MMD vs KMLM

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

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

MMD vs KMLM - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

Winner

MMD

$307M

KMLM

$307M

Expense Ratio

MMD

N/A

KMLM

0.90%

Max Drawdown

MMD

39.44%

Winner

KMLM

36.50%

Sharpe Ratio

Winner

MMD

0.88

KMLM

0.76

5Y Beta

MMD

0.17

Winner

KMLM

0.03

5Y Dividends CAGR

MMD

-4.51%

KMLM

N/A

MMD vs KMLM - Historical Returns

Returns include dividend reinvestment.

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

Winner

MMD

+2.26%

KMLM

-3.83%

MMD

+0.34%

Winner

KMLM

+4.03%

MMD

+5.00%

Winner

KMLM

+12.47%

MMD

+10.83%

Winner

KMLM

+11.83%

5Y(CAGR)

MMD

-2.72%

Winner

KMLM

+4.01%

10Y(CAGR)

MMD

+2.35%

KMLM

N/A

Max(CAGR)

MMD

+3.76%

Winner

KMLM

+6.94%

MMD vs KMLM - Annual Returns (2012 - 2026)

Returns include dividend reinvestment.

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

MMD vs KMLM Drawdown Comparison

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

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

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

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

Correlation

Correlation between MMD and KMLM 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)

MMD vs KMLM dividend yield comparison.

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