KCCA vs. ZSB

Last updated Jun 23, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and ZSB (USCF Sustainable Battery Metals Strategy Fund) are both exchange-traded funds - KCCA is a Commodities fund tracking the S&P Carbon Credit CCA Index, while ZSB is a Lithium & Battery Metals fund tracking the S&P GSCI Electric Vehicle Meals Index. Both are passively managed. Over the past 3 years, KCCA returned -3.25%/yr vs 2.94%/yr for ZSB. At a 0.03 correlation, their price movements are largely independent. KCCA charges 0.91%/yr vs 0.59%/yr for ZSB.

Performance

KCCA vs. ZSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares California Carbon Allowance Strategy ETF (KCCA) and USCF Sustainable Battery Metals Strategy Fund (ZSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCCA achieves a 0.89% return, which is significantly lower than ZSB's 7.61% return.

KCCA

• 1D: 0.70%
• 1M: 7.52%
• YTD: 0.89%
• 6M: 2.91%
• 1Y: 14.85%
• 3Y*: -3.25%
• 5Y*: —
• 10Y*: —

ZSB

• 1D: -0.29%
• 1M: -5.01%
• YTD: 7.61%
• 6M: 11.86%
• 1Y: 69.71%
• 3Y*: 2.94%
• 5Y*: —
• 10Y*: —

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

KCCA vs. ZSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KCCA KraneShares California Carbon Allowance Strategy ETF	0.89%	-11.81%	-16.05%	36.65%
ZSB USCF Sustainable Battery Metals Strategy Fund	7.61%	64.34%	-19.70%	-31.38%

Correlation

The correlation between KCCA and ZSB is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	0.03

Return for Risk

KCCA vs. ZSB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KCCA

KCCA Risk / Return Rank: 25
KCCA Sharpe Ratio Rank: 28
KCCA Sortino Ratio Rank: 28
KCCA Omega Ratio Rank: 32
KCCA Calmar Ratio Rank: 22
KCCA Martin Ratio Rank: 17

ZSB

ZSB Risk / Return Rank: 77
ZSB Sharpe Ratio Rank: 85
ZSB Sortino Ratio Rank: 71
ZSB Omega Ratio Rank: 84
ZSB Calmar Ratio Rank: 82
ZSB Martin Ratio Rank: 64

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. ZSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares California Carbon Allowance Strategy ETF (KCCA) and USCF Sustainable Battery Metals Strategy Fund (ZSB). 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	ZSB	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.65	-1.69
Sortino ratio: Return per unit of downside risk	1.49	3.08	-1.59
Omega ratio: Gain probability vs. loss probability	1.21	1.48	-0.27
Calmar ratio: Return relative to maximum drawdown	0.97	4.18	-3.21
Martin ratio: Return relative to average drawdown	1.70	11.24	-9.55

KCCA vs. ZSB - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 0.96, which is lower than the ZSB Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of KCCA and ZSB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KCCA vs. ZSB - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, smaller than the maximum ZSB drawdown of -49.26%. Use the drawdown chart below to compare losses from any high point for KCCA and ZSB.

Drawdown Indicators

	KCCA	ZSB	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-49.26%	+8.38%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-16.75%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	-43.22%	+2.34%
Current Drawdown Current decline from peak	-28.47%	-9.27%	-19.20%
Average Drawdown Average peak-to-trough decline	-21.51%	-30.61%	+9.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.78%	6.22%	+2.56%

Volatility

KCCA vs. ZSB - Volatility Comparison

The current volatility for KraneShares California Carbon Allowance Strategy ETF (KCCA) is 3.56%, while USCF Sustainable Battery Metals Strategy Fund (ZSB) has a volatility of 5.09%. This indicates that KCCA experiences smaller price fluctuations and is considered to be less risky than ZSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCCA	ZSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	5.09%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	22.24%	-12.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	26.53%	-10.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.93%	19.56%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	19.56%	+4.37%

KCCA vs. ZSB - Expense Ratio Comparison

KCCA has a 0.91% expense ratio, which is higher than ZSB's 0.59% expense ratio.

Dividends

KCCA vs. ZSB - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.85%, more than ZSB's 0.85% yield.

Position	TTM	2025	2024	2023	2022
KCCA KraneShares California Carbon Allowance Strategy ETF	2.85%	2.87%	30.58%	3.12%	0.24%
ZSB USCF Sustainable Battery Metals Strategy Fund	0.85%	0.92%	2.96%	3.59%	0.00%

Frequently Asked Questions

Can I hold both KCCA and ZSB in my portfolio?

KCCA and ZSB have a correlation of 0.08, 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 ZSB?

ZSB has higher volatility (5.09%) compared to KCCA (3.56%). In terms of maximum drawdown, KCCA dropped -40.88% vs ZSB's -49.26%.

Which ETF is better, KCCA or ZSB?

On 3-year performance, ZSB leads with 2.94% vs -3.25% for KCCA. On fees, ZSB is cheaper at 0.59% 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.

Which ETF has performed better, KCCA or ZSB?

Over the 3-year period, ZSB has performed better with a 2.94% return vs -3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCCA or ZSB?

ZSB is cheaper with a 0.59% expense ratio, compared with 0.91% for KCCA.

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

KCCA has the higher dividend yield at 2.85%, compared with 0.85% for ZSB.

What is the main difference between KCCA and ZSB?

KCCA is categorized as Commodities, while ZSB is Lithium & Battery Metals. KCCA tracks S&P Carbon Credit CCA Index, while ZSB tracks S&P GSCI Electric Vehicle Meals Index. They also come from different issuers: KraneShares and USCF. Their fees differ too: 0.91% for KCCA and 0.59% for ZSB.

Which has better risk-adjusted returns?

ZSB currently has the higher Sharpe Ratio (2.65 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.