KMLM vs SPY
KraneShares Mount Lucas Managed Futures Index Strategy ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, KMLM or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | KMLM | SPY |
|---|---|---|
| Expense Ratio | 0.90% | 0.09%Best |
| AUM | $410M | $814.4B |
| Dividend Yield | 4.47% | 1.01% |
| Holdings | 32 | 505 |
| YTD Return | +15.40%Best | +12.71% |
| 1Y Return | +17.63% | +19.36%Best |
| 3Y Return (annualized) | -0.34% | +21.09%Best |
| 5Y Return (annualized) | +6.54% | +12.69%Best |
| Volatility (annualized) | 12.8%Best | 15.0% |
| Max Drawdown | -27.5% | -24.5%Best |
| $10,000 over 5 years | $13,727 | $18,173Best |
| Fund Family | KraneShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Dec 1, 2020 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 2, 2020 to Sep 8, 2026 (5.8 years).
KMLM vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5.8 years both funds cover.
KMLM vs SPY Performance
KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM) is an ETF from KraneShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year KMLM returned +17.63% while SPY returned +19.36%. Year to date, KMLM is up 15.40% versus a gain of 12.71% for SPY.
Over three years, KMLM compounded at -0.34% per year against +21.09% for SPY; over five years the annualized figures are +6.54% and +12.69% respectively. Across the full 6-year window we track, SPY has the edge at +15.09% annualized vs +7.76%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 12.8% for KMLM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -27.5% for KMLM and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.39. They move together some of the time, and apart the rest.
Fees and Cost Over Time
KMLM charges 0.90% per year while SPY charges 0.09%. On a $10,000 position that is $90 vs $9 annually, a gap of $81 per year that compounds over a long holding period. On income, KMLM currently yields 4.47% against 1.01% for SPY.
Holdings Overlap
At least 16.8% of SPY's money is in holdings KMLM also owns.
Stated as a floor: for KMLM, our book for it covers 0.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and KMLM share little of their money.
15 positions in common, counted across the 15 positions we hold weights for in KMLM and 503 in SPY, against full books of 32 and 505.
You are not choosing between two funds in isolation.
Whichever of KMLM and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, KMLM or SPY?
KMLM has an expense ratio of 0.90% while SPY charges 0.09%. SPY is the cheaper option, by $81 a year on a $10,000 investment.
Which performed better, KMLM or SPY?
Over the past year KMLM returned +17.63% vs +19.36% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), KMLM annualized +7.76% vs +15.09% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KMLM or SPY?
SPY has been the more volatile fund at 15.0% annualized versus 12.8% for KMLM. Worst drawdown: KMLM -27.5% vs SPY -24.5%.
Should I hold both KMLM and SPY?
KMLM and SPY have a monthly-return correlation of -0.39, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between KMLM and SPY?
At least 16.8% of SPY's money is in holdings KMLM also owns. Our book for KMLM is partial, so the real figure is this or higher. They hold 15 positions in common, counted across the 15 positions we hold weights for in KMLM and 503 in SPY.
Which pays a higher dividend, KMLM or SPY?
KMLM yields 4.47% while SPY yields 1.01%, so KMLM currently pays the higher dividend yield.
Is SPY better than KMLM?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.