NUKX vs. KMLM

Last updated Aug 2, 2026

NUKX (Nicholas Nuclear Income ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - NUKX is a Derivative Income fund actively managed by Nicholas Wealth, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. NUKX is actively managed, while KMLM is passively managed. Their -0.24 correlation means they have often moved in opposite directions in the past. NUKX charges 1.07%/yr vs 0.90%/yr for KMLM.

Performance

NUKX vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Nuclear Income ETF (NUKX) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NUKX

• 1D: -0.97%
• 1M: -7.63%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

KMLM

• 1D: 0.24%
• 1M: 6.85%
• 6M: 12.90%
• YTD: 12.95%
• 1Y: 18.19%
• 3Y*: 0.08%
• 5Y*: 5.77%
• 10Y*: —
• ALL TIME*: 7.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KMLM KFA Mount Lucas Index Strategy ETF	$14.29M	$9.53M	$7.83M
NUKX Nicholas Nuclear Income ETF	$132.47K	$169.16K	$262.73K

NUKX vs. KMLM - Yearly Performance Comparison

	2026 (YTD)
NUKX Nicholas Nuclear Income ETF	-22.51%
KMLM KFA Mount Lucas Index Strategy ETF	7.56%

Correlation

The correlation between NUKX and KMLM is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 3, 2026	-0.24

Return for Risk

NUKX vs. KMLM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NUKX

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

KMLM

KMLM Risk / Return Rank: 61
KMLM Sharpe Ratio Rank: 69
KMLM Sortino Ratio Rank: 65
KMLM Omega Ratio Rank: 67
KMLM Calmar Ratio Rank: 52
KMLM Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NUKX vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Nuclear Income ETF (NUKX) 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.

	NUKX	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.55	—
Sortino ratio: Return per unit of downside risk	—	2.14	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	1.86	—
Martin ratio: Return relative to average drawdown	—	6.03	—

Drawdowns

NUKX vs. KMLM - Drawdown Comparison

The maximum NUKX drawdown since its inception was -31.95%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for NUKX and KMLM.

Drawdown Indicators

	NUKX	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-31.95%	-27.47%	-4.48%
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	-28.73%	-11.93%	-16.80%
Average Drawdown Average peak-to-trough decline	-13.27%	-12.79%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.95%	—

Volatility

Volatility by Period

	NUKX	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	49.22%	11.49%	+37.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.22%	14.53%	+34.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.22%	14.66%	+34.56%

NUKX vs. KMLM - Expense Ratio Comparison

NUKX has a 1.07% expense ratio, which is higher than KMLM's 0.90% expense ratio.

Dividends

NUKX vs. KMLM - Dividend Comparison

NUKX's dividend yield for the trailing twelve months is around 6.83%, more than KMLM's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	4.45%	5.02%	0.82%	0.00%	13.22%	6.94%
NUKX Nicholas Nuclear Income ETF	6.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUKX and KMLM in my portfolio?

NUKX 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, NUKX 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, NUKX or KMLM?

KMLM is cheaper with a 0.90% expense ratio, compared with 1.07% for NUKX.

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

NUKX has the higher dividend yield at 6.83%, compared with 4.45% for KMLM.

What is the main difference between NUKX and KMLM?

NUKX is categorized as Derivative Income, while KMLM is Systematic Trend. They also come from different issuers: Nicholas Wealth and KraneShares. Their fees differ too: 1.07% for NUKX and 0.90% for KMLM.