OBOR vs. KMLM

Last updated Apr 1, 2026

Compare and contrast key facts about KraneShares MSCI One Belt One Road Index ETF (OBOR) and KFA Mount Lucas Index Strategy ETF (KMLM).

OBOR and KMLM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OBOR is a passively managed fund by CICC that tracks the performance of the MSCI Global China Infrastructure Exposure. It was launched on Sep 7, 2017. KMLM is an actively managed fund by CICC. It was launched on Dec 2, 2020.

Performance

OBOR vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI One Belt One Road Index ETF (OBOR) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

OBOR vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OBOR KraneShares MSCI One Belt One Road Index ETF	3.18%	27.86%	8.55%	-7.91%	-21.96%	17.06%	5.79%
KMLM KFA Mount Lucas Index Strategy ETF	8.67%	-2.98%	-1.69%	-5.66%	30.61%	7.04%	5.40%

Returns By Period

In the year-to-date period, OBOR achieves a 3.18% return, which is significantly lower than KMLM's 8.67% return.

OBOR

• 1D: 0.76%
• 1M: -8.96%
• YTD: 3.18%
• 6M: 9.93%
• 1Y: 29.26%
• 3Y*: 10.30%
• 5Y*: 2.10%
• 10Y*: —

KMLM

• 1D: -0.28%
• 1M: 4.21%
• YTD: 8.67%
• 6M: 10.01%
• 1Y: 8.60%
• 3Y*: 0.44%
• 5Y*: 5.63%
• 10Y*: —

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

OBOR vs. KMLM - Expense Ratio Comparison

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

KMLM

KFA Mount Lucas Index Strategy ETF

OBOR

KraneShares MSCI One Belt One Road Index ETF

Return for Risk

OBOR vs. KMLM — Risk / Return Rank

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

OBOR

OBOR Risk / Return Rank: 87
OBOR Sharpe Ratio Rank: 88
OBOR Sortino Ratio Rank: 87
OBOR Omega Ratio Rank: 89
OBOR Calmar Ratio Rank: 87
OBOR Martin Ratio Rank: 85

KMLM

KMLM Risk / Return Rank: 46
KMLM Sharpe Ratio Rank: 52
KMLM Sortino Ratio Rank: 50
KMLM Omega Ratio Rank: 44
KMLM Calmar Ratio Rank: 48
KMLM Martin Ratio Rank: 38

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.

OBOR vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI One Belt One Road Index ETF (OBOR) 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.

	OBOR	KMLM	Difference
Sharpe ratio Return per unit of total volatility	1.85	0.88	+0.97
Sortino ratio Return per unit of downside risk	2.42	1.27	+1.15
Omega ratio Gain probability vs. loss probability	1.37	1.16	+0.21
Calmar ratio Return relative to maximum drawdown	2.79	1.13	+1.66
Martin ratio Return relative to average drawdown	10.05	3.31	+6.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBOR vs. KMLM - Sharpe Ratio Comparison

The current OBOR Sharpe Ratio is 1.85, which is higher than the KMLM Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of OBOR and KMLM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OBOR	KMLM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	0.88	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.39	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.49	-0.28

Correlation

The correlation between OBOR and KMLM is -0.04. 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

OBOR vs. KMLM - Dividend Comparison

OBOR's dividend yield for the trailing twelve months is around 1.88%, less than KMLM's 4.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OBOR KraneShares MSCI One Belt One Road Index ETF	1.88%	1.94%	3.87%	3.40%	4.75%	3.26%	2.04%	4.33%	0.02%	0.10%
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%

Drawdowns

OBOR vs. KMLM - Drawdown Comparison

The maximum OBOR drawdown since its inception was -41.54%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for OBOR and KMLM.

Drawdown Indicators

	OBOR	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-27.47%	-14.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-6.73%	-3.74%
Max Drawdown (5Y) Largest decline over 5 years	-34.00%	-27.47%	-6.53%
Current Drawdown Current decline from peak	-8.96%	-15.27%	+6.31%
Average Drawdown Average peak-to-trough decline	-16.16%	-12.73%	-3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.41%	+0.50%

Volatility

OBOR vs. KMLM - Volatility Comparison

KraneShares MSCI One Belt One Road Index ETF (OBOR) has a higher volatility of 6.59% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 4.05%. This indicates that OBOR'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

	OBOR	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	4.05%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	12.08%	7.22%	+4.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	9.84%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	14.57%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	14.67%	+3.79%