KEUA vs. BNDD

Last updated Jun 5, 2026

KEUA (KraneShares European Carbon Allowance Strategy ETF) and BNDD (Quadratic Deflation ETF) are both exchange-traded funds - KEUA is a Commodities fund tracking the S&P Carbon Credit EUA Index, while BNDD is a Government Bonds fund actively managed by KraneShares. KEUA is passively managed, while BNDD is actively managed. At a correlation of -0.03, they often move in opposite directions. KEUA charges 0.87%/yr vs 1.02%/yr for BNDD.

Performance

KEUA vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares European Carbon Allowance Strategy ETF (KEUA) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KEUA

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDD

• 1D: 0.06%
• 1M: 0.95%
• YTD: 4.38%
• 6M: 2.33%
• 1Y: 2.37%
• 3Y*: -3.83%
• 5Y*: —
• 10Y*: —

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

KEUA vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KEUA KraneShares European Carbon Allowance Strategy ETF	-19.02%	32.81%	-14.52%	-3.14%	-2.74%	22.01%
BNDD Quadratic Deflation ETF	4.38%	-8.17%	-6.65%	4.02%	-17.48%	10.52%

Correlation

The correlation between KEUA and BNDD is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	-0.03

Return for Risk

KEUA vs. BNDD — Risk / Return Rank

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

BNDD

BNDD Risk / Return Rank: 13
BNDD Sharpe Ratio Rank: 12
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 14
BNDD Martin Ratio Rank: 13

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.

KEUA vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares European Carbon Allowance Strategy ETF (KEUA) and Quadratic Deflation ETF (BNDD). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KEUA	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.33	—

Drawdowns

Drawdown Indicators

	KEUA	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	—	-30.87%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.75%	—
Current Drawdown Current decline from peak	—	-26.46%	—
Average Drawdown Average peak-to-trough decline	—	-19.34%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.83%	—

Volatility

Volatility by Period

	KEUA	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	10.59%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	13.37%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	13.37%	—

KEUA vs. BNDD - Expense Ratio Comparison

KEUA has a 0.87% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

KEUA vs. BNDD - Dividend Comparison

KEUA's dividend yield for the trailing twelve months is around 2.83%, less than BNDD's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.60%	3.82%	3.85%	4.30%	43.17%	1.04%
KEUA KraneShares European Carbon Allowance Strategy ETF	2.83%	2.29%	7.71%	5.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KEUA and BNDD in my portfolio?

KEUA and BNDD have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KEUA or BNDD?

On fees, KEUA is cheaper at 0.87% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KEUA or BNDD?

KEUA is cheaper with a 0.87% expense ratio, compared with 1.02% for BNDD.

Which ETF pays a higher dividend yield, KEUA or BNDD?

BNDD has the higher dividend yield at 3.60%, compared with 2.83% for KEUA.

What is the main difference between KEUA and BNDD?

KEUA is categorized as Commodities, while BNDD is Government Bonds. Their fees differ too: 0.87% for KEUA and 1.02% for BNDD.