KRBN vs. KMLM

Last updated Jun 25, 2026

KRBN (KraneShares Global Carbon ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - KRBN is a Commodities fund tracking the IHS Markit Global Carbon Index, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. Both are passively managed. Over the past 5 years, KRBN returned 6.02%/yr vs 4.07%/yr for KMLM. At a correlation of -0.02, they often move in opposite directions. KRBN charges 0.79%/yr vs 0.90%/yr for KMLM.

Performance

KRBN vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Global Carbon ETF (KRBN) 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, KRBN achieves a -5.40% return, which is significantly lower than KMLM's 5.59% return.

KRBN

• 1D: 0.60%
• 1M: 3.74%
• YTD: -5.40%
• 6M: -5.66%
• 1Y: 11.15%
• 3Y*: 0.52%
• 5Y*: 6.02%
• 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)

KRBN vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KRBN KraneShares Global Carbon ETF	-5.40%	23.11%	-13.56%	8.01%	-12.75%	107.69%	9.20%
KMLM KFA Mount Lucas Index Strategy ETF	5.59%	-2.98%	-1.69%	-5.66%	30.61%	7.04%	5.74%

Correlation

The correlation between KRBN and KMLM 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 (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020	-0.02

Return for Risk

KRBN vs. KMLM — Risk / Return Rank

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

KRBN

KRBN Risk / Return Rank: 16
KRBN Sharpe Ratio Rank: 19
KRBN Sortino Ratio Rank: 17
KRBN Omega Ratio Rank: 18
KRBN Calmar Ratio Rank: 14
KRBN Martin Ratio Rank: 14

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.

KRBN vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Global Carbon ETF (KRBN) 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.

	KRBN	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	0.58	0.97	-0.38
Sortino ratio: Return per unit of downside risk	0.88	1.36	-0.48
Omega ratio: Gain probability vs. loss probability	1.12	1.17	-0.06
Calmar ratio: Return relative to maximum drawdown	0.45	1.19	-0.74
Martin ratio: Return relative to average drawdown	1.14	4.46	-3.32

KRBN vs. KMLM - Sharpe Ratio Comparison

The current KRBN Sharpe Ratio is 0.58, which is lower than the KMLM Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of KRBN and KMLM, 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

KRBN vs. KMLM - Drawdown Comparison

The maximum KRBN drawdown since its inception was -36.42%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for KRBN and KMLM.

Drawdown Indicators

	KRBN	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-36.42%	-27.47%	-8.95%
Max Drawdown (1Y) Largest decline over 1 year	-24.98%	-9.18%	-15.80%
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	-22.28%	-5.06%
Max Drawdown (5Y) Largest decline over 5 years	-36.42%	-27.47%	-8.95%
Current Drawdown Current decline from peak	-13.76%	-17.67%	+3.91%
Average Drawdown Average peak-to-trough decline	-16.12%	-12.76%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.79%	2.44%	+7.35%

Volatility

KRBN vs. KMLM - Volatility Comparison

KraneShares Global Carbon ETF (KRBN) has a higher volatility of 5.28% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 3.12%. This indicates that KRBN's price experiences larger fluctuations and is considered to be riskier than KMLM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KRBN	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	3.12%	+2.16%
Volatility (6M) Calculated over the trailing 6-month period	16.89%	9.90%	+6.99%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	11.34%	+7.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.06%	14.58%	+13.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.55%	14.69%	+13.86%

KRBN vs. KMLM - Expense Ratio Comparison

KRBN has a 0.79% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

KRBN vs. KMLM - Dividend Comparison

KRBN's dividend yield for the trailing twelve months is around 2.01%, less 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%
KRBN KraneShares Global Carbon ETF	2.01%	1.90%	7.10%	7.60%	22.91%	0.49%

Frequently Asked Questions

Can I hold both KRBN and KMLM in my portfolio?

KRBN and KMLM 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, KRBN or KMLM?

KRBN has higher volatility (5.28%) compared to KMLM (3.12%). In terms of maximum drawdown, KRBN dropped -36.42% vs KMLM's -27.47%.

Which ETF is better, KRBN or KMLM?

On 5-year performance, KRBN leads with 6.02% vs 4.07% for KMLM. On fees, KRBN is cheaper at 0.79% per year. On volatility, KMLM has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KRBN or KMLM?

Over the 5-year period, KRBN has performed better with a 6.02% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KRBN or KMLM?

KRBN is cheaper with a 0.79% expense ratio, compared with 0.90% for KMLM.

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

KMLM has the higher dividend yield at 4.76%, compared with 2.01% for KRBN.

What is the main difference between KRBN and KMLM?

KRBN is categorized as Commodities, while KMLM is Systematic Trend. KRBN tracks IHS Markit Global Carbon Index, while KMLM tracks KFA MLM Index. They also come from different issuers: CICC and KraneShares. Their fees differ too: 0.79% for KRBN and 0.90% for KMLM.

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (0.97 vs 0.58), 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.