KCCA vs. GUMI

Last updated Jun 6, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and GUMI (Goldman Sachs Ultra Short Municipal Income ETF) are both exchange-traded funds - KCCA is a Commodities fund tracking the S&P Carbon Credit CCA Index, while GUMI is a Municipal Bonds fund actively managed by Goldman Sachs. KCCA is passively managed, while GUMI is actively managed. Over the past year, KCCA returned 16.63% vs 3.11% for GUMI. At a correlation of -0.09, they often move in opposite directions. KCCA charges 0.91%/yr vs 0.16%/yr for GUMI.

Performance

KCCA vs. GUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares California Carbon Allowance Strategy ETF (KCCA) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCCA achieves a -1.01% return, which is significantly lower than GUMI's 1.13% return.

KCCA

• 1D: 0.09%
• 1M: 11.42%
• YTD: -1.01%
• 6M: 2.68%
• 1Y: 16.63%
• 3Y*: -2.39%
• 5Y*: —
• 10Y*: —

GUMI

• 1D: 0.01%
• 1M: 0.22%
• YTD: 1.13%
• 6M: 1.37%
• 1Y: 3.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCCA vs. GUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCCA KraneShares California Carbon Allowance Strategy ETF	-1.01%	-11.81%	1.29%
GUMI Goldman Sachs Ultra Short Municipal Income ETF	1.13%	3.39%	1.52%

Correlation

The correlation between KCCA and GUMI 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 Jul 26, 2024	-0.09

Return for Risk

KCCA vs. GUMI — 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: 34
KCCA Omega Ratio Rank: 39
KCCA Calmar Ratio Rank: 25
KCCA Martin Ratio Rank: 19

GUMI

GUMI Risk / Return Rank: 94
GUMI Sharpe Ratio Rank: 89
GUMI Sortino Ratio Rank: 94
GUMI Omega Ratio Rank: 93
GUMI Calmar Ratio Rank: 96
GUMI Martin Ratio Rank: 96

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. GUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). 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.

	KCCA	GUMI	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.85	-1.78
Sortino ratio: Return per unit of downside risk	1.66	4.59	-2.94
Omega ratio: Gain probability vs. loss probability	1.24	1.62	-0.39
Calmar ratio: Return relative to maximum drawdown	1.09	8.73	-7.64
Martin ratio: Return relative to average drawdown	1.91	37.11	-35.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KCCA vs. GUMI - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 1.07, which is lower than the GUMI Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of KCCA and GUMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KCCA	GUMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.85	-1.78
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	3.32	-3.43

Drawdowns

KCCA vs. GUMI - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, which is greater than GUMI's maximum drawdown of -0.48%. Use the drawdown chart below to compare losses from any high point for KCCA and GUMI.

Drawdown Indicators

	KCCA	GUMI	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-0.48%	-40.40%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-0.36%	-14.94%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	—	—
Current Drawdown Current decline from peak	-29.82%	0.00%	-29.82%
Average Drawdown Average peak-to-trough decline	-21.45%	-0.05%	-21.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.71%	0.08%	+8.63%

Volatility

KCCA vs. GUMI - Volatility Comparison

KraneShares California Carbon Allowance Strategy ETF (KCCA) has a higher volatility of 3.26% compared to Goldman Sachs Ultra Short Municipal Income ETF (GUMI) at 0.25%. This indicates that KCCA's price experiences larger fluctuations and is considered to be riskier than GUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCCA	GUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	0.25%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	0.55%	+9.65%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	1.09%	+14.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.01%	0.99%	+23.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.01%	0.99%	+23.02%

KCCA vs. GUMI - Expense Ratio Comparison

KCCA has a 0.91% expense ratio, which is higher than GUMI's 0.16% expense ratio.

Dividends

KCCA vs. GUMI - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.90%, more than GUMI's 2.77% yield.

Position	TTM	2025	2024	2023	2022
GUMI Goldman Sachs Ultra Short Municipal Income ETF	2.77%	2.95%	1.37%	0.00%	0.00%
KCCA KraneShares California Carbon Allowance Strategy ETF	2.90%	2.87%	30.58%	3.12%	0.24%

Frequently Asked Questions

Can I hold both KCCA and GUMI in my portfolio?

KCCA and GUMI 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 GUMI?

KCCA has higher volatility (3.26%) compared to GUMI (0.25%). In terms of maximum drawdown, KCCA dropped -40.88% vs GUMI's -0.48%.

Which ETF is better, KCCA or GUMI?

On 1-year performance, KCCA leads with 16.63% vs 3.11% for GUMI. On fees, GUMI is cheaper at 0.16% per year. On volatility, GUMI has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCCA or GUMI?

Over the 1-year period, KCCA has performed better with a 16.63% return vs 3.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCCA or GUMI?

GUMI is cheaper with a 0.16% expense ratio, compared with 0.91% for KCCA.

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

KCCA has the higher dividend yield at 2.90%, compared with 2.77% for GUMI.

What is the main difference between KCCA and GUMI?

KCCA is categorized as Commodities, while GUMI is Municipal Bonds. They also come from different issuers: KraneShares and Goldman Sachs. Their fees differ too: 0.91% for KCCA and 0.16% for GUMI.

Which has better risk-adjusted returns?

GUMI currently has the higher Sharpe Ratio (2.85 vs 1.07), 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.