KMLM vs. KPRO

Last updated Jul 17, 2026

KMLM (KFA Mount Lucas Index Strategy ETF) and KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) are both exchange-traded funds - KMLM is a Systematic Trend fund tracking the KFA MLM Index, while KPRO is a Options Trading fund actively managed by KraneShares. KMLM is passively managed, while KPRO is actively managed. Over the past year, KMLM returned 14.25% vs -3.39% for KPRO. At a correlation of -0.02, they often move in opposite directions. KMLM charges 0.90%/yr vs 0.95%/yr for KPRO.

Performance

KMLM vs. KPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KFA Mount Lucas Index Strategy ETF (KMLM) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMLM achieves a 11.60% return, which is significantly higher than KPRO's -4.41% return.

KMLM

• 1D: 0.45%
• 1M: 4.38%
• 6M: 8.95%
• YTD: 11.60%
• 1Y: 14.25%
• 3Y*: -0.51%
• 5Y*: 5.56%
• 10Y*: —

KPRO

• 1D: 0.28%
• 1M: 1.14%
• 6M: -5.56%
• YTD: -4.41%
• 1Y: -3.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMLM vs. KPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KMLM KFA Mount Lucas Index Strategy ETF	11.60%	-2.98%	-1.97%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-4.41%	7.79%	11.98%

Correlation

The correlation between KMLM and KPRO is -0.00, 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	-0.00
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	-0.02

Return for Risk

KMLM vs. KPRO — Risk / Return Rank

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

KMLM

KMLM Risk / Return Rank: 39
KMLM Sharpe Ratio Rank: 42
KMLM Sortino Ratio Rank: 40
KMLM Omega Ratio Rank: 41
KMLM Calmar Ratio Rank: 35
KMLM Martin Ratio Rank: 37

KPRO

KPRO Risk / Return Rank: 6
KPRO Sharpe Ratio Rank: 6
KPRO Sortino Ratio Rank: 6
KPRO Omega Ratio Rank: 5
KPRO Calmar Ratio Rank: 7
KPRO Martin Ratio Rank: 7

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. KPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KFA Mount Lucas Index Strategy ETF (KMLM) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). 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	KPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.25	-0.39	+1.63
Sortino ratio: Return per unit of downside risk	1.74	-0.41	+2.15
Omega ratio: Gain probability vs. loss probability	1.23	0.93	+0.30
Calmar ratio: Return relative to maximum drawdown	1.49	-0.26	+1.74
Martin ratio: Return relative to average drawdown	4.68	-0.46	+5.14

KMLM vs. KPRO - Sharpe Ratio Comparison

The current KMLM Sharpe Ratio is 1.25, which is higher than the KPRO Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of KMLM and KPRO, 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. KPRO - Drawdown Comparison

The maximum KMLM drawdown since its inception was -27.47%, which is greater than KPRO's maximum drawdown of -13.34%. Use the drawdown chart below to compare losses from any high point for KMLM and KPRO.

Drawdown Indicators

	KMLM	KPRO	Difference
Max Drawdown Largest peak-to-trough decline	-27.47%	-13.34%	-14.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-13.34%	+3.73%
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	-12.98%	-11.26%	-1.72%
Average Drawdown Average peak-to-trough decline	-12.79%	-2.87%	-9.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	7.32%	-4.27%

Volatility

KMLM vs. KPRO - Volatility Comparison

KFA Mount Lucas Index Strategy ETF (KMLM) has a higher volatility of 3.71% compared to KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) at 1.34%. This indicates that KMLM's price experiences larger fluctuations and is considered to be riskier than KPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMLM	KPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	1.34%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	10.11%	4.66%	+5.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.50%	8.85%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.57%	7.70%	+6.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.68%	7.70%	+6.98%

KMLM vs. KPRO - Expense Ratio Comparison

KMLM has a 0.90% expense ratio, which is lower than KPRO's 0.95% expense ratio.

Dividends

KMLM vs. KPRO - Dividend Comparison

KMLM's dividend yield for the trailing twelve months is around 4.50%, more than KPRO's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	4.50%	5.02%	0.82%	0.00%	13.22%	6.94%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.77%	2.65%	3.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMLM and KPRO in my portfolio?

KMLM and KPRO have a correlation of -0.00, 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 KPRO?

KMLM has higher volatility (3.71%) compared to KPRO (1.34%). In terms of maximum drawdown, KMLM dropped -27.47% vs KPRO's -13.34%.

Which ETF is better, KMLM or KPRO?

On 1-year performance, KMLM leads with 14.25% vs -3.39% for KPRO. On fees, KMLM is cheaper at 0.90% per year. On volatility, KPRO has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMLM or KPRO?

Over the 1-year period, KMLM has performed better with a 14.25% return vs -3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMLM or KPRO?

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

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

KMLM has the higher dividend yield at 4.50%, compared with 2.77% for KPRO.

What is the main difference between KMLM and KPRO?

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

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (1.25 vs -0.39), 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.