GRN vs. KRBN
GRN (iPath Series B Carbon ETN) and KRBN (KraneShares Global Carbon ETF) are both Commodities funds - GRN tracks the Barclays Global Carbon II Index while KRBN tracks the IHS Markit Global Carbon Index. Both are passively managed. Over the past 5 years, GRN returned 9.08%/yr vs 7.33%/yr for KRBN. Their correlation of 0.90 suggests significant overlap in exposure. GRN charges 0.75%/yr vs 0.79%/yr for KRBN.
Performance
GRN vs. KRBN - Performance Comparison
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Returns By Period
In the year-to-date period, GRN achieves a -10.45% return, which is significantly lower than KRBN's -6.55% return.
GRN
- 1D
- -2.02%
- 1M
- 2.13%
- YTD
- -10.45%
- 6M
- -7.22%
- 1Y
- 7.07%
- 3Y*
- -1.57%
- 5Y*
- 9.08%
- 10Y*
- —
KRBN
- 1D
- -0.65%
- 1M
- 2.64%
- YTD
- -6.55%
- 6M
- -2.44%
- 1Y
- 14.88%
- 3Y*
- 2.19%
- 5Y*
- 7.33%
- 10Y*
- —
GRN vs. KRBN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | -10.45% | 20.33% | -7.34% | -2.99% | -0.07% | 147.21% | 25.66% |
KRBN KraneShares Global Carbon ETF | -6.55% | 23.11% | -13.56% | 8.01% | -12.75% | 107.69% | 22.60% |
Correlation
The correlation between GRN and KRBN is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2020 | 0.90 |
The correlation between GRN and KRBN has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.
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Return for Risk
GRN vs. KRBN — Risk / Return Rank
GRN
KRBN
GRN vs. KRBN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) and KraneShares Global Carbon ETF (KRBN). 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.
| GRN | KRBN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.15 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 0.60 | -0.36 |
| Martin ratioReturn relative to average drawdown | 0.60 | 1.56 | -0.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GRN | KRBN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 0.79 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.26 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.56 | -0.16 |
Drawdowns
GRN vs. KRBN - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, which is greater than KRBN's maximum drawdown of -36.42%. Use the drawdown chart below to compare losses from any high point for GRN and KRBN.
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Drawdown Indicators
| GRN | KRBN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -36.42% | -11.54% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -24.98% | -5.41% |
Max Drawdown (3Y)Largest decline over 3 years | -45.30% | -27.34% | -17.96% |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | -36.42% | -11.54% |
Current DrawdownCurrent decline from peak | -21.35% | -14.82% | -6.53% |
Average DrawdownAverage peak-to-trough decline | -17.54% | -16.14% | -1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.87% | 9.56% | +2.31% |
Volatility
GRN vs. KRBN - Volatility Comparison
iPath Series B Carbon ETN (GRN) has a higher volatility of 5.88% compared to KraneShares Global Carbon ETF (KRBN) at 5.10%. This indicates that GRN's price experiences larger fluctuations and is considered to be riskier than KRBN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRN | KRBN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.88% | 5.10% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 24.53% | 16.61% | +7.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.73% | 18.91% | +8.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.83% | 28.10% | +11.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.94% | 28.62% | +13.32% |
GRN vs. KRBN - Expense Ratio Comparison
GRN has a 0.75% expense ratio, which is lower than KRBN's 0.79% expense ratio.
Dividends
GRN vs. KRBN - Dividend Comparison
GRN has not paid dividends to shareholders, while KRBN's dividend yield for the trailing twelve months is around 2.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KRBN KraneShares Global Carbon ETF | 2.04% | 1.90% | 7.10% | 7.60% | 22.91% | 0.49% |
Frequently Asked Questions
GRN and KRBN have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GRN has higher volatility (5.88%) compared to KRBN (5.10%). In terms of maximum drawdown, GRN dropped -47.96% vs KRBN's -36.42%.
On 5-year performance, GRN leads with 9.08% vs 7.33% for KRBN. On fees, GRN is cheaper at 0.75% per year. On volatility, KRBN has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRN has performed better with a 9.08% return vs 7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRN is cheaper with a 0.75% expense ratio, compared with 0.79% for KRBN.
KRBN has the higher dividend yield at 2.04%, compared with 0.00% for GRN.
GRN tracks Barclays Global Carbon II Index, while KRBN tracks IHS Markit Global Carbon Index. They also come from different issuers: Barclays Capital and CICC. Their fees differ too: 0.75% for GRN and 0.79% for KRBN.
KRBN currently has the higher Sharpe Ratio (0.79 vs 0.26), 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.
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