WAGN vs. KMLM

Last updated Jul 2, 2026

WAGN (Pabrai Wagons ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - WAGN is a Global Equities fund actively managed by Pabrai, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. WAGN is actively managed, while KMLM is passively managed. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.90% expense ratio.

Performance

WAGN vs. KMLM - Performance Comparison

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

Returns By Period

WAGN

• 1D: -0.29%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMLM

• 1D: 0.07%
• 1M: -3.54%
• YTD: 6.13%
• 6M: 6.13%
• 1Y: 9.55%
• 3Y*: -1.44%
• 5Y*: 3.93%
• 10Y*: —

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

WAGN vs. KMLM - Yearly Performance Comparison

	2026 (YTD)
WAGN Pabrai Wagons ETF	-1.29%
KMLM KFA Mount Lucas Index Strategy ETF	0.69%

Correlation

The correlation between WAGN and KMLM is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 30, 2026	-1.00

Return for Risk

WAGN vs. KMLM — Risk / Return Rank

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

WAGN

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

KMLM

KMLM Risk / Return Rank: 25
KMLM Sharpe Ratio Rank: 26
KMLM Sortino Ratio Rank: 24
KMLM Omega Ratio Rank: 24
KMLM Calmar Ratio Rank: 23
KMLM Martin Ratio Rank: 28

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.

WAGN vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pabrai Wagons ETF (WAGN) 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.

	WAGN	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	—	0.84	—
Sortino ratio: Return per unit of downside risk	—	1.20	—
Omega ratio: Gain probability vs. loss probability	—	1.15	—
Calmar ratio: Return relative to maximum drawdown	—	1.00	—
Martin ratio: Return relative to average drawdown	—	3.48	—

Drawdowns

WAGN vs. KMLM - Drawdown Comparison

The maximum WAGN drawdown since its inception was -1.29%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for WAGN and KMLM.

Drawdown Indicators

	WAGN	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-1.29%	-27.47%	+26.18%
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	-1.29%	-17.25%	+15.96%
Average Drawdown Average peak-to-trough decline	-1.15%	-12.78%	+11.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.75%	—

Volatility

Volatility by Period

	WAGN	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.04%	11.37%	-3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.04%	14.58%	-6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.04%	14.68%	-6.64%

WAGN vs. KMLM - Expense Ratio Comparison

Both WAGN and KMLM have an expense ratio of 0.90%.

Dividends

WAGN vs. KMLM - Dividend Comparison

WAGN has not paid dividends to shareholders, while KMLM's dividend yield for the trailing twelve months is around 4.73%.

Position	TTM	2025	2024	2023	2022	2021
KMLM KFA Mount Lucas Index Strategy ETF	4.73%	5.02%	0.82%	0.00%	13.22%	6.94%
WAGN Pabrai Wagons ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WAGN and KMLM in my portfolio?

WAGN and KMLM have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WAGN or KMLM?

Both ETFs have the same 0.90% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WAGN or KMLM?

WAGN and KMLM have the same expense ratio: 0.90% per year.

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

KMLM has the higher dividend yield at 4.73%, compared with 0.00% for WAGN.

What is the main difference between WAGN and KMLM?

WAGN is categorized as Global Equities, while KMLM is Systematic Trend. They also come from different issuers: Pabrai and KraneShares.