Cut the noise: executing a KS test does not guarantee realization. It is a necessary condition, but not sufficient for a relevant analysis.
The validity truly depends on data quality and the appropriateness of the reference point.
If the benchmark is poorly chosen, the test, although performed, remains devoid of operational significance.
For example, comparing the returns of a Singapore government bond to those of a venture capital portfolio via a KS will produce a result, but it will lack practical sense for reserve management.