Performing Kolmogorov-Smirnov tests realizes a methodology, but this does not make it an irrefutable proof of distributional similarity.
If we had not already invested our attention in this, would we question the premise that statistical similarity implies operational similarity?
A KS test could show similar distributions between, for example, Indian commodity returns and a reference market, even if export quotas or OPEC decisions dictate different volatilities.
This would obscure crucial market mechanisms and underlying risks for a trader, such as the RBI's liquidity policy.
Keep in mind that a metric alone is not enough; interpretation must always consider local constraints.