The shortest explanation: performing Kolmogorov-Smirnov tests is not a direct realization but a simple procedure.
Cut the noise: these tests only quantify discrepancies, their relevance depends entirely on the reference data.
If benchmarks are poorly chosen, such as global benchmarks for a specific market like Singapore, the results are misleading.
The parsimony principle urges us to validate the quality of inputs before any conclusion about statistical similarity.