KCCA vs. GSG
KCCA (KraneShares California Carbon Allowance Strategy ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds - KCCA tracks the S&P Carbon Credit CCA Index while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, KCCA returned -3.25%/yr vs 14.41%/yr for GSG. At a 0.07 correlation, their price movements are largely independent. KCCA charges 0.91%/yr vs 0.75%/yr for GSG.
Performance
KCCA vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, KCCA achieves a 0.89% return, which is significantly lower than GSG's 26.84% return.
KCCA
- 1D
- 0.70%
- 1M
- 7.52%
- YTD
- 0.89%
- 6M
- 2.91%
- 1Y
- 14.85%
- 3Y*
- -3.25%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -0.95%
- 1M
- -12.03%
- YTD
- 26.84%
- 6M
- 26.40%
- 1Y
- 23.99%
- 3Y*
- 14.41%
- 5Y*
- 13.07%
- 10Y*
- 6.69%
KCCA vs. GSG - 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% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 26.84% | 5.93% | 8.52% | -5.51% | 24.08% | -1.21% |
Correlation
The correlation between KCCA and GSG 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 | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021 | 0.07 |
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Return for Risk
KCCA vs. GSG — Risk / Return Rank
KCCA
GSG
KCCA vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.52 | -0.54 |
| Martin ratioReturn relative to average drawdown | 1.70 | 6.22 | -4.52 |
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Drawdowns
KCCA vs. GSG - Drawdown Comparison
The maximum KCCA drawdown since its inception was -40.88%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for KCCA and GSG.
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Drawdown Indicators
| KCCA | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.88% | -89.62% | +48.74% |
Max Drawdown (1Y)Largest decline over 1 year | -15.30% | -15.88% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -40.88% | -15.88% | -25.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -28.47% | -61.70% | +33.23% |
Average DrawdownAverage peak-to-trough decline | -21.51% | -63.69% | +42.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.78% | 4.46% | +4.32% |
Volatility
KCCA vs. GSG - Volatility Comparison
The current volatility for KraneShares California Carbon Allowance Strategy ETF (KCCA) is 3.56%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 5.46%. This indicates that KCCA experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KCCA | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.56% | 5.46% | -1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 20.81% | -10.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.56% | 23.19% | -7.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.93% | 22.66% | +1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.93% | 22.03% | +1.90% |
KCCA vs. GSG - Expense Ratio Comparison
KCCA has a 0.91% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
KCCA vs. GSG - Dividend Comparison
KCCA's dividend yield for the trailing twelve months is around 2.85%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KCCA KraneShares California Carbon Allowance Strategy ETF | 2.85% | 2.87% | 30.58% | 3.12% | 0.24% |
Frequently Asked Questions
KCCA and GSG 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.
GSG has higher volatility (5.46%) compared to KCCA (3.56%). In terms of maximum drawdown, KCCA dropped -40.88% vs GSG's -89.62%.
On 3-year performance, GSG leads with 14.41% vs -3.25% for KCCA. On fees, GSG is cheaper at 0.75% per year. On volatility, KCCA has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 14.41% return vs -3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.91% for KCCA.
KCCA has the higher dividend yield at 2.85%, compared with 0.00% for GSG.
KCCA tracks S&P Carbon Credit CCA Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: KraneShares and iShares. Their fees differ too: 0.91% for KCCA and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.04 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.
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