KMLM vs. OUNZ
KMLM (KFA Mount Lucas Index Strategy ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - KMLM is a Long-Short fund actively managed by CICC, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). KMLM is actively managed, while OUNZ is passively managed. Over the past 5 years, KMLM returned 4.40%/yr vs 17.72%/yr for OUNZ. At a correlation of -0.03, they often move in opposite directions. KMLM charges 0.90%/yr vs 0.25%/yr for OUNZ.
Performance
KMLM vs. OUNZ - Performance Comparison
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Returns By Period
In the year-to-date period, KMLM achieves a 9.83% return, which is significantly higher than OUNZ's 0.29% return.
KMLM
- 1D
- 0.42%
- 1M
- -2.33%
- YTD
- 9.83%
- 6M
- 12.35%
- 1Y
- 12.99%
- 3Y*
- -0.87%
- 5Y*
- 4.40%
- 10Y*
- —
OUNZ
- 1D
- 0.22%
- 1M
- -8.43%
- YTD
- 0.29%
- 6M
- 3.12%
- 1Y
- 30.33%
- 3Y*
- 29.90%
- 5Y*
- 17.72%
- 10Y*
- 12.64%
KMLM vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KMLM KFA Mount Lucas Index Strategy ETF | 9.83% | -2.98% | -1.69% | -5.66% | 30.61% | 7.04% | 5.40% |
OUNZ VanEck Merk Gold Trust | 0.29% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 3.99% |
Correlation
The correlation between KMLM and OUNZ is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | -0.03 |
The correlation between KMLM and OUNZ shifts across timeframes, from -0.04 (5 years) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KMLM vs. OUNZ — Risk / Return Rank
KMLM
OUNZ
KMLM vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KFA Mount Lucas Index Strategy ETF (KMLM) and VanEck Merk Gold Trust (OUNZ). 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 | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.23 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.52 | +0.55 |
| Martin ratioReturn relative to average drawdown | 6.61 | 3.82 | +2.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KMLM | OUNZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 1.14 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.99 | -0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.64 | -0.16 |
Drawdowns
KMLM vs. OUNZ - Drawdown Comparison
The maximum KMLM drawdown since its inception was -27.47%, which is greater than OUNZ's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for KMLM and OUNZ.
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Drawdown Indicators
| KMLM | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.47% | -21.77% | -5.70% |
Max Drawdown (1Y)Largest decline over 1 year | -6.30% | -20.00% | +13.70% |
Max Drawdown (3Y)Largest decline over 3 years | -22.28% | -20.00% | -2.28% |
Max Drawdown (5Y)Largest decline over 5 years | -27.47% | -21.01% | -6.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.76% | — |
Current DrawdownCurrent decline from peak | -14.36% | -19.83% | +5.47% |
Average DrawdownAverage peak-to-trough decline | -12.74% | -7.58% | -5.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 7.96% | -5.99% |
Volatility
KMLM vs. OUNZ - Volatility Comparison
The current volatility for KFA Mount Lucas Index Strategy ETF (KMLM) is 4.27%, while VanEck Merk Gold Trust (OUNZ) has a volatility of 5.67%. This indicates that KMLM experiences smaller price fluctuations and is considered to be less risky than OUNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KMLM | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 5.67% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 23.29% | -13.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.46% | 26.66% | -15.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.62% | 17.99% | -3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.72% | 16.00% | -1.28% |
KMLM vs. OUNZ - Expense Ratio Comparison
KMLM has a 0.90% expense ratio, which is higher than OUNZ's 0.25% expense ratio.
Dividends
KMLM vs. OUNZ - Dividend Comparison
KMLM's dividend yield for the trailing twelve months is around 4.57%, while OUNZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
KMLM KFA Mount Lucas Index Strategy ETF | 4.57% | 5.02% | 0.82% | 0.00% | 13.22% | 6.94% |
OUNZ VanEck Merk Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KMLM and OUNZ have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OUNZ has higher volatility (5.67%) compared to KMLM (4.27%). In terms of maximum drawdown, KMLM dropped -27.47% vs OUNZ's -21.77%.
On 5-year performance, OUNZ leads with 17.72% vs 4.40% for KMLM. On fees, OUNZ is cheaper at 0.25% per year. On volatility, KMLM has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OUNZ has performed better with a 17.72% return vs 4.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OUNZ is cheaper with a 0.25% expense ratio, compared with 0.90% for KMLM.
KMLM has the higher dividend yield at 4.57%, compared with 0.00% for OUNZ.
KMLM is categorized as Long-Short, while OUNZ is Precious Metals. They also come from different issuers: CICC and Merk. Their fees differ too: 0.90% for KMLM and 0.25% for OUNZ.
OUNZ currently has the higher Sharpe Ratio (1.14 vs 1.14), 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.
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