CA vs. USCA

Last updated Jun 4, 2026

CA (Xtrackers California Municipal Bond ETF) and USCA (Xtrackers MSCI USA Climate Action Equity ETF) are both exchange-traded funds - CA is a Municipal Bonds fund tracking the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross, while USCA is a Large Cap Blend Equities fund tracking the MSCI USA Climate Action Index - Benchmark TR Gross. Both are passively managed. Over the past year, CA returned 6.67% vs 20.94% for USCA. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.

Performance

CA vs. USCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers California Municipal Bond ETF (CA) and Xtrackers MSCI USA Climate Action Equity ETF (USCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CA achieves a 1.20% return, which is significantly lower than USCA's 7.05% return.

CA

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.20%
• 6M: 1.44%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USCA

• 1D: -0.81%
• 1M: 4.36%
• YTD: 7.05%
• 6M: 7.01%
• 1Y: 20.94%
• 3Y*: 20.69%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CA vs. USCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CA Xtrackers California Municipal Bond ETF	1.20%	3.05%	1.51%	0.79%
USCA Xtrackers MSCI USA Climate Action Equity ETF	7.05%	14.24%	27.24%	1.26%

Correlation

The correlation between CA and USCA is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.16

Return for Risk

CA vs. USCA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CA

CA Risk / Return Rank: 73
CA Sharpe Ratio Rank: 78
CA Sortino Ratio Rank: 85
CA Omega Ratio Rank: 90
CA Calmar Ratio Rank: 53
CA Martin Ratio Rank: 56

USCA

USCA Risk / Return Rank: 48
USCA Sharpe Ratio Rank: 50
USCA Sortino Ratio Rank: 49
USCA Omega Ratio Rank: 50
USCA Calmar Ratio Rank: 41
USCA Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CA vs. USCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) and Xtrackers MSCI USA Climate Action Equity ETF (USCA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CA	USCA	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.74	+0.80
Sortino ratio: Return per unit of downside risk	3.84	2.42	+1.41
Omega ratio: Gain probability vs. loss probability	1.58	1.31	+0.27
Calmar ratio: Return relative to maximum drawdown	2.61	2.05	+0.56
Martin ratio: Return relative to average drawdown	9.84	8.13	+1.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CA vs. USCA - Sharpe Ratio Comparison

The current CA Sharpe Ratio is 2.54, which is higher than the USCA Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of CA and USCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CA	USCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.74	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	1.49	-0.81

Drawdowns

CA vs. USCA - Drawdown Comparison

The maximum CA drawdown since its inception was -5.24%, smaller than the maximum USCA drawdown of -19.14%. Use the drawdown chart below to compare losses from any high point for CA and USCA.

Drawdown Indicators

	CA	USCA	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-19.14%	+13.90%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-10.25%	+7.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Current Drawdown Current decline from peak	-0.75%	-0.81%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.27%	-2.16%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	2.58%	-1.90%

Volatility

CA vs. USCA - Volatility Comparison

The current volatility for Xtrackers California Municipal Bond ETF (CA) is 0.31%, while Xtrackers MSCI USA Climate Action Equity ETF (USCA) has a volatility of 2.85%. This indicates that CA experiences smaller price fluctuations and is considered to be less risky than USCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CA	USCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	2.85%	-2.54%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	9.08%	-7.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	12.08%	-9.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	14.76%	-10.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	14.76%	-10.77%

CA vs. USCA - Expense Ratio Comparison

Both CA and USCA have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CA vs. USCA - Dividend Comparison

CA's dividend yield for the trailing twelve months is around 2.96%, more than USCA's 1.08% yield.

Position	TTM	2025	2024	2023
CA Xtrackers California Municipal Bond ETF	2.96%	3.14%	3.03%	0.00%
USCA Xtrackers MSCI USA Climate Action Equity ETF	1.08%	1.14%	1.22%	1.15%

Frequently Asked Questions

Can I hold both CA and USCA in my portfolio?

CA and USCA have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CA or USCA?

USCA has higher volatility (2.85%) compared to CA (0.31%). In terms of maximum drawdown, CA dropped -5.24% vs USCA's -19.14%.

Which ETF is better, CA or USCA?

On 1-year performance, USCA leads with 20.94% vs 6.67% for CA. Both ETFs have the same 0.07% expense ratio. On volatility, CA has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CA or USCA?

Over the 1-year period, USCA has performed better with a 20.94% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CA or USCA?

CA and USCA have the same expense ratio: 0.07% per year.

Which ETF pays a higher dividend yield, CA or USCA?

CA has the higher dividend yield at 2.96%, compared with 1.08% for USCA.

What is the main difference between CA and USCA?

CA is categorized as Municipal Bonds, while USCA is Large Cap Blend Equities. CA tracks ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross, while USCA tracks MSCI USA Climate Action Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

CA currently has the higher Sharpe Ratio (2.54 vs 1.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.