KEUA vs. KSPY
Compare and contrast key facts about KraneShares European Carbon Allowance Strategy ETF (KEUA) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY).
KEUA and KSPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KEUA is a passively managed fund by KraneShares that tracks the performance of the S&P Carbon Credit EUA Index. It was launched on Oct 4, 2021. KSPY is a passively managed fund by KraneShares that tracks the performance of the Hedgeye Hedged Equity Index. It was launched on Jul 15, 2024. Both KEUA and KSPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
KEUA vs. KSPY - Performance Comparison
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KEUA vs. KSPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KEUA KraneShares European Carbon Allowance Strategy ETF | -19.02% | 32.81% | 1.08% |
KSPY Kraneshares Hedgeye Hedged Equity Index ETF | 0.47% | 13.89% | 3.43% |
Returns By Period
In the year-to-date period, KEUA achieves a -19.02% return, which is significantly lower than KSPY's 0.47% return.
KEUA
- 1D
- 0.00%
- 1M
- -0.46%
- YTD
- -19.02%
- 6M
- -8.94%
- 1Y
- 8.03%
- 3Y*
- -6.52%
- 5Y*
- —
- 10Y*
- —
KSPY
- 1D
- 0.58%
- 1M
- -1.92%
- YTD
- 0.47%
- 6M
- 3.20%
- 1Y
- 15.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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KEUA vs. KSPY - Expense Ratio Comparison
KEUA has a 0.87% expense ratio, which is higher than KSPY's 0.78% expense ratio.
Return for Risk
KEUA vs. KSPY — Risk / Return Rank
KEUA
KSPY
KEUA vs. KSPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares European Carbon Allowance Strategy ETF (KEUA) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). 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.
| KEUA | KSPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.11 | 1.30 | -1.18 |
Sortino ratioReturn per unit of downside risk | 0.34 | 1.95 | -1.61 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.35 | -0.30 |
Calmar ratioReturn relative to maximum drawdown | 0.05 | 1.94 | -1.89 |
Martin ratioReturn relative to average drawdown | 0.15 | 11.50 | -11.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KEUA | KSPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.11 | 1.30 | -1.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.95 | -0.92 |
Correlation
The correlation between KEUA and KSPY is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
KEUA vs. KSPY - Dividend Comparison
KEUA's dividend yield for the trailing twelve months is around 2.83%, less than KSPY's 6.14% yield.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KEUA KraneShares European Carbon Allowance Strategy ETF | 2.83% | 2.29% | 7.71% | 5.67% |
KSPY Kraneshares Hedgeye Hedged Equity Index ETF | 6.14% | 6.16% | 1.31% | 0.00% |
Drawdowns
KEUA vs. KSPY - Drawdown Comparison
The maximum KEUA drawdown since its inception was -49.21%, which is greater than KSPY's maximum drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for KEUA and KSPY.
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Drawdown Indicators
| KEUA | KSPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.21% | -11.67% | -37.54% |
Max Drawdown (1Y)Largest decline over 1 year | -23.06% | -8.00% | -15.06% |
Current DrawdownCurrent decline from peak | -28.26% | -1.94% | -26.32% |
Average DrawdownAverage peak-to-trough decline | -23.35% | -1.29% | -22.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.25% | 1.35% | +6.90% |
Volatility
KEUA vs. KSPY - Volatility Comparison
KraneShares European Carbon Allowance Strategy ETF (KEUA) has a higher volatility of 5.87% compared to Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) at 4.02%. This indicates that KEUA's price experiences larger fluctuations and is considered to be riskier than KSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KEUA | KSPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.87% | 4.02% | +1.85% |
Volatility (6M)Calculated over the trailing 6-month period | 20.60% | 6.26% | +14.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.55% | 11.93% | +15.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.09% | 10.98% | +30.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.09% | 10.98% | +30.11% |