RSEE vs. KMLM

Last updated Jun 4, 2026

RSEE (Rareview Systematic Equity ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both Long-Short funds. Both are actively managed. Over the past 3 years, RSEE returned 19.29%/yr vs -0.47%/yr for KMLM. At a correlation of -0.10, they often move in opposite directions. RSEE charges 1.27%/yr vs 0.90%/yr for KMLM.

Performance

RSEE vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rareview Systematic Equity ETF (RSEE) 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, RSEE achieves a 15.92% return, which is significantly higher than KMLM's 10.79% return.

RSEE

• 1D: -0.97%
• 1M: 7.65%
• YTD: 15.92%
• 6M: 16.63%
• 1Y: 37.19%
• 3Y*: 19.29%
• 5Y*: —
• 10Y*: —

KMLM

• 1D: 0.17%
• 1M: -2.41%
• YTD: 10.79%
• 6M: 13.19%
• 1Y: 13.68%
• 3Y*: -0.47%
• 5Y*: 4.33%
• 10Y*: —

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

RSEE vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RSEE Rareview Systematic Equity ETF	15.92%	20.54%	18.54%	10.21%	-1.61%
KMLM KFA Mount Lucas Index Strategy ETF	10.79%	-2.98%	-1.69%	-5.66%	27.60%

Correlation

The correlation between RSEE and KMLM is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Jan 24, 2022	-0.10

The correlation between RSEE and KMLM shifts across timeframes, from -0.10 (all time) to 0.02 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RSEE vs. KMLM — Risk / Return Rank

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

RSEE

RSEE Risk / Return Rank: 62
RSEE Sharpe Ratio Rank: 64
RSEE Sortino Ratio Rank: 61
RSEE Omega Ratio Rank: 60
RSEE Calmar Ratio Rank: 59
RSEE Martin Ratio Rank: 66

KMLM

KMLM Risk / Return Rank: 36
KMLM Sharpe Ratio Rank: 33
KMLM Sortino Ratio Rank: 31
KMLM Omega Ratio Rank: 32
KMLM Calmar Ratio Rank: 43
KMLM Martin Ratio Rank: 43

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.

RSEE vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rareview Systematic Equity ETF (RSEE) 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.

	RSEE	KMLM	Difference
Sharpe ratio Return per unit of total volatility	2.13	1.20	+0.92
Sortino ratio Return per unit of downside risk	2.86	1.68	+1.18
Omega ratio Gain probability vs. loss probability	1.37	1.22	+0.15
Calmar ratio Return relative to maximum drawdown	2.90	2.18	+0.72
Martin ratio Return relative to average drawdown	12.05	7.18	+4.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RSEE vs. KMLM - Sharpe Ratio Comparison

The current RSEE Sharpe Ratio is 2.13, which is higher than the KMLM Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of RSEE 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.

Sharpe Ratios by Period

	RSEE	KMLM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.20	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.49	+0.27

Drawdowns

RSEE vs. KMLM - Drawdown Comparison

The maximum RSEE drawdown since its inception was -21.60%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for RSEE and KMLM.

Drawdown Indicators

	RSEE	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-21.60%	-27.47%	+5.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.89%	-6.30%	-6.59%
Max Drawdown (3Y) Largest decline over 3 years	-21.60%	-22.28%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.47%	—
Current Drawdown Current decline from peak	-0.97%	-13.61%	+12.64%
Average Drawdown Average peak-to-trough decline	-3.78%	-12.74%	+8.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	1.91%	+1.19%

Volatility

RSEE vs. KMLM - Volatility Comparison

Rareview Systematic Equity ETF (RSEE) has a higher volatility of 5.39% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 4.46%. This indicates that RSEE'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

	RSEE	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	4.46%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	9.63%	+4.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	11.43%	+6.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	14.62%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	14.73%	+4.27%

RSEE vs. KMLM - Expense Ratio Comparison

RSEE has a 1.27% expense ratio, which is higher than KMLM's 0.90% expense ratio.

Dividends

RSEE vs. KMLM - Dividend Comparison

RSEE's dividend yield for the trailing twelve months is around 0.21%, less than KMLM's 4.53% yield.

Position	TTM	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	4.53%	5.02%	0.82%	0.00%	13.22%	6.94%
RSEE Rareview Systematic Equity ETF	0.21%	0.24%	9.02%	0.84%	1.97%	0.00%

Frequently Asked Questions

Can I hold both RSEE and KMLM in my portfolio?

RSEE and KMLM have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSEE or KMLM?

RSEE has higher volatility (5.39%) compared to KMLM (4.46%). In terms of maximum drawdown, RSEE dropped -21.60% vs KMLM's -27.47%.

Which ETF is better, RSEE or KMLM?

On 3-year performance, RSEE leads with 19.29% vs -0.47% for KMLM. On fees, KMLM is cheaper at 0.90% per year. On volatility, KMLM has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSEE or KMLM?

Over the 3-year period, RSEE has performed better with a 19.29% return vs -0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSEE or KMLM?

KMLM is cheaper with a 0.90% expense ratio, compared with 1.27% for RSEE.

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

KMLM has the higher dividend yield at 4.53%, compared with 0.21% for RSEE.

What is the main difference between RSEE and KMLM?

They also come from different issuers: Rareview Funds and CICC. Their fees differ too: 1.27% for RSEE and 0.90% for KMLM.

Which has better risk-adjusted returns?

RSEE currently has the higher Sharpe Ratio (2.13 vs 1.20), 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.