KEUA vs. ZSC

Last updated Jun 3, 2026

KEUA (KraneShares European Carbon Allowance Strategy ETF) and ZSC (USCF Sustainable Commodity Strategy Fund) are both Commodities funds. KEUA is passively managed, while ZSC is actively managed. At a 0.30 correlation, their price movements are largely independent. KEUA charges 0.87%/yr vs 0.59%/yr for ZSC.

Performance

KEUA vs. ZSC - Performance Comparison

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

Returns By Period

KEUA

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

ZSC

• 1D: 0.00%
• 1M: 1.61%
• YTD: 10.17%
• 6M: 15.71%
• 1Y: 36.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KEUA vs. ZSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KEUA KraneShares European Carbon Allowance Strategy ETF	-19.02%	32.81%	-14.52%	-6.67%
ZSC USCF Sustainable Commodity Strategy Fund	10.17%	28.43%	-14.39%	-10.63%

Correlation

The correlation between KEUA and ZSC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Aug 10, 2023	0.30

Return for Risk

KEUA vs. ZSC — Risk / Return Rank

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

ZSC

ZSC Risk / Return Rank: 84
ZSC Sharpe Ratio Rank: 86
ZSC Sortino Ratio Rank: 82
ZSC Omega Ratio Rank: 87
ZSC Calmar Ratio Rank: 86
ZSC Martin Ratio Rank: 77

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. ZSC - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	KEUA	ZSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.24	—

Drawdowns

Drawdown Indicators

	KEUA	ZSC	Difference
Max Drawdown Largest peak-to-trough decline	—	-26.49%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-7.69%	—
Current Drawdown Current decline from peak	—	-2.09%	—
Average Drawdown Average peak-to-trough decline	—	-14.76%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.48%	—

Volatility

Volatility by Period

	KEUA	ZSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.68%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	12.24%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	12.24%	—

KEUA vs. ZSC - Expense Ratio Comparison

KEUA has a 0.87% expense ratio, which is higher than ZSC's 0.59% expense ratio.

Dividends

KEUA vs. ZSC - Dividend Comparison

KEUA's dividend yield for the trailing twelve months is around 2.83%, more than ZSC's 1.59% yield.

Position	TTM	2025	2024	2023
KEUA KraneShares European Carbon Allowance Strategy ETF	2.83%	2.29%	7.71%	5.67%
ZSC USCF Sustainable Commodity Strategy Fund	1.59%	1.75%	2.18%	1.40%

Frequently Asked Questions

Can I hold both KEUA and ZSC in my portfolio?

KEUA and ZSC have a correlation of 0.26, 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 ZSC?

On fees, ZSC is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KEUA or ZSC?

ZSC is cheaper with a 0.59% expense ratio, compared with 0.87% for KEUA.

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

KEUA has the higher dividend yield at 2.83%, compared with 1.59% for ZSC.

What is the main difference between KEUA and ZSC?

They also come from different issuers: KraneShares and USCF. Their fees differ too: 0.87% for KEUA and 0.59% for ZSC.