KEUA vs. CMDT

Last updated Jun 5, 2026

KEUA (KraneShares European Carbon Allowance Strategy ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds - KEUA tracks the S&P Carbon Credit EUA Index while CMDT tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. At a 0.13 correlation, their price movements are largely independent. KEUA charges 0.87%/yr vs 0.65%/yr for CMDT.

Performance

KEUA vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares European Carbon Allowance Strategy ETF (KEUA) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KEUA

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

CMDT

• 1D: -1.03%
• 1M: -2.01%
• YTD: 22.69%
• 6M: 22.11%
• 1Y: 34.25%
• 3Y*: 16.55%
• 5Y*: —
• 10Y*: —

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

KEUA vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KEUA KraneShares European Carbon Allowance Strategy ETF	-19.02%	32.81%	-14.52%	-11.94%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	22.69%	12.78%	6.93%	5.50%

Correlation

The correlation between KEUA and CMDT is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.13

Return for Risk

KEUA vs. CMDT — Risk / Return Rank

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

CMDT

CMDT Risk / Return Rank: 87
CMDT Sharpe Ratio Rank: 86
CMDT Sortino Ratio Rank: 84
CMDT Omega Ratio Rank: 81
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 90

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. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares European Carbon Allowance Strategy ETF (KEUA) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.29	—

Drawdowns

Drawdown Indicators

	KEUA	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	—	-9.69%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-4.49%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.69%	—
Current Drawdown Current decline from peak	—	-3.86%	—
Average Drawdown Average peak-to-trough decline	—	-2.69%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.64%	—

Volatility

Volatility by Period

	KEUA	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.40%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	12.22%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	12.22%	—

KEUA vs. CMDT - Expense Ratio Comparison

KEUA has a 0.87% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

KEUA vs. CMDT - Dividend Comparison

KEUA's dividend yield for the trailing twelve months is around 2.83%, more than CMDT's 2.47% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.47%	3.04%	8.80%	2.71%
KEUA KraneShares European Carbon Allowance Strategy ETF	2.83%	2.29%	7.71%	5.67%

Frequently Asked Questions

Can I hold both KEUA and CMDT in my portfolio?

KEUA and CMDT 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 ETF is better, KEUA or CMDT?

On fees, CMDT is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KEUA or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 0.87% for KEUA.

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

KEUA has the higher dividend yield at 2.83%, compared with 2.47% for CMDT.

What is the main difference between KEUA and CMDT?

KEUA tracks S&P Carbon Credit EUA Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: KraneShares and PIMCO. Their fees differ too: 0.87% for KEUA and 0.65% for CMDT.