KCCA vs. FTGC

Last updated Jul 18, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both Commodities funds. KCCA is passively managed, while FTGC is actively managed. Over the past 3 years, KCCA returned -4.13%/yr vs 15.45%/yr for FTGC. At a 0.06 correlation, their price movements are largely independent. KCCA charges 0.91%/yr vs 0.95%/yr for FTGC.

Performance

KCCA vs. FTGC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares California Carbon Allowance Strategy ETF (KCCA) and First Trust Global Tactical Commodity Strategy Fund (FTGC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCCA achieves a 2.08% return, which is significantly lower than FTGC's 26.73% return.

KCCA

• 1D: 0.12%
• 1M: 3.06%
• 6M: 5.60%
• YTD: 2.08%
• 1Y: 13.95%
• 3Y*: -4.13%
• 5Y*: —
• 10Y*: —

FTGC

• 1D: 1.14%
• 1M: 4.82%
• 6M: 22.62%
• YTD: 26.73%
• 1Y: 35.36%
• 3Y*: 15.45%
• 5Y*: 12.92%
• 10Y*: 7.76%

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

KCCA vs. FTGC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KCCA KraneShares California Carbon Allowance Strategy ETF	2.08%	-11.81%	-16.05%	34.07%	-17.54%	10.75%
FTGC First Trust Global Tactical Commodity Strategy Fund	26.73%	14.61%	9.96%	-5.36%	17.36%	-0.23%

Correlation

The correlation between KCCA and FTGC is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.06

Return for Risk

KCCA vs. FTGC — Risk / Return Rank

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

KCCA

KCCA Risk / Return Rank: 30
KCCA Sharpe Ratio Rank: 32
KCCA Sortino Ratio Rank: 33
KCCA Omega Ratio Rank: 38
KCCA Calmar Ratio Rank: 25
KCCA Martin Ratio Rank: 20

FTGC

FTGC Risk / Return Rank: 78
FTGC Sharpe Ratio Rank: 86
FTGC Sortino Ratio Rank: 83
FTGC Omega Ratio Rank: 83
FTGC Calmar Ratio Rank: 72
FTGC Martin Ratio Rank: 68

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. FTGC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and First Trust Global Tactical Commodity Strategy Fund (FTGC). 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	FTGC	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.25	-1.34
Sortino ratio: Return per unit of downside risk	1.41	2.98	-1.58
Omega ratio: Gain probability vs. loss probability	1.20	1.39	-0.19
Calmar ratio: Return relative to maximum drawdown	0.92	2.88	-1.96
Martin ratio: Return relative to average drawdown	1.59	9.50	-7.91

KCCA vs. FTGC - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 0.90, which is lower than the FTGC Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of KCCA and FTGC, 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. FTGC - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, smaller than the maximum FTGC drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for KCCA and FTGC.

Drawdown Indicators

	KCCA	FTGC	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-59.47%	+18.59%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-12.34%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	-12.34%	-28.54%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.91%	—
Current Drawdown Current decline from peak	-27.63%	-4.97%	-22.66%
Average Drawdown Average peak-to-trough decline	-21.60%	-27.24%	+5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.79%	3.73%	+5.06%

Volatility

KCCA vs. FTGC - Volatility Comparison

The current volatility for KraneShares California Carbon Allowance Strategy ETF (KCCA) is 3.06%, while First Trust Global Tactical Commodity Strategy Fund (FTGC) has a volatility of 4.60%. This indicates that KCCA experiences smaller price fluctuations and is considered to be less risky than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCCA	FTGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	4.60%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	13.43%	-5.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.53%	15.83%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.79%	15.87%	+7.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.79%	14.72%	+9.07%

KCCA vs. FTGC - Expense Ratio Comparison

KCCA has a 0.91% expense ratio, which is lower than FTGC's 0.95% expense ratio.

Dividends

KCCA vs. FTGC - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.82%, less than FTGC's 15.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTGC First Trust Global Tactical Commodity Strategy Fund	15.29%	17.74%	3.05%	3.34%	10.35%	7.21%	0.00%	0.81%	0.80%	1.21%
KCCA KraneShares California Carbon Allowance Strategy ETF	2.82%	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 FTGC in my portfolio?

KCCA and FTGC have a correlation of 0.01, 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 FTGC?

FTGC has higher volatility (4.60%) compared to KCCA (3.06%). In terms of maximum drawdown, KCCA dropped -40.88% vs FTGC's -59.47%.

Which ETF is better, KCCA or FTGC?

On 3-year performance, FTGC leads with 15.45% vs -4.13% for KCCA. On fees, KCCA is cheaper at 0.91% per year. On volatility, KCCA has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCCA or FTGC?

Over the 3-year period, FTGC has performed better with a 15.45% return vs -4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCCA or FTGC?

KCCA is cheaper with a 0.91% expense ratio, compared with 0.95% for FTGC.

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

FTGC has the higher dividend yield at 15.29%, compared with 2.82% for KCCA.

What is the main difference between KCCA and FTGC?

They also come from different issuers: KraneShares and First Trust. Their fees differ too: 0.91% for KCCA and 0.95% for FTGC.

Which has better risk-adjusted returns?

FTGC currently has the higher Sharpe Ratio (2.25 vs 0.90), 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.