KCCA vs. CERY

Last updated Jun 23, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both Commodities funds - KCCA tracks the S&P Carbon Credit CCA Index while CERY tracks the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, KCCA returned 14.85% vs 26.17% for CERY. At a 0.03 correlation, their price movements are largely independent. KCCA charges 0.91%/yr vs 0.28%/yr for CERY.

Performance

KCCA vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares California Carbon Allowance Strategy ETF (KCCA) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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 CERY's 19.54% return.

KCCA

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

CERY

• 1D: -0.67%
• 1M: -8.39%
• YTD: 19.54%
• 6M: 18.91%
• 1Y: 26.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCCA vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCCA KraneShares California Carbon Allowance Strategy ETF	0.89%	-11.81%	-1.29%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	19.54%	15.68%	3.80%

Correlation

The correlation between KCCA and CERY is 0.04, 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	0.04
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.03

Return for Risk

KCCA vs. CERY — 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

CERY

CERY Risk / Return Rank: 50
CERY Sharpe Ratio Rank: 50
CERY Sortino Ratio Rank: 47
CERY Omega Ratio Rank: 47
CERY Calmar Ratio Rank: 48
CERY Martin Ratio Rank: 58

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. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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	CERY	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.68	-0.72
Sortino ratio: Return per unit of downside risk	1.49	2.26	-0.77
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.08
Calmar ratio: Return relative to maximum drawdown	0.97	2.31	-1.34
Martin ratio: Return relative to average drawdown	1.70	9.93	-8.23

KCCA vs. CERY - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 0.96, which is lower than the CERY Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of KCCA and CERY, 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. CERY - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, which is greater than CERY's maximum drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for KCCA and CERY.

Drawdown Indicators

	KCCA	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-11.37%	-29.51%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-11.37%	-3.93%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	—	—
Current Drawdown Current decline from peak	-28.47%	-11.37%	-17.10%
Average Drawdown Average peak-to-trough decline	-21.51%	-2.27%	-19.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.78%	2.83%	+5.95%

Volatility

KCCA vs. CERY - Volatility Comparison

KraneShares California Carbon Allowance Strategy ETF (KCCA) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) have volatilities of 3.56% and 3.57%, 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	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.57%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	13.57%	-3.40%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	15.63%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.93%	14.73%	+9.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	14.73%	+9.20%

KCCA vs. CERY - Expense Ratio Comparison

KCCA has a 0.91% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

KCCA vs. CERY - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.85%, less than CERY's 4.18% yield.

Position	TTM	2025	2024	2023	2022
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.18%	4.99%	0.52%	0.00%	0.00%
KCCA KraneShares California Carbon Allowance Strategy ETF	2.85%	2.87%	30.58%	3.12%	0.24%

Frequently Asked Questions

Can I hold both KCCA and CERY in my portfolio?

KCCA and CERY have a correlation of 0.04, 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 CERY?

CERY has higher volatility (3.57%) compared to KCCA (3.56%). In terms of maximum drawdown, KCCA dropped -40.88% vs CERY's -11.37%.

Which ETF is better, KCCA or CERY?

On 1-year performance, CERY leads with 26.17% vs 14.85% for KCCA. On fees, CERY is cheaper at 0.28% 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 CERY?

Over the 1-year period, CERY has performed better with a 26.17% return vs 14.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCCA or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.91% for KCCA.

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

CERY has the higher dividend yield at 4.18%, compared with 2.85% for KCCA.

What is the main difference between KCCA and CERY?

KCCA tracks S&P Carbon Credit CCA Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: KraneShares and State Street. Their fees differ too: 0.91% for KCCA and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (1.68 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.