KCCA vs. KWEB
KCCA (KraneShares California Carbon Allowance Strategy ETF) and KWEB (KraneShares CSI China Internet ETF) are both exchange-traded funds - KCCA is a Commodities fund tracking the S&P Carbon Credit CCA Index, while KWEB is a China Equities fund tracking the CSI Overseas China Internet Index. Both are passively managed. Over the past 3 years, KCCA returned -2.19%/yr vs 1.78%/yr for KWEB. At a 0.04 correlation, their price movements are largely independent. KCCA charges 0.91%/yr vs 0.70%/yr for KWEB.
Performance
KCCA vs. KWEB - Performance Comparison
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Returns By Period
In the year-to-date period, KCCA achieves a 3.57% return, which is significantly higher than KWEB's -22.53% return.
KCCA
- 1D
- 0.99%
- 1M
- 6.01%
- 6M
- 5.58%
- YTD
- 3.57%
- 1Y
- 15.22%
- 3Y*
- -2.19%
- 5Y*
- —
- 10Y*
- —
KWEB
- 1D
- -0.38%
- 1M
- -0.42%
- 6M
- -26.37%
- YTD
- -22.53%
- 1Y
- -17.34%
- 3Y*
- 1.78%
- 5Y*
- -12.79%
- 10Y*
- -0.41%
KCCA vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KCCA KraneShares California Carbon Allowance Strategy ETF | 3.57% | -11.81% | -16.05% | 34.07% | -17.54% | 10.75% |
KWEB KraneShares CSI China Internet ETF | -22.53% | 23.55% | 12.01% | -9.06% | -17.24% | -12.66% |
Correlation
The correlation between KCCA and KWEB 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 | 0.04 |
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Return for Risk
KCCA vs. KWEB — Risk / Return Rank
KCCA
KWEB
KCCA vs. KWEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and KraneShares CSI China Internet ETF (KWEB). 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 | KWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.91 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | -0.43 | +1.51 |
| Martin ratioReturn relative to average drawdown | 1.87 | -0.87 | +2.75 |
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Drawdowns
KCCA vs. KWEB - Drawdown Comparison
The maximum KCCA drawdown since its inception was -40.88%, smaller than the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for KCCA and KWEB.
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Drawdown Indicators
| KCCA | KWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.88% | -80.92% | +40.04% |
Max Drawdown (1Y)Largest decline over 1 year | -15.30% | -41.62% | +26.32% |
Max Drawdown (3Y)Largest decline over 3 years | -40.88% | -41.62% | +0.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -68.90% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.92% | — |
Current DrawdownCurrent decline from peak | -26.57% | -69.49% | +42.92% |
Average DrawdownAverage peak-to-trough decline | -21.58% | -35.50% | +13.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.79% | 20.45% | -11.66% |
Volatility
KCCA vs. KWEB - Volatility Comparison
The current volatility for KraneShares California Carbon Allowance Strategy ETF (KCCA) is 2.81%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 7.74%. This indicates that KCCA experiences smaller price fluctuations and is considered to be less risky than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KCCA | KWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.81% | 7.74% | -4.93% |
Volatility (6M)Calculated over the trailing 6-month period | 10.00% | 20.55% | -10.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 27.54% | -12.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.83% | 47.59% | -23.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.83% | 40.00% | -16.17% |
KCCA vs. KWEB - Expense Ratio Comparison
KCCA has a 0.91% expense ratio, which is higher than KWEB's 0.70% expense ratio.
Dividends
KCCA vs. KWEB - Dividend Comparison
KCCA's dividend yield for the trailing twelve months is around 2.78%, less than KWEB's 7.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KCCA KraneShares California Carbon Allowance Strategy ETF | 2.78% | 2.87% | 30.58% | 3.12% | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KWEB KraneShares CSI China Internet ETF | 7.95% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
Frequently Asked Questions
KCCA and KWEB 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.
KWEB has higher volatility (7.74%) compared to KCCA (2.81%). In terms of maximum drawdown, KCCA dropped -40.88% vs KWEB's -80.92%.
On 3-year performance, KWEB leads with 1.78% vs -2.19% for KCCA. On fees, KWEB is cheaper at 0.70% per year. On volatility, KCCA has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KWEB has performed better with a 1.78% return vs -2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 0.91% for KCCA.
KWEB has the higher dividend yield at 7.95%, compared with 2.78% for KCCA.
KCCA is categorized as Commodities, while KWEB is China Equities. KCCA tracks S&P Carbon Credit CCA Index, while KWEB tracks CSI Overseas China Internet Index. Their fees differ too: 0.91% for KCCA and 0.70% for KWEB.
KCCA currently has the higher Sharpe Ratio (1.07 vs -0.65), 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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