Data as of Nov 4, 2026.
GLD vs KMLM: Differences, Returns & Fees
Over the year to Nov 4, 2026, GLD returned +2.8% to KMLM's +16.5%, and GLD charges 0.40% to KMLM's 0.90%.
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Net assets: $131.3bn on Nov 3, 2026 for SPDR Gold Shares, and $586m on Nov 4, 2026 for KraneShares Mount Lucas Managed Futures Index Strategy ETF.
Pair scorecard
GLD costs 0.50 points a year less; their one-year returns differ by 13.7 points; GLD is far larger, $135.0bn against $586m.
| Measure | GLD | KMLM |
|---|---|---|
| Return | ||
| Total return, 1 year | +2.8% | +16.5% |
| Total return, 52 weeks | +16.6% | |
| Drawdown | ||
| Below its high | 24.9%, high on Jan 29, 2026 | |
| Against its benchmark | ||
| What it tracks | Gold | not published |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 12.9 points ahead | |
| Cost and size | ||
| Expense ratio | 0.40% | 0.90% |
| Net assets | $135.0bn | $586m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Correlation with the S&P 500’s weekly returns | −0.12 | |
| Beta to the S&P 500 | −0.12: about 0.12% for each 1% | |
| Its average week when the S&P 500 fell | rose 0.18% | |
| Down-week capture | −16.3% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Risk and return
Dec 11, 2020 to Oct 30, 2026 · 307 weekly returnsFrom Dec 2020 to Oct 2026, GLD returned more: +106.3% to +55.0%. KMLM swung less: 13.4% to 16.4%. GLD fell slightly less at its worst: −26.5% to −27.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | GLD | KMLM | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +106.3% | +55.0% | GLD | Price change plus distributions, reinvested. |
| Annualized | +13.0% | +7.7% | GLD | Total return as a yearly rate. |
| Price return | +106.3% | +21.2% | GLD | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.4% | 13.4% | KMLM | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.9% | 9.2% | KMLM | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −26.5% | −27.6% | GLD (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.63 | 0.37 | GLD | Return above Treasury bills per unit of volatility. |
| Sortino | 0.94 | 0.54 | GLD | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.49 | 0.28 | GLD | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 307 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
GLD and KMLM on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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Its expense ratio is 0.40% a year, for the three months to Jun 30, 2026, as its 10-Q states.
GLD holds gold. Over the year to Nov 4, 2026 it returned +2.8% with distributions reinvested, against +2.9% for its benchmark, the price of gold. It sat 24.9% below its high of Jan 29, 2026 on Nov 4, 2026.
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.
Questions people ask
- Are GLD and KMLM in the same category?
- GLD is a commodity ETF and KMLM is an alternatives ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, GLD or KMLM?
- In the year to Nov 4, 2026, with distributions reinvested, GLD returned +2.8% and KMLM +16.5%.
- Which is cheaper, GLD or KMLM?
- GLD is cheaper, by 0.50 percentage points a year. That is about $50 on $10,000 held for a year. Fees come from each fund's own filings.
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ETFIQ, GLD against KMLM, data as of Nov 4, 2026. https://etfiq.com/compare/any/gld-vs-kmlm
ETFIQ. (Nov 4, 2026). GLD against KMLM. Retrieved from https://etfiq.com/compare/any/gld-vs-kmlm
[GLD against KMLM (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/gld-vs-kmlm)
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