KMLM vs. UBT
Compare and contrast key facts about KFA Mount Lucas Index Strategy ETF (KMLM) and ProShares Ultra 20+ Year Treasury (UBT).
KMLM and UBT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KMLM is an actively managed fund by CICC. It was launched on Dec 2, 2020. UBT is a passively managed fund by ProShares that tracks the performance of the Barclays Capital U.S. 20+ Year Treasury Index (200%). It was launched on Jan 19, 2010.
Performance
KMLM vs. UBT - Performance Comparison
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KMLM vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KMLM KFA Mount Lucas Index Strategy ETF | 8.67% | -2.98% | -1.69% | -5.66% | 30.61% | 7.04% | 5.40% |
UBT ProShares Ultra 20+ Year Treasury | -1.06% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 2.19% |
Returns By Period
In the year-to-date period, KMLM achieves a 8.67% return, which is significantly higher than UBT's -1.06% return.
KMLM
- 1D
- -0.28%
- 1M
- 4.21%
- YTD
- 8.67%
- 6M
- 10.01%
- 1Y
- 8.60%
- 3Y*
- 0.44%
- 5Y*
- 5.63%
- 10Y*
- —
UBT
- 1D
- -0.31%
- 1M
- -8.62%
- YTD
- -1.06%
- 6M
- -4.20%
- 1Y
- -6.78%
- 3Y*
- -12.29%
- 5Y*
- -17.12%
- 10Y*
- -7.69%
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KMLM vs. UBT - Expense Ratio Comparison
KMLM has a 0.90% expense ratio, which is lower than UBT's 0.95% expense ratio.
Return for Risk
KMLM vs. UBT — Risk / Return Rank
KMLM
UBT
KMLM vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KFA Mount Lucas Index Strategy ETF (KMLM) and ProShares Ultra 20+ Year Treasury (UBT). 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 | UBT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.88 | -0.30 | +1.18 |
Sortino ratioReturn per unit of downside risk | 1.27 | -0.27 | +1.54 |
Omega ratioGain probability vs. loss probability | 1.16 | 0.97 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.13 | -0.28 | +1.41 |
Martin ratioReturn relative to average drawdown | 3.31 | -0.52 | +3.82 |
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 | UBT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | -0.30 | +1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | -0.55 | +0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.02 | +0.46 |
Correlation
The correlation between KMLM and UBT is -0.32. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
KMLM vs. UBT - Dividend Comparison
KMLM's dividend yield for the trailing twelve months is around 4.62%, more than UBT's 3.93% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KMLM KFA Mount Lucas Index Strategy ETF | 4.62% | 5.02% | 0.82% | 0.00% | 13.22% | 6.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.93% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Drawdowns
KMLM vs. UBT - Drawdown Comparison
The maximum KMLM drawdown since its inception was -27.47%, smaller than the maximum UBT drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for KMLM and UBT.
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Drawdown Indicators
| KMLM | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.47% | -78.90% | +51.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.73% | -18.64% | +11.91% |
Max Drawdown (5Y)Largest decline over 5 years | -27.47% | -72.49% | +45.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -78.90% | — |
Current DrawdownCurrent decline from peak | -15.27% | -76.27% | +61.00% |
Average DrawdownAverage peak-to-trough decline | -12.73% | -31.82% | +19.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 10.11% | -7.70% |
Volatility
KMLM vs. UBT - Volatility Comparison
The current volatility for KFA Mount Lucas Index Strategy ETF (KMLM) is 4.05%, while ProShares Ultra 20+ Year Treasury (UBT) has a volatility of 7.28%. This indicates that KMLM experiences smaller price fluctuations and is considered to be less risky than UBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KMLM | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 7.28% | -3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 7.22% | 13.23% | -6.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.84% | 22.59% | -12.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.57% | 31.38% | -16.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.67% | 29.38% | -14.71% |