KCCA vs. CGUI

Last updated Jun 23, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and CGUI (Capital Group Ultra Short Income ETF) are both exchange-traded funds - KCCA is a Commodities fund tracking the S&P Carbon Credit CCA Index, while CGUI is a Ultrashort Bond fund actively managed by Capital Group. KCCA is passively managed, while CGUI is actively managed. Over the past year, KCCA returned 14.85% vs 4.21% for CGUI. At a correlation of -0.11, they often move in opposite directions. KCCA charges 0.91%/yr vs 0.18%/yr for CGUI.

Performance

KCCA vs. CGUI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares California Carbon Allowance Strategy ETF (KCCA) and Capital Group Ultra Short Income ETF (CGUI). 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 CGUI's 1.58% return.

KCCA

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

CGUI

• 1D: -0.06%
• 1M: 0.25%
• YTD: 1.58%
• 6M: 1.66%
• 1Y: 4.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCCA vs. CGUI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCCA KraneShares California Carbon Allowance Strategy ETF	0.89%	-11.81%	-6.24%
CGUI Capital Group Ultra Short Income ETF	1.58%	4.99%	3.05%

Correlation

The correlation between KCCA and CGUI is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Jun 27, 2024	-0.11

Return for Risk

KCCA vs. CGUI — 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

CGUI

CGUI Risk / Return Rank: 99
CGUI Sharpe Ratio Rank: 98
CGUI Sortino Ratio Rank: 99
CGUI Omega Ratio Rank: 98
CGUI Calmar Ratio Rank: 99
CGUI Martin Ratio Rank: 99

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. CGUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and Capital Group Ultra Short Income ETF (CGUI). 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	CGUI	Difference
Sharpe ratio: Return per unit of total volatility	0.96	5.78	-4.82
Sortino ratio: Return per unit of downside risk	1.49	10.41	-8.91
Omega ratio: Gain probability vs. loss probability	1.21	2.56	-1.35
Calmar ratio: Return relative to maximum drawdown	0.97	23.83	-22.86
Martin ratio: Return relative to average drawdown	1.70	99.69	-98.00

KCCA vs. CGUI - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 0.96, which is lower than the CGUI Sharpe Ratio of 5.78. The chart below compares the historical Sharpe Ratios of KCCA and CGUI, 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. CGUI - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, which is greater than CGUI's maximum drawdown of -0.18%. Use the drawdown chart below to compare losses from any high point for KCCA and CGUI.

Drawdown Indicators

	KCCA	CGUI	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-0.18%	-40.70%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-0.18%	-15.12%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	—	—
Current Drawdown Current decline from peak	-28.47%	-0.10%	-28.37%
Average Drawdown Average peak-to-trough decline	-21.51%	-0.02%	-21.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.78%	0.04%	+8.74%

Volatility

KCCA vs. CGUI - Volatility Comparison

KraneShares California Carbon Allowance Strategy ETF (KCCA) has a higher volatility of 3.56% compared to Capital Group Ultra Short Income ETF (CGUI) at 0.24%. This indicates that KCCA's price experiences larger fluctuations and is considered to be riskier than CGUI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCCA	CGUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	0.24%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	0.56%	+9.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	0.73%	+14.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.93%	0.80%	+23.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	0.80%	+23.13%

KCCA vs. CGUI - Expense Ratio Comparison

KCCA has a 0.91% expense ratio, which is higher than CGUI's 0.18% expense ratio.

Dividends

KCCA vs. CGUI - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.85%, less than CGUI's 3.89% yield.

Position	TTM	2025	2024	2023	2022
CGUI Capital Group Ultra Short Income ETF	3.89%	4.17%	2.62%	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 CGUI in my portfolio?

KCCA and CGUI 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 is riskier, KCCA or CGUI?

KCCA has higher volatility (3.56%) compared to CGUI (0.24%). In terms of maximum drawdown, KCCA dropped -40.88% vs CGUI's -0.18%.

Which ETF is better, KCCA or CGUI?

On 1-year performance, KCCA leads with 14.85% vs 4.21% for CGUI. On fees, CGUI is cheaper at 0.18% per year. On volatility, CGUI has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCCA or CGUI?

Over the 1-year period, KCCA has performed better with a 14.85% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCCA or CGUI?

CGUI is cheaper with a 0.18% expense ratio, compared with 0.91% for KCCA.

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

CGUI has the higher dividend yield at 3.89%, compared with 2.85% for KCCA.

What is the main difference between KCCA and CGUI?

KCCA is categorized as Commodities, while CGUI is Ultrashort Bond. They also come from different issuers: KraneShares and Capital Group. Their fees differ too: 0.91% for KCCA and 0.18% for CGUI.

Which has better risk-adjusted returns?

CGUI currently has the higher Sharpe Ratio (5.78 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.