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Data as of Nov 4, 2026.

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Alternative ETFs

KMLM vs MFUT: Correlation to the S&P 500

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Over the year to Nov 4, 2026, KMLM moved less with the S&P 500 than MFUT: correlation −0.12 against +0.54.

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Net assets: $586m on Nov 4, 2026 for KraneShares Mount Lucas Managed Futures Index Strategy ETF, and $39m on Jun 30, 2026 for Cambria Chesapeake Pure Trend ETF.

KMLM on its own →MFUT on its own →
At a glance
−0.12
KMLM correlation with the S&P 500
+0.54
MFUT correlation with the S&P 500
−16.3%
KMLM down-week capture
89.9%
MFUT down-week capture
KMLM Rose when the S&P 500 fell
Rose when the S&P 500 fellKMLM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KMLM +0.18%.SPY−1.07%KMLM+0.18%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Rose when the S&P 500 fellKMLM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KMLM +0.18%.SPY−1.07%KMLM+0.18%Average week when SPY fell

KMLM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KMLM +0.18%.

MFUT Fell 90% as much as the S&P 500
Fell 90% as much as the S&P 500MFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MFUT −0.96%.SPY−1.07%MFUT−0.96%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 90% as much as the S&P 500MFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MFUT −0.96%.SPY−1.07%MFUT−0.96%Average week when SPY fell

MFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MFUT −0.96%.

Pair scorecard

MFUT costs 0.01 points a year less; their one-year returns differ by 6.3 points.

KMLM vs MFUT: Correlation to the S&P 500
MeasureKMLMMFUT
Return
Total return, 1 year+16.5%+22.8%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.90%0.89%
Net assets, KMLM as of Nov 4, 2026 and MFUT as of Jun 30, 2026$586m$39m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500−0.12: about 0.12% for each 1%+0.74: about 0.74% for each 1%
Its average week when the S&P 500 fellrose 0.18%fell 0.96%
ETFIQ Stock Diversification Score · KMLM scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score94.2KMLM29.4MFUT

How much it diversifies a stock portfolio, ranked against 17 systematic trend alternatives ETFs with a full year. 100 is best. How it is computed

2.9, the lowest in this set 94.2, the highest

One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →

Method

Window by window

Window by window: KMLM vs MFUT: Correlation to the S&P 500
Total return
WindowKMLMMFUT
3 months+3.0%−2.0%
6 months+0.6%−1.4%
1 year+16.5%+22.8%
3 years−0.7%–
Since launchNot the same days: KMLM Dec 2020 · MFUT May 2024+49.0%−5.4%

– means no data for this window. Open this comparison in the app →

Side by side

KMLM KraneShares Mount Lucas Managed Futures Index Strategy ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises MFUT Cambria Chesapeake Pure Trend ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises
Issuer KraneShares Cambria
Strategy Managed futures Managed futures
Correlation with the S&P 500 −0.12 +0.54
Beta to the S&P 500 −0.12 +0.74
Down-week capture −16.3% 89.9%
Average week when the S&P 500 fell +0.18% −0.96%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +16.6% +22.8%
Against T-bills, percentage points +12.9 pts +19.1 pts
Expense ratio 0.90% 0.89%
First traded Dec 2, 2020 May 29, 2024
Net assets, KMLM as of Nov 4, 2026 and MFUT as of Jun 30, 2026 $586m $39m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

KMLM and MFUT both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, KMLM’s weekly returns had a correlation of −0.12 with the S&P 500 and MFUT’s +0.54. In the 26 weeks the index fell, by 1.07% a week on average, KMLM averaged +0.18% and MFUT −0.96%. Over the same weeks, KMLM finished 12.9 percentage points ahead of cash and MFUT finished 19.1 points ahead of cash.

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About each fund
KMLM

KMLM is a managed futures fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.12 with the S&P 500’s and a beta of −0.12, so for each 1% the index moved it moved about 0.12% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks KMLM rose 0.18% on average, a down-week capture of −16.3%. Over the same 52 weeks KMLM returned +16.6% and a Treasury bill fund +3.7%, so it finished 12.9 percentage points ahead of cash.

MFUT

MFUT is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.54 with the S&P 500’s and a beta of +0.74, so for each 1% the index moved it moved about 0.74% the same way. In the same weeks MFUT fell 0.96% on average, a down-week capture of 89.9%. Over the same 52 weeks MFUT returned +22.8% and a Treasury bill fund +3.7%, so it finished 19.1 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, KMLM or MFUT?
Over the 52 weeks to Nov 4, 2026, KMLM’s weekly returns had a correlation of −0.12 with the S&P 500 and MFUT’s +0.54, so KMLM moved less with the index.
Which did better when the S&P 500 fell, KMLM or MFUT?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, KMLM averaged +0.18% and MFUT −0.96%, so KMLM returned more in those weeks.
Which earned more than cash, KMLM or MFUT?
Over the same weeks, KMLM finished 12.9 percentage points ahead of cash and MFUT finished 19.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, KMLM or MFUT?
KMLM charges 0.90% a year and MFUT charges 0.89%, so MFUT is cheaper. Fees come from each fund's prospectus.
Other comparisons
KMLM vs RSBTKMLM vs FFUTKMLM vs CTAKMLM vs DBMFMFUT vs FFUTMFUT vs CTAMFUT vs DBMFMFUT vs RSST
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →KMLM on its own →MFUT on its own →KMLM dividend history →MFUT dividend history →Method →Standards and sources →
Sources and dates
KMLM filings on SEC EDGAR ↗
KMLM prospectus with the expense ratio (SEC) ↗
KraneShares page for KMLM ↗
MFUT filings on SEC EDGAR ↗
MFUT prospectus with the expense ratio (SEC) ↗
Cambria website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, KMLM against MFUT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/kmlm-vs-mfut

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