KMLM vs. KBND

Last updated Jun 5, 2026

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

Performance

KMLM vs. KBND - Performance Comparison

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

Returns By Period

KMLM

• 1D: -0.94%
• 1M: -3.49%
• YTD: 9.75%
• 6M: 12.48%
• 1Y: 12.78%
• 3Y*: -0.84%
• 5Y*: 4.13%
• 10Y*: —

KBND

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

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

KMLM vs. KBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KMLM KFA Mount Lucas Index Strategy ETF	9.75%	-2.98%	-1.69%	-5.66%	30.61%	7.04%	5.40%
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.89%	3.13%	-6.81%	4.41%	0.62%

Correlation

The correlation between KMLM and KBND 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	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	-0.01

Return for Risk

KMLM vs. KBND — Risk / Return Rank

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

KMLM

KMLM Risk / Return Rank: 35
KMLM Sharpe Ratio Rank: 32
KMLM Sortino Ratio Rank: 30
KMLM Omega Ratio Rank: 31
KMLM Calmar Ratio Rank: 42
KMLM Martin Ratio Rank: 42

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. KBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KFA Mount Lucas Index Strategy ETF (KMLM) and KraneShares Bloomberg China Bond Inclusion Index ETF (KBND). 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.

	KMLM	KBND	Difference
Sharpe ratio: Return per unit of total volatility	1.12	—	—
Sortino ratio: Return per unit of downside risk	1.57	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	2.04	—	—
Martin ratio: Return relative to average drawdown	6.60	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KMLM	KBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	—	—

Drawdowns

Drawdown Indicators

	KMLM	KBND	Difference
Max Drawdown Largest peak-to-trough decline	-27.47%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.30%	—	—
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	-14.42%	—	—
Average Drawdown Average peak-to-trough decline	-12.74%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	—	—

Volatility

Volatility by Period

	KMLM	KBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.68%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.45%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.73%	—	—

KMLM vs. KBND - Expense Ratio Comparison

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

Dividends

KMLM vs. KBND - Dividend Comparison

KMLM's dividend yield for the trailing twelve months is around 4.58%, while KBND has not paid dividends to shareholders.

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	4.58%	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 KBND in my portfolio?

KMLM and KBND 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, KMLM or KBND?

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, KMLM or KBND?

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

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

KMLM has the higher dividend yield at 4.58%, compared with 0.00% for KBND.

What is the main difference between KMLM and KBND?

KMLM is categorized as Long-Short, while KBND is International Government Bonds. Their fees differ too: 0.90% for KMLM and 0.50% for KBND.