KEUA vs. PDBC
Compare and contrast key facts about KraneShares European Carbon Allowance Strategy ETF (KEUA) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).
KEUA and PDBC 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. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.
Performance
KEUA vs. PDBC - Performance Comparison
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KEUA vs. PDBC - 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% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 29.06% | 5.96% | 2.09% | -6.25% | 19.23% | -1.65% |
Returns By Period
In the year-to-date period, KEUA achieves a -19.02% return, which is significantly lower than PDBC's 29.06% return.
KEUA
- 1D
- 0.00%
- 1M
- -0.46%
- YTD
- -19.02%
- 6M
- -8.94%
- 1Y
- 8.03%
- 3Y*
- -6.52%
- 5Y*
- —
- 10Y*
- —
PDBC
- 1D
- -1.27%
- 1M
- 11.33%
- YTD
- 29.06%
- 6M
- 32.46%
- 1Y
- 30.13%
- 3Y*
- 10.80%
- 5Y*
- 14.00%
- 10Y*
- 9.72%
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KEUA vs. PDBC - Expense Ratio Comparison
KEUA has a 0.87% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Return for Risk
KEUA vs. PDBC — Risk / Return Rank
KEUA
PDBC
KEUA vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares European Carbon Allowance Strategy ETF (KEUA) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.11 | 1.62 | -1.50 |
Sortino ratioReturn per unit of downside risk | 0.34 | 2.19 | -1.84 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.29 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | 0.05 | 2.74 | -2.69 |
Martin ratioReturn relative to average drawdown | 0.15 | 6.73 | -6.59 |
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 | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.11 | 1.62 | -1.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.74 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.21 | -0.18 |
Correlation
The correlation between KEUA and PDBC is 0.09, 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. PDBC - Dividend Comparison
KEUA's dividend yield for the trailing twelve months is around 2.83%, less than PDBC's 2.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
KEUA KraneShares European Carbon Allowance Strategy ETF | 2.83% | 2.29% | 7.71% | 5.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.97% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Drawdowns
KEUA vs. PDBC - Drawdown Comparison
The maximum KEUA drawdown since its inception was -49.21%, roughly equal to the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for KEUA and PDBC.
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Drawdown Indicators
| KEUA | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.21% | -49.52% | +0.31% |
Max Drawdown (1Y)Largest decline over 1 year | -23.06% | -11.07% | -11.99% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -28.26% | -2.29% | -25.97% |
Average DrawdownAverage peak-to-trough decline | -23.35% | -23.53% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.25% | 4.50% | +3.75% |
Volatility
KEUA vs. PDBC - Volatility Comparison
The current volatility for KraneShares European Carbon Allowance Strategy ETF (KEUA) is 5.87%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 8.36%. This indicates that KEUA experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KEUA | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.87% | 8.36% | -2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 20.60% | 13.95% | +6.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.55% | 18.73% | +8.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.09% | 18.92% | +22.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.09% | 17.69% | +23.40% |