KCCA vs. SJLD

Last updated Jun 6, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and SJLD (SanJac Alpha Low Duration ETF) are both exchange-traded funds - KCCA is a Commodities fund tracking the S&P Carbon Credit CCA Index, while SJLD is a Short-Term Bond fund actively managed by SanJac Alpha. KCCA is passively managed, while SJLD is actively managed. Over the past year, KCCA returned 16.63% vs 4.85% for SJLD. At a correlation of -0.13, they often move in opposite directions. KCCA charges 0.91%/yr vs 0.35%/yr for SJLD.

Performance

KCCA vs. SJLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares California Carbon Allowance Strategy ETF (KCCA) and SanJac Alpha Low Duration ETF (SJLD). 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 SJLD's 1.59% return.

KCCA

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

SJLD

• 1D: -0.14%
• 1M: -0.12%
• YTD: 1.59%
• 6M: 1.66%
• 1Y: 4.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCCA vs. SJLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCCA KraneShares California Carbon Allowance Strategy ETF	-1.01%	-11.81%	0.86%
SJLD SanJac Alpha Low Duration ETF	1.59%	5.20%	0.91%

Correlation

The correlation between KCCA and SJLD is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	-0.13

Return for Risk

KCCA vs. SJLD — 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

SJLD

SJLD Risk / Return Rank: 89
SJLD Sharpe Ratio Rank: 81
SJLD Sortino Ratio Rank: 91
SJLD Omega Ratio Rank: 93
SJLD Calmar Ratio Rank: 87
SJLD Martin Ratio Rank: 92

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. SJLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and SanJac Alpha Low Duration ETF (SJLD). 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	SJLD	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.45	-1.38
Sortino ratio: Return per unit of downside risk	1.66	4.02	-2.36
Omega ratio: Gain probability vs. loss probability	1.24	1.59	-0.36
Calmar ratio: Return relative to maximum drawdown	1.09	4.66	-3.57
Martin ratio: Return relative to average drawdown	1.91	21.47	-19.56
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. SJLD - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 1.07, which is lower than the SJLD Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of KCCA and SJLD, 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	SJLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.45	-1.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	2.30	-2.41

Drawdowns

KCCA vs. SJLD - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, which is greater than SJLD's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for KCCA and SJLD.

Drawdown Indicators

	KCCA	SJLD	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-1.04%	-39.84%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-1.04%	-14.26%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	—	—
Current Drawdown Current decline from peak	-29.82%	-0.24%	-29.58%
Average Drawdown Average peak-to-trough decline	-21.45%	-0.12%	-21.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.71%	0.23%	+8.48%

Volatility

KCCA vs. SJLD - Volatility Comparison

KraneShares California Carbon Allowance Strategy ETF (KCCA) has a higher volatility of 3.26% compared to SanJac Alpha Low Duration ETF (SJLD) at 0.33%. This indicates that KCCA's price experiences larger fluctuations and is considered to be riskier than SJLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCCA	SJLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	0.33%	+2.93%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	1.18%	+9.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	1.99%	+13.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.01%	1.95%	+22.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.01%	1.95%	+22.06%

KCCA vs. SJLD - Expense Ratio Comparison

KCCA has a 0.91% expense ratio, which is higher than SJLD's 0.35% expense ratio.

Dividends

KCCA vs. SJLD - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.90%, less than SJLD's 3.96% yield.

Position	TTM	2025	2024	2023	2022
KCCA KraneShares California Carbon Allowance Strategy ETF	2.90%	2.87%	30.58%	3.12%	0.24%
SJLD SanJac Alpha Low Duration ETF	3.96%	3.74%	1.26%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KCCA and SJLD in my portfolio?

KCCA and SJLD have a correlation of -0.16, 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 SJLD?

KCCA has higher volatility (3.26%) compared to SJLD (0.33%). In terms of maximum drawdown, KCCA dropped -40.88% vs SJLD's -1.04%.

Which ETF is better, KCCA or SJLD?

On 1-year performance, KCCA leads with 16.63% vs 4.85% for SJLD. On fees, SJLD is cheaper at 0.35% per year. On volatility, SJLD has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCCA or SJLD?

Over the 1-year period, KCCA has performed better with a 16.63% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCCA or SJLD?

SJLD is cheaper with a 0.35% expense ratio, compared with 0.91% for KCCA.

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

SJLD has the higher dividend yield at 3.96%, compared with 2.90% for KCCA.

What is the main difference between KCCA and SJLD?

KCCA is categorized as Commodities, while SJLD is Short-Term Bond. They also come from different issuers: KraneShares and SanJac Alpha. Their fees differ too: 0.91% for KCCA and 0.35% for SJLD.

Which has better risk-adjusted returns?

SJLD currently has the higher Sharpe Ratio (2.45 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.