KMLM vs MMD

Comparison between KRANESHARES MOUNT LUCAS MANAGED FUTURES INDEX STRATEGY ETF (KMLM, ETF) and MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD, ETF).

5-Year PerformanceKMLM has outperformed MMD, delivering a return of +4.0% compared to -2.7%

KMLM vs MMD - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	KMLM(ETF)	MMD(ETF)
Net Assets	$307M	$307M
Expense Ratio	0.90%	N/A
Max Drawdown	36.50%	39.44%
Sharpe Ratio	0.76	0.88
5Y Beta	0.03	0.17
5Y Dividends CAGR	N/A	-4.51%

Net Assets

KMLM

$307M

Winner

MMD

$307M

Expense Ratio

KMLM

0.90%

MMD

N/A

Max Drawdown

Winner

KMLM

36.50%

MMD

39.44%

Sharpe Ratio

KMLM

0.76

Winner

MMD

0.88

5Y Beta

Winner

KMLM

0.03

MMD

0.17

5Y Dividends CAGR

KMLM

N/A

MMD

-4.51%

KMLM vs MMD - Historical Returns

Returns include dividend reinvestment.

Period	KMLM	MMD
1 month	-3.83%	+2.26%
3 months	+4.03%	+0.34%
6 months	+12.47%	+5.00%
1 year	+11.83%	+10.83%
5 years(CAGR)	+4.01%	-2.72%
10 years(CAGR)	N/A	+2.35%
Max(CAGR)	+6.94%	+3.76%

KMLM

-3.83%

Winner

MMD

+2.26%

Winner

KMLM

+4.03%

MMD

+0.34%

Winner

KMLM

+12.47%

MMD

+5.00%

Winner

KMLM

+11.83%

MMD

+10.83%

5Y(CAGR)

Winner

KMLM

+4.01%

MMD

-2.72%

10Y(CAGR)

KMLM

N/A

MMD

+2.35%

Max(CAGR)

Winner

KMLM

+6.94%

MMD

+3.76%

KMLM vs MMD - Annual Returns (2012 - 2026)

Returns include dividend reinvestment.

Year	KMLM	MMD
2026	+8.74%	+4.51%
2025	-3.67%	+3.28%
2024	-1.15%	-4.81%
2023	-6.25%	+4.24%
2022	+29.44%	-20.66%
2021	+7.37%	+4.65%
2020	+5.40%	+8.58%
2019	N/A	+12.10%
2018	N/A	+3.95%
2017	N/A	+13.82%
2016	N/A	+2.65%
2015	N/A	+9.39%
2014	N/A	+20.47%
2013	N/A	-17.78%
2012	N/A	+4.83%

KMLM vs MMD Drawdown Comparison

The maximum drawdown for KMLM was -27.61%, occurring on Jun 20, 2025. This drawdown has not yet recovered.

The maximum drawdown for MMD was -30.12%, occurring on Oct 27, 2023. This drawdown has not yet recovered.

The current KMLM drawdown is -14.93%. The current MMD drawdown is -16.00%.

Rank	KMLM	MMD
#1	-27.61% Oct 14, 2022 - Jun 20, 2025	-30.12% Aug 9, 2021 - Oct 27, 2023
#2	-14.93% Jun 13, 2022 - Sep 26, 2022	-25.16% Jan 11, 2013 - Oct 17, 2014
#3	-9.11% May 12, 2021 - Feb 4, 2022	-24.57% Feb 13, 2020 - Dec 2, 2020
#4	-6.19% Mar 8, 2022 - Mar 24, 2022	-11.66% Jul 7, 2016 - May 31, 2017
#5	-6.02% Sep 27, 2022 - Oct 10, 2022	-8.45% Apr 23, 2015 - Nov 23, 2015
#6	-5.93% Feb 24, 2021 - Apr 26, 2021	-6.58% Dec 14, 2017 - Jul 16, 2018
#7	-4.58% Apr 18, 2022 - May 4, 2022	-6.20% Dec 12, 2012 - Jan 11, 2013
#8	-3.99% Mar 25, 2022 - Apr 8, 2022	-5.57% Sep 10, 2018 - Dec 14, 2018
#9	-3.60% May 6, 2022 - May 17, 2022	-5.40% Feb 9, 2021 - Apr 13, 2021
#10	-3.57% May 17, 2022 - Jun 6, 2022	-5.09% Sep 15, 2017 - Dec 7, 2017
#11	-3.46% Jan 5, 2021 - Jan 14, 2021	-3.90% Feb 5, 2015 - Apr 14, 2015
#12	-2.85% Feb 24, 2022 - Mar 2, 2022	-3.56% Dec 14, 2018 - Feb 7, 2019
#13	-2.05% Jan 14, 2021 - Feb 8, 2021	-3.54% May 11, 2016 - Jun 22, 2016
#14	-1.72% Feb 14, 2022 - Feb 23, 2022	-3.54% May 27, 2021 - Jul 28, 2021
#15	-1.50% Dec 23, 2020 - Dec 29, 2020	-3.28% Nov 11, 2014 - Dec 30, 2014

Correlation

Correlation between KMLM and MMD is -0.75 which considered as a strong negative correlation - the stocks tend to move in opposite directions.

-0.75

-101

Dividend Comparison (2012 - 2026)

KMLM vs MMD dividend yield comparison.

Year	KMLM	MMD
2026	0.00%	2.16%
2025	5.02%	4.84%
2024	0.82%	4.82%
2023	0.00%	5.26%
2022	13.22%	6.35%
2021	6.94%	4.68%
2020	0.00%	4.68%
2019	0.00%	4.85%
2018	0.00%	5.38%
2017	0.00%	5.45%
2016	0.00%	6.16%
2015	0.00%	6.25%
2014	0.00%	6.39%
2013	0.00%	9.50%
2012	0.00%	2.86%