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 -6.84%/yr vs 0.77%/yr for KWEB. Their 0.03 correlation means their historical movements had little consistent relationship. 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 0.79% return, which is significantly higher than KWEB's -16.33% return.
KCCA
- 1D
- 1.58%
- 1M
- -0.80%
- 6M
- 11.36%
- YTD
- 0.79%
- 1Y
- 12.78%
- 3Y*
- -6.84%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.86%
KWEB
- 1D
- 1.53%
- 1M
- 14.01%
- 6M
- -19.47%
- YTD
- -16.33%
- 1Y
- -12.39%
- 3Y*
- 0.77%
- 5Y*
- -7.53%
- 10Y*
- 0.31%
- ALL TIME*
- 2.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $185.98K | $257.56K | $556.68K | |
| $554.38M | $548.17M | $693.22M |
KCCA vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KCCA KraneShares California Carbon Allowance Strategy ETF | 0.79% | -11.81% | -16.05% | 34.07% | -17.54% | 10.75% |
KWEB KraneShares CSI China Internet ETF | -16.33% | 23.55% | 12.01% | -9.06% | -17.24% | -12.66% |
Correlation
The correlation between KCCA and KWEB is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021 | 0.03 |
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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 | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.93 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.35 | +1.19 |
| Martin ratioReturn relative to average drawdown | 1.45 | -0.67 | +2.12 |
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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 | — | -63.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.92% | — |
Current DrawdownCurrent decline from peak | -28.54% | -67.05% | +38.51% |
Average DrawdownAverage peak-to-trough decline | -21.66% | -35.65% | +13.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.82% | 21.98% | -13.16% |
Volatility
KCCA vs. KWEB - Volatility Comparison
The current volatility for KraneShares California Carbon Allowance Strategy ETF (KCCA) is 3.56%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 7.76%. 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 | 3.56% | 7.76% | -4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 7.09% | 20.68% | -13.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.69% | 27.82% | -12.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 46.99% | -23.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.73% | 40.04% | -16.31% |
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 2.85%, less than KWEB's 7.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
KWEB KraneShares CSI China Internet ETF | 7.36% | 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 (7.76%) compared to KCCA (3.56%). In terms of maximum drawdown, KCCA dropped -40.88% vs KWEB's -80.92%.
On 3-year performance, KWEB leads with 0.77% vs -6.84% for KCCA. On fees, KWEB is cheaper at 0.70% 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, KWEB has performed better with a 0.77% return vs -6.84%. 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 7.36%, compared with 2.85% 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 (0.82 vs -0.53), 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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