LEO vs KMLM

Comparison between BNY Mellon Strategic Municipals Inc (LEO, ETF) and KRANESHARES MOUNT LUCAS MANAGED FUTURES INDEX STRATEGY ETF (KMLM, ETF).

5-Year PerformanceKMLM has outperformed LEO, delivering a return of +5.5% compared to -4.1%

LEO vs KMLM - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	LEO(ETF)	KMLM(ETF)
Net Assets	$420M	$420M
Expense Ratio	N/A	0.90%
Max Drawdown	54.53%	36.50%
Sharpe Ratio	0.57	0.92
5Y Beta	0.18	-0.02
5Y Dividends CAGR	-6.11%	N/A

Net Assets

LEO

$420M

KMLM

$420M

Expense Ratio

LEO

N/A

KMLM

0.90%

Max Drawdown

LEO

54.53%

Winner

KMLM

36.50%

Sharpe Ratio

LEO

0.57

Winner

KMLM

0.92

5Y Beta

LEO

0.18

Winner

KMLM

-0.02

5Y Dividends CAGR

LEO

-6.11%

KMLM

N/A

LEO vs KMLM - Historical Returns

Returns include dividend reinvestment.

Period	LEO	KMLM
1 month	-0.65%	+0.20%
3 months	-2.22%	+2.80%
6 months	-2.68%	+8.65%
1 year	+10.17%	+15.07%
5 years(CAGR)	-4.07%	+5.54%
10 years(CAGR)	+0.87%	N/A
Max(CAGR)	+4.69%	+7.31%

LEO

-0.65%

Winner

KMLM

+0.20%

LEO

-2.22%

Winner

KMLM

+2.80%

LEO

-2.68%

Winner

KMLM

+8.65%

LEO

+10.17%

Winner

KMLM

+15.07%

5Y(CAGR)

LEO

-4.07%

Winner

KMLM

+5.54%

10Y(CAGR)

LEO

+0.87%

KMLM

N/A

Max(CAGR)

LEO

+4.69%

Winner

KMLM

+7.31%

LEO vs KMLM - Annual Returns (2001 - 2026)

Returns include dividend reinvestment.

Year	LEO	KMLM
2026	+0.05%	+12.64%
2025	+8.40%	-3.67%
2024	+6.40%	-1.15%
2023	-1.05%	-6.25%
2022	-23.74%	+29.44%
2021	+5.05%	+7.37%
2020	+4.86%	+5.40%
2019	+22.72%	N/A
2018	-12.42%	N/A
2017	+8.83%	N/A
2016	+3.50%	N/A
2015	+11.03%	N/A
2014	+15.50%	N/A
2013	-16.60%	N/A
2012	+14.70%	N/A
2011	+23.10%	N/A
2010	+3.15%	N/A
2009	+46.92%	N/A
2008	-27.48%	N/A
2007	-7.07%	N/A
2006	+13.96%	N/A
2005	+7.55%	N/A
2004	-7.35%	N/A
2003	+10.84%	N/A
2002	+6.78%	N/A
2001	+22.11%	N/A

LEO vs KMLM Drawdown Comparison

The maximum drawdown for LEO was -47.31%, occurring on Oct 10, 2008. Recovery took 671 trading sessions.

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

The current LEO drawdown is -18.76%. The current KMLM drawdown is -11.87%.

Rank	LEO	KMLM
#1	-47.31% May 7, 2007 - Jan 5, 2010	-27.61% Oct 14, 2022 - Jun 20, 2025
#2	-41.48% Aug 27, 2021 - Oct 25, 2023	-14.93% Jun 13, 2022 - Sep 26, 2022
#3	-30.28% Feb 25, 2020 - Feb 5, 2021	-9.11% May 12, 2021 - Feb 4, 2022
#4	-23.62% Jan 8, 2013 - Nov 3, 2015	-6.19% Mar 8, 2022 - Mar 24, 2022
#5	-21.68% Jan 21, 2004 - Sep 7, 2005	-6.02% Sep 27, 2022 - Oct 10, 2022
#6	-19.81% Sep 10, 2010 - Oct 12, 2011	-5.93% Feb 24, 2021 - Apr 26, 2021
#7	-17.32% Aug 1, 2017 - Jul 2, 2019	-4.58% Apr 18, 2022 - May 4, 2022
#8	-12.16% Jul 8, 2016 - Jul 11, 2017	-3.99% Mar 25, 2022 - Apr 8, 2022
#9	-11.77% Oct 1, 2002 - Apr 29, 2003	-3.60% May 6, 2022 - May 17, 2022
#10	-11.61% Jun 12, 2003 - Jan 7, 2004	-3.57% May 17, 2022 - Jun 6, 2022
#11	-9.85% Aug 28, 2001 - Dec 31, 2001	-3.46% Jan 5, 2021 - Jan 14, 2021
#12	-8.30% Sep 7, 2005 - Mar 29, 2006	-2.85% Feb 24, 2022 - Mar 2, 2022
#13	-6.69% Mar 12, 2012 - May 9, 2012	-2.05% Jan 14, 2021 - Feb 8, 2021
#14	-6.02% Nov 29, 2012 - Jan 8, 2013	-1.72% Feb 14, 2022 - Feb 23, 2022
#15	-5.98% Dec 31, 2001 - Apr 5, 2002	-1.50% Dec 23, 2020 - Dec 29, 2020

Correlation

Correlation between LEO and KMLM is -0.78 which considered as a strong negative correlation - the stocks tend to move in opposite directions.

-0.78

-101

Dividend Comparison (2001 - 2026)

LEO vs KMLM dividend yield comparison.

Year	LEO	KMLM
2026	3.52%	0.00%
2025	4.03%	5.02%
2024	3.77%	0.82%
2023	4.37%	0.00%
2022	5.66%	13.22%
2021	4.84%	6.94%
2020	4.95%	0.00%
2019	4.94%	0.00%
2018	5.96%	0.00%
2017	5.97%	0.00%
2016	6.14%	0.00%
2015	6.04%	0.00%
2014	7.11%	0.00%
2013	7.74%	0.00%
2012	6.16%	0.00%
2011	6.61%	0.00%
2010	7.54%	0.00%
2009	6.32%	0.00%
2008	8.94%	0.00%
2007	6.13%	0.00%
2006	5.03%	0.00%
2005	6.51%	0.00%
2004	7.38%	0.00%
2003	7.32%	0.00%
2002	7.14%	0.00%
2001	5.74%	0.00%