KMLM vs. CASH.TO

Last updated Jun 14, 2026

KMLM (KFA Mount Lucas Index Strategy ETF) and CASH.TO (Global X High Interest Savings ETF) are both exchange-traded funds - KMLM is a Systematic Trend fund tracking the KFA MLM Index, while CASH.TO is a Money Market fund actively managed by Global X. KMLM is passively managed, while CASH.TO is actively managed. Over the past 3 years, KMLM returned -1.51%/yr vs 2.07%/yr for CASH.TO. At a correlation of -0.02, they often move in opposite directions. KMLM charges 0.90%/yr vs 0.11%/yr for CASH.TO.

Performance

KMLM vs. CASH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KFA Mount Lucas Index Strategy ETF (KMLM) and Global X High Interest Savings ETF (CASH.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

KMLM is traded in USD, while CASH.TO is traded in CAD. To make them comparable, the CASH.TO 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 higher than CASH.TO's -1.09% return.

KMLM

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

CASH.TO

• 1D: -0.16%
• 1M: -1.63%
• YTD: -1.09%
• 6M: -0.39%
• 1Y: -0.52%
• 3Y*: 2.07%
• 5Y*: —
• 10Y*: —

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

KMLM vs. CASH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	8.32%	-2.98%	-1.69%	-5.66%	30.61%	-5.32%
CASH.TO Global X High Interest Savings ETF	-1.09%	7.36%	-3.63%	7.67%	-3.72%	-2.56%

Correlation

The correlation between KMLM and CASH.TO is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	-0.02

Return for Risk

KMLM vs. CASH.TO — 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

CASH.TO

CASH.TO Risk / Return Rank: 99
CASH.TO Sharpe Ratio Rank: 99
CASH.TO Sortino Ratio Rank: 99
CASH.TO Omega Ratio Rank: 99
CASH.TO Calmar Ratio Rank: 100
CASH.TO Martin Ratio Rank: 100

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. CASH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KFA Mount Lucas Index Strategy ETF (KMLM) and Global X High Interest Savings ETF (CASH.TO). 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	CASH.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.06	0.00	+1.06
Sortino ratio: Return per unit of downside risk	1.49	0.04	+1.46
Omega ratio: Gain probability vs. loss probability	1.19	1.00	+0.19
Calmar ratio: Return relative to maximum drawdown	1.78	0.00	+1.78
Martin ratio: Return relative to average drawdown	5.86	0.01	+5.85

KMLM vs. CASH.TO - Sharpe Ratio Comparison

The current KMLM Sharpe Ratio is 1.06, which is higher than the CASH.TO Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of KMLM and CASH.TO, 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. CASH.TO - Drawdown Comparison

The maximum KMLM drawdown since its inception was -27.47%, which is greater than CASH.TO's maximum drawdown of -9.29%. Use the drawdown chart below to compare losses from any high point for KMLM and CASH.TO.

Drawdown Indicators

	KMLM	CASH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.47%	-9.29%	-18.18%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-3.03%	-3.80%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-7.69%	-14.59%
Max Drawdown (5Y) Largest decline over 5 years	-27.47%	—	—
Current Drawdown Current decline from peak	-15.54%	-2.71%	-12.83%
Average Drawdown Average peak-to-trough decline	-12.74%	-2.80%	-9.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.57%	+0.53%

Volatility

KMLM vs. CASH.TO - Volatility Comparison

KFA Mount Lucas Index Strategy ETF (KMLM) has a higher volatility of 3.35% compared to Global X High Interest Savings ETF (CASH.TO) at 0.76%. This indicates that KMLM's price experiences larger fluctuations and is considered to be riskier than CASH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMLM	CASH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	0.76%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	3.22%	+6.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.50%	4.41%	+7.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	6.24%	+8.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	6.24%	+8.47%

KMLM vs. CASH.TO - Expense Ratio Comparison

KMLM has a 0.90% expense ratio, which is higher than CASH.TO's 0.11% expense ratio.

Dividends

KMLM vs. CASH.TO - Dividend Comparison

KMLM's dividend yield for the trailing twelve months is around 4.64%, more than CASH.TO's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021
CASH.TO Global X High Interest Savings ETF	2.19%	2.53%	4.37%	5.05%	2.30%	0.10%
KMLM KFA Mount Lucas Index Strategy ETF	4.64%	5.02%	0.82%	0.00%	13.22%	6.94%

Frequently Asked Questions

Can I hold both KMLM and CASH.TO in my portfolio?

KMLM and CASH.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KMLM or CASH.TO?

On fees, CASH.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KMLM or CASH.TO?

CASH.TO is cheaper with a 0.11% expense ratio, compared with 0.90% for KMLM.

What is the main difference between KMLM and CASH.TO?

KMLM is categorized as Systematic Trend, while CASH.TO is Money Market. They also come from different issuers: KraneShares and Global X. Their fees differ too: 0.90% for KMLM and 0.11% for CASH.TO.