KCCA vs. COM

Last updated Jun 23, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and COM (Direxion Auspice Broad Commodity Strategy ETF) are both Commodities funds - KCCA tracks the S&P Carbon Credit CCA Index while COM tracks the Auspice Broad Commodity ER Index. Both are passively managed. Over the past 3 years, KCCA returned -3.25%/yr vs 6.70%/yr for COM. At a 0.02 correlation, their price movements are largely independent. KCCA charges 0.91%/yr vs 0.70%/yr for COM.

Performance

KCCA vs. COM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares California Carbon Allowance Strategy ETF (KCCA) and Direxion Auspice Broad Commodity Strategy ETF (COM). 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 COM's 12.48% return.

KCCA

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

COM

• 1D: -0.24%
• 1M: -3.92%
• YTD: 12.48%
• 6M: 12.53%
• 1Y: 18.69%
• 3Y*: 6.70%
• 5Y*: 8.18%
• 10Y*: —

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

KCCA vs. COM - 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%
COM Direxion Auspice Broad Commodity Strategy ETF	12.48%	7.72%	5.81%	-2.09%	9.17%	0.65%

Correlation

The correlation between KCCA and COM 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 (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.02

Return for Risk

KCCA vs. COM — 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

COM

COM Risk / Return Rank: 54
COM Sharpe Ratio Rank: 54
COM Sortino Ratio Rank: 51
COM Omega Ratio Rank: 55
COM Calmar Ratio Rank: 57
COM Martin Ratio Rank: 54

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. COM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and Direxion Auspice Broad Commodity Strategy ETF (COM). 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	COM	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.79	-0.82
Sortino ratio: Return per unit of downside risk	1.49	2.42	-0.92
Omega ratio: Gain probability vs. loss probability	1.21	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	0.97	2.76	-1.78
Martin ratio: Return relative to average drawdown	1.70	9.09	-7.40

KCCA vs. COM - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 0.96, which is lower than the COM Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of KCCA and COM, 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. COM - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, which is greater than COM's maximum drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for KCCA and COM.

Drawdown Indicators

	KCCA	COM	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-15.95%	-24.93%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-6.81%	-8.49%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	-8.50%	-32.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.02%	—
Current Drawdown Current decline from peak	-28.47%	-6.61%	-21.86%
Average Drawdown Average peak-to-trough decline	-21.51%	-6.28%	-15.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.78%	2.10%	+6.68%

Volatility

KCCA vs. COM - Volatility Comparison

KraneShares California Carbon Allowance Strategy ETF (KCCA) has a higher volatility of 3.56% compared to Direxion Auspice Broad Commodity Strategy ETF (COM) at 2.13%. This indicates that KCCA's price experiences larger fluctuations and is considered to be riskier than COM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCCA	COM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	2.13%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	8.54%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	10.54%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.93%	9.53%	+14.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	9.76%	+14.17%

KCCA vs. COM - Expense Ratio Comparison

KCCA has a 0.91% expense ratio, which is higher than COM's 0.70% expense ratio.

Dividends

KCCA vs. COM - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.85%, more than COM's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
COM Direxion Auspice Broad Commodity Strategy ETF	2.51%	2.99%	3.88%	3.80%	8.59%	10.32%	0.13%	1.09%	2.36%	0.09%
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 COM in my portfolio?

KCCA and COM 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 COM?

KCCA has higher volatility (3.56%) compared to COM (2.13%). In terms of maximum drawdown, KCCA dropped -40.88% vs COM's -15.95%.

Which ETF is better, KCCA or COM?

On 3-year performance, COM leads with 6.70% vs -3.25% for KCCA. On fees, COM is cheaper at 0.70% per year. On volatility, COM has been the lower-risk option at 2.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCCA or COM?

Over the 3-year period, COM has performed better with a 6.70% 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 COM?

COM is cheaper with a 0.70% expense ratio, compared with 0.91% for KCCA.

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

KCCA has the higher dividend yield at 2.85%, compared with 2.51% for COM.

What is the main difference between KCCA and COM?

KCCA tracks S&P Carbon Credit CCA Index, while COM tracks Auspice Broad Commodity ER Index. They also come from different issuers: KraneShares and Direxion. Their fees differ too: 0.91% for KCCA and 0.70% for COM.

Which has better risk-adjusted returns?

COM currently has the higher Sharpe Ratio (1.79 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.