Data as of Nov 4, 2026.
KMLM vs SPY: Differences, Returns & Fees
Over the year to Nov 4, 2026, KMLM returned +16.5% to SPY's +14.8%, and SPY charges 0.09% to KMLM's 0.90%.
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Net assets: $586m on Nov 4, 2026 for KraneShares Mount Lucas Managed Futures Index Strategy ETF, and $804.8bn on Nov 3, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.81 points a year less; their one-year returns differ by 1.7 points; SPY is far larger, $804.8bn against $595m.
| Measure | KMLM | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +16.5% | +14.8% |
| Total return, 52 weeks | +16.6% | |
| Against its benchmark | ||
| What it tracks | not published | S&P 500 Index |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 12.9 points ahead | |
| Cost and size | ||
| Expense ratio | 0.90% | 0.09% |
| Net assets, as of Nov 3, 2026 | $595m | $804.8bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 37.3% | |
| 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, SPY returned more: +123.7% to +55.0%. KMLM swung less: 13.4% to 15.6%. SPY fell less at its worst: −23.9% to −27.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | KMLM | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +55.0% | +123.7% | SPY | Price change plus distributions, reinvested. |
| Annualized | +7.7% | +14.6% | SPY | Total return as a yearly rate. |
| Price return | +21.2% | +106.3% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 13.4% | 15.6% | KMLM | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 9.2% | 10.3% | KMLM | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −27.6% | −23.9% | SPY | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.37 | 0.74 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 0.54 | 1.12 | SPY | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.28 | 0.61 | SPY | 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
KMLM and SPY on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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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.
SPY
SPY tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.3%.
Questions people ask
- Are KMLM and SPY in the same category?
- KMLM is an alternatives ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, KMLM or SPY?
- In the year to Nov 4, 2026, with distributions reinvested, KMLM returned +16.5% and SPY +14.8%.
- Which is cheaper, KMLM or SPY?
- SPY is cheaper, by 0.81 percentage points a year. That is about $81 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, KMLM against SPY, data as of Nov 4, 2026. https://etfiq.com/compare/any/kmlm-vs-spy
ETFIQ. (Nov 4, 2026). KMLM against SPY. Retrieved from https://etfiq.com/compare/any/kmlm-vs-spy
[KMLM against SPY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/kmlm-vs-spy)
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