We present the results of a complete and sensitive X-ray survey of all
known stars of spectral type K and M in the immediate solar vicinity
with distances less than 7 pc. The X-ray data were obtained primarily
from the ROSAT ail-sky survey (RASS); those program stars not detected
in the RASS data were subsequently studied with the ROSAT pointed obs
ervation program. These new X-ray observations resulted in a detection
rate of almost 94% for all K and M stars within 6 pc around the Sun,
and 87% for K and M dwarfs within 7 pc around the Sun, The resulting X
-ray luminosity distribution function can be well described by a log-n
ormal distribution; the largest and smallest X-ray luminosities from o
ur sample stars differ by almost four orders of magnitude. We show the
existence of a correlation between total emitted X-ray luminosity and
spectral hardness, such that more luminous objects tend to have large
r spectral hardness, thus implying higher coronal temperatures. A comp
arison with Einstein data shows the lack of significant variability in
excess of a factor of 2 in our sample stars.