KPHO vs. KMLM

Last updated Jun 25, 2026

KPHO (KraneShares Dragon Capital Vietnam Growth Index ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - KPHO is a Emerging Markets Equities fund tracking the Dragon Capital Merqube Vietnam Growth Index, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. Both are passively managed. At a correlation of -0.24, they often move in opposite directions. KPHO charges 1.03%/yr vs 0.90%/yr for KMLM.

Performance

KPHO vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPHO achieves a -6.02% return, which is significantly lower than KMLM's 5.59% return.

KPHO

• 1D: -0.54%
• 1M: -1.23%
• YTD: -6.02%
• 6M: 5.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: -1.30%
• 1M: -6.21%
• YTD: 5.59%
• 6M: 5.76%
• 1Y: 10.89%
• 3Y*: -1.13%
• 5Y*: 4.07%
• 10Y*: —

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

KPHO vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025
KPHO KraneShares Dragon Capital Vietnam Growth Index ETF	-6.02%	9.46%
KMLM KFA Mount Lucas Index Strategy ETF	5.59%	2.17%

Correlation

The correlation between KPHO and KMLM is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	-0.24

Return for Risk

KPHO vs. KMLM — Risk / Return Rank

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

KPHO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

KMLM

KMLM Risk / Return Rank: 28
KMLM Sharpe Ratio Rank: 29
KMLM Sortino Ratio Rank: 26
KMLM Omega Ratio Rank: 27
KMLM Calmar Ratio Rank: 26
KMLM Martin Ratio Rank: 33

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.

KPHO vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO) and KFA Mount Lucas Index Strategy ETF (KMLM). 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.

	KPHO	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	—	0.97	—
Sortino ratio: Return per unit of downside risk	—	1.36	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.19	—
Martin ratio: Return relative to average drawdown	—	4.46	—

Drawdowns

KPHO vs. KMLM - Drawdown Comparison

The maximum KPHO drawdown since its inception was -14.34%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for KPHO and KMLM.

Drawdown Indicators

	KPHO	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-14.34%	-27.47%	+13.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.18%	—
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	-11.21%	-17.67%	+6.46%
Average Drawdown Average peak-to-trough decline	-6.35%	-12.76%	+6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.44%	—

Volatility

Volatility by Period

	KPHO	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.87%	11.34%	+16.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.87%	14.58%	+13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.87%	14.69%	+13.18%

KPHO vs. KMLM - Expense Ratio Comparison

KPHO has a 1.03% expense ratio, which is higher than KMLM's 0.90% expense ratio.

Dividends

KPHO vs. KMLM - Dividend Comparison

KPHO's dividend yield for the trailing twelve months is around 11.06%, more than KMLM's 4.76% yield.

Position	TTM	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	4.76%	5.02%	0.82%	0.00%	13.22%	6.94%
KPHO KraneShares Dragon Capital Vietnam Growth Index ETF	11.06%	10.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPHO and KMLM in my portfolio?

KPHO and KMLM have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KPHO or KMLM?

On fees, KMLM is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KPHO or KMLM?

KMLM is cheaper with a 0.90% expense ratio, compared with 1.03% for KPHO.

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

KPHO has the higher dividend yield at 11.06%, compared with 4.76% for KMLM.

What is the main difference between KPHO and KMLM?

KPHO is categorized as Emerging Markets Equities, while KMLM is Systematic Trend. KPHO tracks Dragon Capital Merqube Vietnam Growth Index, while KMLM tracks KFA MLM Index. Their fees differ too: 1.03% for KPHO and 0.90% for KMLM.