KWIN vs. KMLM

Last updated Jul 1, 2026

KWIN (KraneShares Wahed Alternative Income Index ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - KWIN is a Large Cap Value Equities fund tracking the Wahed Alternative Income Index, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. Both are passively managed. At a 0.12 correlation, their price movements are largely independent. KWIN charges 0.51%/yr vs 0.90%/yr for KMLM.

Performance

KWIN vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Wahed Alternative Income Index ETF (KWIN) 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, KWIN achieves a 1.30% return, which is significantly lower than KMLM's 6.05% return.

KWIN

• 1D: -0.21%
• 1M: -0.09%
• YTD: 1.30%
• 6M: 1.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: 0.62%
• 1M: -2.65%
• YTD: 6.05%
• 6M: 5.97%
• 1Y: 9.62%
• 3Y*: -1.46%
• 5Y*: 3.88%
• 10Y*: —

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

KWIN vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025
KWIN KraneShares Wahed Alternative Income Index ETF	1.30%	0.61%
KMLM KFA Mount Lucas Index Strategy ETF	6.05%	3.52%

Correlation

The correlation between KWIN and KMLM is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025	0.12

Return for Risk

KWIN vs. KMLM — Risk / Return Rank

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

KWIN

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

KMLM

KMLM Risk / Return Rank: 24
KMLM Sharpe Ratio Rank: 25
KMLM Sortino Ratio Rank: 23
KMLM Omega Ratio Rank: 24
KMLM Calmar Ratio Rank: 23
KMLM Martin Ratio Rank: 28

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.

KWIN vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Wahed Alternative Income Index ETF (KWIN) 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.

	KWIN	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	—	0.85	—
Sortino ratio: Return per unit of downside risk	—	1.21	—
Omega ratio: Gain probability vs. loss probability	—	1.15	—
Calmar ratio: Return relative to maximum drawdown	—	1.01	—
Martin ratio: Return relative to average drawdown	—	3.57	—

Drawdowns

KWIN vs. KMLM - Drawdown Comparison

The maximum KWIN drawdown since its inception was -0.93%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for KWIN and KMLM.

Drawdown Indicators

	KWIN	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-0.93%	-27.47%	+26.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.61%	—
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	-0.27%	-17.31%	+17.04%
Average Drawdown Average peak-to-trough decline	-0.21%	-12.77%	+12.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.70%	—

Volatility

Volatility by Period

	KWIN	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.31%	11.39%	-8.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	14.58%	-11.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	14.69%	-11.38%

KWIN vs. KMLM - Expense Ratio Comparison

KWIN has a 0.51% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

KWIN vs. KMLM - Dividend Comparison

KWIN has not paid dividends to shareholders, while KMLM's dividend yield for the trailing twelve months is around 4.74%.

Position	TTM	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	4.74%	5.02%	0.82%	0.00%	13.22%	6.94%
KWIN KraneShares Wahed Alternative Income Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KWIN and KMLM in my portfolio?

KWIN and KMLM have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KWIN or KMLM?

On fees, KWIN is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KWIN or KMLM?

KWIN is cheaper with a 0.51% expense ratio, compared with 0.90% for KMLM.

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

KMLM has the higher dividend yield at 4.74%, compared with 0.00% for KWIN.

What is the main difference between KWIN and KMLM?

KWIN is categorized as Large Cap Value Equities, while KMLM is Systematic Trend. KWIN tracks Wahed Alternative Income Index, while KMLM tracks KFA MLM Index. Their fees differ too: 0.51% for KWIN and 0.90% for KMLM.