KCCA vs. BCI

Last updated Jun 23, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and BCI (abrdn Bloomberg All Commodity Strategy K-1 Free ETF) are both Commodities funds - KCCA tracks the S&P Carbon Credit CCA Index while BCI tracks the Bloomberg Commodity Index Total Return. Both are passively managed. Over the past 3 years, KCCA returned -3.25%/yr vs 11.86%/yr for BCI. At a 0.06 correlation, their price movements are largely independent. KCCA charges 0.91%/yr vs 0.26%/yr for BCI.

Performance

KCCA vs. BCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares California Carbon Allowance Strategy ETF (KCCA) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCCA achieves a 0.89% return, which is significantly lower than BCI's 16.69% return.

KCCA

• 1D: 0.70%
• 1M: 7.52%
• YTD: 0.89%
• 6M: 2.91%
• 1Y: 14.85%
• 3Y*: -3.25%
• 5Y*: —
• 10Y*: —

BCI

• 1D: -0.65%
• 1M: -8.66%
• YTD: 16.69%
• 6M: 16.52%
• 1Y: 22.05%
• 3Y*: 11.86%
• 5Y*: 9.82%
• 10Y*: —

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

KCCA vs. BCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KCCA KraneShares California Carbon Allowance Strategy ETF	0.89%	-11.81%	-16.05%	34.07%	-17.54%	10.75%
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF	16.69%	15.07%	5.47%	-8.79%	15.09%	-2.97%

Correlation

The correlation between KCCA and BCI is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.06

Return for Risk

KCCA vs. BCI — Risk / Return Rank

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

KCCA

KCCA Risk / Return Rank: 25
KCCA Sharpe Ratio Rank: 28
KCCA Sortino Ratio Rank: 28
KCCA Omega Ratio Rank: 32
KCCA Calmar Ratio Rank: 22
KCCA Martin Ratio Rank: 17

BCI

BCI Risk / Return Rank: 38
BCI Sharpe Ratio Rank: 37
BCI Sortino Ratio Rank: 34
BCI Omega Ratio Rank: 37
BCI Calmar Ratio Rank: 38
BCI Martin Ratio Rank: 43

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.

KCCA vs. BCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KCCA	BCI	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.29	-0.33
Sortino ratio: Return per unit of downside risk	1.49	1.76	-0.27
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	0.97	1.84	-0.86
Martin ratio: Return relative to average drawdown	1.70	6.82	-5.12

KCCA vs. BCI - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 0.96, which is comparable to the BCI Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of KCCA and BCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KCCA vs. BCI - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, which is greater than BCI's maximum drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for KCCA and BCI.

Drawdown Indicators

	KCCA	BCI	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-32.69%	-8.19%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-12.04%	-3.26%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	-12.04%	-28.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.50%	—
Current Drawdown Current decline from peak	-28.47%	-12.04%	-16.43%
Average Drawdown Average peak-to-trough decline	-21.51%	-11.98%	-9.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.78%	3.56%	+5.22%

Volatility

KCCA vs. BCI - Volatility Comparison

KraneShares California Carbon Allowance Strategy ETF (KCCA) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) have volatilities of 3.56% and 3.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCCA	BCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.49%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	14.94%	-4.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	17.18%	-1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.93%	16.79%	+7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	15.65%	+8.28%

KCCA vs. BCI - Expense Ratio Comparison

KCCA has a 0.91% expense ratio, which is higher than BCI's 0.26% expense ratio.

Dividends

KCCA vs. BCI - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.85%, less than BCI's 14.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF	14.13%	16.49%	3.29%	3.93%	19.98%	19.43%	0.68%	1.47%	1.13%	5.02%
KCCA KraneShares California Carbon Allowance Strategy ETF	2.85%	2.87%	30.58%	3.12%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KCCA and BCI in my portfolio?

KCCA and BCI have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCCA or BCI?

KCCA has higher volatility (3.56%) compared to BCI (3.49%). In terms of maximum drawdown, KCCA dropped -40.88% vs BCI's -32.69%.

Which ETF is better, KCCA or BCI?

On 3-year performance, BCI leads with 11.86% vs -3.25% for KCCA. On fees, BCI is cheaper at 0.26% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCCA or BCI?

Over the 3-year period, BCI has performed better with a 11.86% return vs -3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCCA or BCI?

BCI is cheaper with a 0.26% expense ratio, compared with 0.91% for KCCA.

Which ETF pays a higher dividend yield, KCCA or BCI?

BCI has the higher dividend yield at 14.13%, compared with 2.85% for KCCA.

What is the main difference between KCCA and BCI?

KCCA tracks S&P Carbon Credit CCA Index, while BCI tracks Bloomberg Commodity Index Total Return. They also come from different issuers: KraneShares and Aberdeen. Their fees differ too: 0.91% for KCCA and 0.26% for BCI.

Which has better risk-adjusted returns?

BCI currently has the higher Sharpe Ratio (1.29 vs 0.96), 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.