KCCA vs. ZSC

Last updated Jun 6, 2026

KCCA (KraneShares California Carbon Allowance Strategy ETF) and ZSC (USCF Sustainable Commodity Strategy Fund) are both Commodities funds. KCCA is passively managed, while ZSC is actively managed. Over the past year, KCCA returned 16.63% vs 30.00% for ZSC. At a 0.03 correlation, their price movements are largely independent. KCCA charges 0.91%/yr vs 0.59%/yr for ZSC.

Performance

KCCA vs. ZSC - 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 Commodity Strategy Fund (ZSC). 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 ZSC's 6.19% return.

KCCA

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

ZSC

• 1D: -2.41%
• 1M: -3.64%
• YTD: 6.19%
• 6M: 11.51%
• 1Y: 30.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCCA vs. ZSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KCCA KraneShares California Carbon Allowance Strategy ETF	-1.01%	-11.81%	-16.05%	8.60%
ZSC USCF Sustainable Commodity Strategy Fund	6.19%	28.43%	-14.39%	-10.63%

Correlation

The correlation between KCCA and ZSC 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 (All Time) Calculated using the full available price history since Aug 10, 2023	0.03

KCCA vs. ZSC - Sectors Allocation Comparison

Sectors	KCCA	ZSC
Financial Services	27.1%	-
Technology	16.2%	42.0%
Industrials	15.3%	33.2%
Consumer Cyclical	10.1%	-
Energy	7.9%	-
Healthcare	7.6%	-
Communication Services	7.3%	-
Utilities	4.5%	24.8%
Consumer Defensive	4.1%	-
Basic Materials	-	-
Real Estate	-	-

Return for Risk

KCCA vs. ZSC — 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

ZSC

ZSC Risk / Return Rank: 75
ZSC Sharpe Ratio Rank: 77
ZSC Sortino Ratio Rank: 72
ZSC Omega Ratio Rank: 79
ZSC Calmar Ratio Rank: 80
ZSC Martin Ratio Rank: 69

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. ZSC - 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 Commodity Strategy Fund (ZSC). 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	ZSC	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.33	-1.26
Sortino ratio: Return per unit of downside risk	1.66	3.04	-1.38
Omega ratio: Gain probability vs. loss probability	1.24	1.44	-0.20
Calmar ratio: Return relative to maximum drawdown	1.09	3.92	-2.83
Martin ratio: Return relative to average drawdown	1.91	11.94	-10.03
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. ZSC - Sharpe Ratio Comparison

The current KCCA Sharpe Ratio is 1.07, which is lower than the ZSC Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of KCCA and ZSC, 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	ZSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.33	-1.26
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.12	-0.23

Drawdowns

KCCA vs. ZSC - Drawdown Comparison

The maximum KCCA drawdown since its inception was -40.88%, which is greater than ZSC's maximum drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for KCCA and ZSC.

Drawdown Indicators

	KCCA	ZSC	Difference
Max Drawdown Largest peak-to-trough decline	-40.88%	-26.49%	-14.39%
Max Drawdown (1Y) Largest decline over 1 year	-15.30%	-7.69%	-7.61%
Max Drawdown (3Y) Largest decline over 3 years	-40.88%	—	—
Current Drawdown Current decline from peak	-29.82%	-5.63%	-24.19%
Average Drawdown Average peak-to-trough decline	-21.45%	-14.71%	-6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.71%	2.52%	+6.19%

Volatility

KCCA vs. ZSC - Volatility Comparison

The current volatility for KraneShares California Carbon Allowance Strategy ETF (KCCA) is 3.26%, while USCF Sustainable Commodity Strategy Fund (ZSC) has a volatility of 3.96%. This indicates that KCCA experiences smaller price fluctuations and is considered to be less risky than ZSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCCA	ZSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	3.96%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	9.44%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	12.93%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.01%	12.31%	+11.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.01%	12.31%	+11.70%

KCCA vs. ZSC - Expense Ratio Comparison

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

Dividends

KCCA vs. ZSC - Dividend Comparison

KCCA's dividend yield for the trailing twelve months is around 2.90%, more than ZSC's 1.65% yield.

Position	TTM	2025	2024	2023	2022
KCCA KraneShares California Carbon Allowance Strategy ETF	2.90%	2.87%	30.58%	3.12%	0.24%
ZSC USCF Sustainable Commodity Strategy Fund	1.65%	1.75%	2.18%	1.40%	0.00%

Frequently Asked Questions

Can I hold both KCCA and ZSC in my portfolio?

KCCA and ZSC 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 ZSC?

ZSC has higher volatility (3.96%) compared to KCCA (3.26%). In terms of maximum drawdown, KCCA dropped -40.88% vs ZSC's -26.49%.

Which ETF is better, KCCA or ZSC?

On 1-year performance, ZSC leads with 30.00% vs 16.63% for KCCA. On fees, ZSC is cheaper at 0.59% per year. On volatility, KCCA has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCCA or ZSC?

Over the 1-year period, ZSC has performed better with a 30.00% return vs 16.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCCA or ZSC?

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

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

KCCA has the higher dividend yield at 2.90%, compared with 1.65% for ZSC.

What is the main difference between KCCA and ZSC?

They also come from different issuers: KraneShares and USCF. Their fees differ too: 0.91% for KCCA and 0.59% for ZSC.

Which has better risk-adjusted returns?

ZSC currently has the higher Sharpe Ratio (2.33 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.