VOLT vs. KMLM

Last updated Jun 14, 2026

VOLT (Tema Electrification ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - VOLT is a Energy Equities fund actively managed by Tema, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. VOLT is actively managed, while KMLM is passively managed. Over the past year, VOLT returned 62.39% vs 13.24% for KMLM. At a correlation of -0.03, they often move in opposite directions. VOLT charges 0.75%/yr vs 0.90%/yr for KMLM.

Performance

VOLT vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Electrification ETF (VOLT) 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, VOLT achieves a 36.32% return, which is significantly higher than KMLM's 8.32% return.

VOLT

• 1D: 1.28%
• 1M: -0.71%
• YTD: 36.32%
• 6M: 35.03%
• 1Y: 62.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: -0.53%
• 1M: -5.80%
• YTD: 8.32%
• 6M: 9.68%
• 1Y: 13.24%
• 3Y*: -1.51%
• 5Y*: 4.11%
• 10Y*: —

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

VOLT vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOLT Tema Electrification ETF	36.32%	25.92%	-8.98%
KMLM KFA Mount Lucas Index Strategy ETF	8.32%	-2.98%	1.88%

Correlation

The correlation between VOLT and KMLM is -0.01, 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	-0.01
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.03

Return for Risk

VOLT vs. KMLM — Risk / Return Rank

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

VOLT

VOLT Risk / Return Rank: 91
VOLT Sharpe Ratio Rank: 92
VOLT Sortino Ratio Rank: 89
VOLT Omega Ratio Rank: 88
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 90

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: 41
KMLM Martin Ratio Rank: 41

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.

VOLT vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Electrification ETF (VOLT) 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.

	VOLT	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	2.87	1.06	+1.81
Sortino ratio: Return per unit of downside risk	3.62	1.49	+2.12
Omega ratio: Gain probability vs. loss probability	1.47	1.19	+0.28
Calmar ratio: Return relative to maximum drawdown	6.35	1.78	+4.57
Martin ratio: Return relative to average drawdown	17.90	5.86	+12.04

VOLT vs. KMLM - Sharpe Ratio Comparison

The current VOLT Sharpe Ratio is 2.87, which is higher than the KMLM Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of VOLT 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

VOLT vs. KMLM - Drawdown Comparison

The maximum VOLT drawdown since its inception was -23.40%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for VOLT and KMLM.

Drawdown Indicators

	VOLT	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-27.47%	+4.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-6.83%	-2.76%
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	-4.76%	-15.54%	+10.78%
Average Drawdown Average peak-to-trough decline	-5.19%	-12.74%	+7.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	2.10%	+1.30%

Volatility

VOLT vs. KMLM - Volatility Comparison

Tema Electrification ETF (VOLT) has a higher volatility of 9.23% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 3.35%. This indicates that VOLT'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

	VOLT	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	3.35%	+5.88%
Volatility (6M) Calculated over the trailing 6-month period	18.19%	9.77%	+8.42%
Volatility (1Y) Calculated over the trailing 1-year period	21.28%	11.50%	+9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.40%	14.62%	+9.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	14.71%	+9.69%

VOLT vs. KMLM - Expense Ratio Comparison

VOLT has a 0.75% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

VOLT vs. KMLM - Dividend Comparison

VOLT's dividend yield for the trailing twelve months is around 0.33%, less than KMLM's 4.64% yield.

Position	TTM	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	4.64%	5.02%	0.82%	0.00%	13.22%	6.94%
VOLT Tema Electrification ETF	0.33%	0.46%	0.01%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VOLT and KMLM in my portfolio?

VOLT and KMLM have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOLT or KMLM?

VOLT has higher volatility (9.23%) compared to KMLM (3.35%). In terms of maximum drawdown, VOLT dropped -23.40% vs KMLM's -27.47%.

Which ETF is better, VOLT or KMLM?

On 1-year performance, VOLT leads with 62.39% vs 13.24% for KMLM. On fees, VOLT is cheaper at 0.75% per year. On volatility, KMLM has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOLT or KMLM?

Over the 1-year period, VOLT has performed better with a 62.39% return vs 13.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOLT or KMLM?

VOLT is cheaper with a 0.75% expense ratio, compared with 0.90% for KMLM.

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

KMLM has the higher dividend yield at 4.64%, compared with 0.33% for VOLT.

What is the main difference between VOLT and KMLM?

VOLT is categorized as Energy Equities, while KMLM is Systematic Trend. They also come from different issuers: Tema and KraneShares. Their fees differ too: 0.75% for VOLT and 0.90% for KMLM.

Which has better risk-adjusted returns?

VOLT currently has the higher Sharpe Ratio (2.87 vs 1.06), 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.