XAGG vs. KMLM

Last updated Aug 1, 2026

XAGG (Eaton Vance Income Opportunities ETF) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - XAGG is a Multisector Bonds fund actively managed by Eaton Vance, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. XAGG is actively managed, while KMLM is passively managed. Their -0.28 correlation means they have often moved in opposite directions in the past. XAGG charges 0.50%/yr vs 0.90%/yr for KMLM.

Performance

XAGG vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Income Opportunities ETF (XAGG) 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, XAGG achieves a 2.19% return, which is significantly lower than KMLM's 12.95% return.

XAGG

• 1D: -0.20%
• 1M: -0.34%
• 6M: 0.48%
• YTD: 2.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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
XAGG Eaton Vance Income Opportunities ETF	$9.69M	$13.10M	$11.08M

XAGG vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025
XAGG Eaton Vance Income Opportunities ETF	2.19%	1.75%
KMLM KFA Mount Lucas Index Strategy ETF	12.95%	2.68%

Correlation

The correlation between XAGG and KMLM is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 10, 2025	-0.28

Return for Risk

XAGG vs. KMLM — Risk / Return Rank

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

XAGG

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

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.

XAGG vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Income Opportunities ETF (XAGG) 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.

	XAGG	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.55	—
Sortino ratio: Return per unit of downside risk	—	2.14	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	1.86	—
Martin ratio: Return relative to average drawdown	—	6.03	—

Drawdowns

XAGG vs. KMLM - Drawdown Comparison

The maximum XAGG drawdown since its inception was -2.88%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for XAGG and KMLM.

Drawdown Indicators

	XAGG	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-2.88%	-27.47%	+24.59%
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	-0.49%	-11.93%	+11.44%
Average Drawdown Average peak-to-trough decline	-0.53%	-12.79%	+12.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.95%	—

Volatility

Volatility by Period

	XAGG	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	11.49%	-8.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.42%	14.53%	-11.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	14.66%	-11.24%

XAGG vs. KMLM - Expense Ratio Comparison

XAGG has a 0.50% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

XAGG vs. KMLM - Dividend Comparison

XAGG's dividend yield for the trailing twelve months is around 5.07%, more than KMLM's 4.45% yield.

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%
XAGG Eaton Vance Income Opportunities ETF	5.07%	1.02%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XAGG and KMLM in my portfolio?

XAGG and KMLM have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAGG or KMLM?

On fees, XAGG is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAGG or KMLM?

XAGG is cheaper with a 0.50% expense ratio, compared with 0.90% for KMLM.

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

XAGG has the higher dividend yield at 5.07%, compared with 4.45% for KMLM.

What is the main difference between XAGG and KMLM?

XAGG is categorized as Multisector Bonds, while KMLM is Systematic Trend. They also come from different issuers: Eaton Vance and KraneShares. Their fees differ too: 0.50% for XAGG and 0.90% for KMLM.