KBUF vs. KEUA

Last updated Jun 5, 2026

KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and KEUA (KraneShares European Carbon Allowance Strategy ETF) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while KEUA is a Commodities fund tracking the S&P Carbon Credit EUA Index. KBUF is actively managed, while KEUA is passively managed. At a 0.08 correlation, their price movements are largely independent. KBUF charges 0.95%/yr vs 0.87%/yr for KEUA.

Performance

KBUF vs. KEUA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and KraneShares European Carbon Allowance Strategy ETF (KEUA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KBUF

• 1D: 0.15%
• 1M: -2.81%
• YTD: -11.34%
• 6M: -11.48%
• 1Y: -3.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KEUA

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

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

KBUF vs. KEUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-11.34%	18.04%	16.58%
KEUA KraneShares European Carbon Allowance Strategy ETF	-19.02%	32.81%	14.13%

Correlation

The correlation between KBUF 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 Feb 9, 2024	0.08

Return for Risk

KBUF vs. KEUA — Risk / Return Rank

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

KBUF

KBUF Risk / Return Rank: 6
KBUF Sharpe Ratio Rank: 6
KBUF Sortino Ratio Rank: 6
KBUF Omega Ratio Rank: 6
KBUF Calmar Ratio Rank: 7
KBUF Martin Ratio Rank: 7

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.

KBUF vs. KEUA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.

	KBUF	KEUA	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	—	—
Sortino ratio: Return per unit of downside risk	-0.33	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.23	—	—
Martin ratio: Return relative to average drawdown	-0.51	—	—
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

	KBUF	KEUA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	—	—

Drawdowns

Drawdown Indicators

	KBUF	KEUA	Difference
Max Drawdown Largest peak-to-trough decline	-17.01%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-17.01%	—	—
Current Drawdown Current decline from peak	-16.58%	—	—
Average Drawdown Average peak-to-trough decline	-4.18%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	7.57%	—	—

Volatility

Volatility by Period

	KBUF	KEUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.34%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.34%	—	—

KBUF vs. KEUA - Expense Ratio Comparison

KBUF has a 0.95% expense ratio, which is higher than KEUA's 0.87% expense ratio.

Dividends

KBUF vs. KEUA - Dividend Comparison

KBUF's dividend yield for the trailing twelve months is around 8.47%, more than KEUA's 2.83% yield.

Position	TTM	2025	2024	2023
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.47%	7.51%	3.53%	0.00%
KEUA KraneShares European Carbon Allowance Strategy ETF	2.83%	2.29%	7.71%	5.67%

Frequently Asked Questions

Can I hold both KBUF and KEUA in my portfolio?

KBUF 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, KBUF or KEUA?

On fees, KEUA is cheaper at 0.87% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBUF or KEUA?

KEUA is cheaper with a 0.87% expense ratio, compared with 0.95% for KBUF.

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

KBUF has the higher dividend yield at 8.47%, compared with 2.83% for KEUA.

What is the main difference between KBUF and KEUA?

KBUF is categorized as Options Trading, while KEUA is Commodities. Their fees differ too: 0.95% for KBUF and 0.87% for KEUA.