KMLM vs. OUNZ
KMLM (KFA Mount Lucas Index Strategy ETF) and OUNZ (VanEck Merk Gold ETF) are both exchange-traded funds - KMLM is a Systematic Trend fund tracking the KFA MLM Index, while OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 5 years, KMLM returned 5.84%/yr vs 17.44%/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
Loading charts...
Returns By Period
In the year-to-date period, KMLM achieves a 13.45% return, which is significantly higher than OUNZ's -5.33% return.
KMLM
- 1D
- 0.65%
- 1M
- 5.82%
- 6M
- 11.47%
- YTD
- 13.45%
- 1Y
- 15.15%
- 3Y*
- 0.48%
- 5Y*
- 5.84%
- 10Y*
- —
- ALL TIME*
- 7.58%
OUNZ
- 1D
- 1.97%
- 1M
- -3.16%
- 6M
- -14.22%
- YTD
- -5.33%
- 1Y
- 19.91%
- 3Y*
- 27.36%
- 5Y*
- 17.44%
- 10Y*
- 11.59%
- ALL TIME*
- 9.56%
KMLM vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KMLM KFA Mount Lucas Index Strategy ETF | 13.45% | -2.98% | -1.69% | -5.66% | 30.61% | 7.04% | 5.74% |
OUNZ VanEck Merk Gold ETF | -5.33% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 4.75% |
Correlation
The correlation between KMLM and OUNZ 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 | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020 | -0.03 |
The correlation between KMLM and OUNZ shifts across timeframes, from -0.05 (5 years) to 0.08 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 ETF (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.
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 | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.15 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 0.76 | +0.82 |
| Martin ratioReturn relative to average drawdown | 4.94 | 1.76 | +3.18 |
Loading charts...
Drawdowns
KMLM vs. OUNZ - Drawdown Comparison
The maximum KMLM drawdown since its inception was -27.47%, roughly equal to the maximum OUNZ drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for KMLM and OUNZ.
Loading charts...
Drawdown Indicators
| KMLM | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.47% | -26.31% | -1.16% |
Max Drawdown (1Y)Largest decline over 1 year | -9.61% | -26.31% | +16.70% |
Max Drawdown (3Y)Largest decline over 3 years | -22.28% | -26.31% | +4.03% |
Max Drawdown (5Y)Largest decline over 5 years | -27.47% | -26.31% | -1.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.31% | — |
Current DrawdownCurrent decline from peak | -11.54% | -24.32% | +12.78% |
Average DrawdownAverage peak-to-trough decline | -12.79% | -7.73% | -5.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 11.33% | -8.26% |
Volatility
KMLM vs. OUNZ - Volatility Comparison
The current volatility for KFA Mount Lucas Index Strategy ETF (KMLM) is 3.62%, while VanEck Merk Gold ETF (OUNZ) has a volatility of 6.78%. 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.
Loading charts...
Volatility by Period
| KMLM | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.62% | 6.78% | -3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.11% | 24.08% | -13.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.51% | 27.86% | -16.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.53% | 18.35% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.67% | 16.13% | -1.46% |
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 4.43%, while OUNZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
KMLM KFA Mount Lucas Index Strategy ETF | 4.43% | 5.02% | 0.82% | 0.00% | 13.22% | 6.94% |
OUNZ VanEck Merk Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KMLM and OUNZ 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.
OUNZ has higher volatility (6.78%) compared to KMLM (3.62%). In terms of maximum drawdown, KMLM dropped -27.47% vs OUNZ's -26.31%.
On 5-year performance, OUNZ leads with 17.44% vs 5.84% for KMLM. On fees, OUNZ is cheaper at 0.25% per year. On volatility, KMLM has been the lower-risk option at 3.62%. 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 17.44% return vs 5.84%. 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 4.43%, compared with 0.00% for OUNZ.
KMLM is categorized as Systematic Trend, while OUNZ is Gold. KMLM tracks KFA MLM Index, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: KraneShares and VanEck. Their fees differ too: 0.90% for KMLM and 0.25% for OUNZ.
KMLM currently has the higher Sharpe Ratio (1.32 vs 0.72), 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.
Find the right allocation for KMLM and OUNZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer