RSEE vs. KMLM

Last updated Aug 2, 2026

RSEE (Rareview Systematic Equity ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - RSEE is a Long-Short fund actively managed by Rareview, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. RSEE is actively managed, while KMLM is passively managed. Over the past 3 years, RSEE returned 14.53%/yr vs 0.08%/yr for KMLM. Their -0.10 correlation means they have often moved in opposite directions in the past. 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 10.69% return, which is significantly lower than KMLM's 12.95% return.

RSEE

• 1D: 0.29%
• 1M: -2.61%
• 6M: 6.73%
• YTD: 10.69%
• 1Y: 25.89%
• 3Y*: 14.53%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.44%

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
RSEE Rareview Systematic Equity ETF	$298.76K	$233.55K	$305.55K

RSEE vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RSEE Rareview Systematic Equity ETF	10.69%	20.54%	18.54%	10.21%	-2.49%
KMLM KFA Mount Lucas Index Strategy ETF	12.95%	-2.98%	-1.69%	-5.66%	26.97%

Correlation

The correlation between RSEE and KMLM is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (3Y) Balances recent behavior with more history.	0.00
Correlation (All Time) Calculated using the full available price history since Jan 21, 2022	-0.10

Return for Risk

RSEE vs. KMLM — Risk / Return Rank

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

RSEE

RSEE Risk / Return Rank: 52
RSEE Sharpe Ratio Rank: 51
RSEE Sortino Ratio Rank: 49
RSEE Omega Ratio Rank: 48
RSEE Calmar Ratio Rank: 52
RSEE Martin Ratio Rank: 58

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.

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.

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.

	RSEE	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.55	-0.31
Sortino ratio: Return per unit of downside risk	1.76	2.14	-0.38
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	1.87	1.86	+0.01
Martin ratio: Return relative to average drawdown	7.00	6.03	+0.97

RSEE vs. KMLM - Sharpe Ratio Comparison

The current RSEE Sharpe Ratio is 1.24, which is comparable to the KMLM Sharpe Ratio of 1.55. 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.

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%	-9.61%	-3.28%
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	-5.44%	-11.93%	+6.49%
Average Drawdown Average peak-to-trough decline	-3.77%	-12.79%	+9.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.95%	+0.48%

Volatility

RSEE vs. KMLM - Volatility Comparison

Rareview Systematic Equity ETF (RSEE) has a higher volatility of 5.69% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 3.70%. 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	5.69%	3.70%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	16.14%	10.31%	+5.83%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	11.49%	+7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	14.53%	+4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.20%	14.66%	+4.54%

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 has not paid dividends to shareholders, while KMLM's dividend yield for the trailing twelve months is around 4.45%.

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%
RSEE Rareview Systematic Equity ETF	0.00%	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 -0.06, 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 (5.69%) compared to KMLM (3.70%). 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 14.53% vs 0.08% for KMLM. On fees, KMLM is cheaper at 0.90% per year. On volatility, KMLM has been the lower-risk option at 3.70%. 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 14.53% return vs 0.08%. 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 4.45%, compared with 0.00% for RSEE.

What is the main difference between RSEE and KMLM?

RSEE is categorized as Long-Short, while KMLM is Systematic Trend. They also come from different issuers: Rareview and KraneShares. Their fees differ too: 1.27% for RSEE and 0.90% for KMLM.

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (1.55 vs 1.24), 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.