CMCI vs. KEUA

Last updated Jun 6, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and KEUA (KraneShares European Carbon Allowance Strategy ETF) are both Commodities funds - CMCI tracks the UBS Bloomberg CMCI Composite Total Return Index while KEUA tracks the S&P Carbon Credit EUA Index. Both are passively managed. At a 0.13 correlation, their price movements are largely independent. CMCI charges 0.65%/yr vs 0.87%/yr for KEUA.

Performance

CMCI vs. KEUA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CMCI Commodity Strategy ETF (CMCI) and KraneShares European Carbon Allowance Strategy ETF (KEUA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CMCI

• 1D: -1.71%
• 1M: -1.90%
• YTD: 19.88%
• 6M: 19.77%
• 1Y: 27.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KEUA

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMCI vs. KEUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	19.88%	7.90%	5.68%	-2.87%
KEUA KraneShares European Carbon Allowance Strategy ETF	-19.02%	32.81%	-14.52%	-9.86%

Correlation

The correlation between CMCI and KEUA is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023	0.13

Return for Risk

CMCI vs. KEUA — Risk / Return Rank

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

CMCI

CMCI Risk / Return Rank: 76
CMCI Sharpe Ratio Rank: 72
CMCI Sortino Ratio Rank: 70
CMCI Omega Ratio Rank: 71
CMCI Calmar Ratio Rank: 88
CMCI Martin Ratio Rank: 77

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.

CMCI vs. KEUA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) and KraneShares European Carbon Allowance Strategy ETF (KEUA). 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.

	CMCI	KEUA	Difference
Sharpe ratio: Return per unit of total volatility	2.21	—	—
Sortino ratio: Return per unit of downside risk	2.99	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	4.89	—	—
Martin ratio: Return relative to average drawdown	13.87	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CMCI	KEUA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	—	—

Drawdowns

Drawdown Indicators

	CMCI	KEUA	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.58%	—	—
Current Drawdown Current decline from peak	-5.58%	—	—
Average Drawdown Average peak-to-trough decline	-3.55%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	—	—

Volatility

Volatility by Period

	CMCI	KEUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.66%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	—	—

CMCI vs. KEUA - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is lower than KEUA's 0.87% expense ratio.

Dividends

CMCI vs. KEUA - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.25%, more than KEUA's 2.83% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.25%	9.89%	3.93%	1.64%
KEUA KraneShares European Carbon Allowance Strategy ETF	2.83%	2.29%	7.71%	5.67%

Frequently Asked Questions

Can I hold both CMCI and KEUA in my portfolio?

CMCI and KEUA have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMCI or KEUA?

On fees, CMCI is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMCI or KEUA?

CMCI is cheaper with a 0.65% expense ratio, compared with 0.87% for KEUA.

Which ETF pays a higher dividend yield, CMCI or KEUA?

CMCI has the higher dividend yield at 8.25%, compared with 2.83% for KEUA.

What is the main difference between CMCI and KEUA?

CMCI tracks UBS Bloomberg CMCI Composite Total Return Index, while KEUA tracks S&P Carbon Credit EUA Index. They also come from different issuers: VanEck and KraneShares. Their fees differ too: 0.65% for CMCI and 0.87% for KEUA.