

	KMLM	AGGA	Difference
Max Drawdown Largest peak-to-trough decline	-27.47%	-1.47%	-26.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-1.47%	-8.14%
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	-13.73%	-0.76%	-12.97%
Average Drawdown Average peak-to-trough decline	-12.79%	-0.24%	-12.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.40%	+2.57%

Volatility

KMLM vs. AGGA - Volatility Comparison

KFA Mount Lucas Index Strategy ETF (KMLM) has a higher volatility of 4.35% compared to Astoria Dynamic Core US Fixed Income ETF (AGGA) at 0.68%. This indicates that KMLM's price experiences larger fluctuations and is considered to be riskier than AGGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMLM	AGGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	0.68%	+3.67%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	1.81%	+8.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.68%	2.15%	+9.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	2.25%	+12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.68%	2.25%	+12.43%

KMLM vs. AGGA - Expense Ratio Comparison

KMLM has a 0.90% expense ratio, which is higher than AGGA's 0.55% expense ratio.

Dividends

KMLM vs. AGGA - Dividend Comparison

KMLM's dividend yield for the trailing twelve months is around 4.54%, more than AGGA's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021
AGGA Astoria Dynamic Core US Fixed Income ETF	4.24%	2.81%	0.00%	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 KMLM and AGGA in my portfolio?

KMLM and AGGA have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMLM or AGGA?

KMLM has higher volatility (4.35%) compared to AGGA (0.68%). In terms of maximum drawdown, KMLM dropped -27.47% vs AGGA's -1.47%.

Which ETF is better, KMLM or AGGA?

On 1-year performance, KMLM leads with 15.77% vs 2.78% for AGGA. On fees, AGGA is cheaper at 0.55% per year. On volatility, AGGA has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMLM or AGGA?

Over the 1-year period, KMLM has performed better with a 15.77% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMLM or AGGA?

AGGA is cheaper with a 0.55% expense ratio, compared with 0.90% for KMLM.

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

KMLM has the higher dividend yield at 4.54%, compared with 4.24% for AGGA.

What is the main difference between KMLM and AGGA?

KMLM is categorized as Systematic Trend, while AGGA is Multisector Bonds. They also come from different issuers: KraneShares and Astoria. Their fees differ too: 0.90% for KMLM and 0.55% for AGGA.

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (1.36 vs 1.30), 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.