KLMN vs. COMB

Last updated Jun 24, 2026

KLMN (Invesco MSCI North America Climate ETF) and COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) are both exchange-traded funds - KLMN is a Large Cap Blend Equities fund tracking the MSCI Global Climate 500 North America Selection Index, while COMB is a Commodities fund actively managed by GraniteShares. KLMN is passively managed, while COMB is actively managed. Over the past year, KLMN returned 23.71% vs 22.62% for COMB. At a 0.02 correlation, their price movements are largely independent. KLMN charges 0.09%/yr vs 0.25%/yr for COMB.

Performance

KLMN vs. COMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI North America Climate ETF (KLMN) and GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLMN achieves a 8.37% return, which is significantly lower than COMB's 14.97% return.

KLMN

• 1D: -1.03%
• 1M: -0.90%
• YTD: 8.37%
• 6M: 7.60%
• 1Y: 23.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COMB

• 1D: -1.41%
• 1M: -9.91%
• YTD: 14.97%
• 6M: 13.14%
• 1Y: 22.62%
• 3Y*: 11.57%
• 5Y*: 9.61%
• 10Y*: —

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

KLMN vs. COMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KLMN Invesco MSCI North America Climate ETF	8.37%	18.24%	-3.62%
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF	14.97%	15.12%	0.24%

Correlation

The correlation between KLMN and COMB is -0.05, 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	-0.05
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.02

Return for Risk

KLMN vs. COMB — Risk / Return Rank

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

KLMN

KLMN Risk / Return Rank: 62
KLMN Sharpe Ratio Rank: 63
KLMN Sortino Ratio Rank: 61
KLMN Omega Ratio Rank: 60
KLMN Calmar Ratio Rank: 59
KLMN Martin Ratio Rank: 69

COMB

COMB Risk / Return Rank: 38
COMB Sharpe Ratio Rank: 38
COMB Sortino Ratio Rank: 36
COMB Omega Ratio Rank: 38
COMB Calmar Ratio Rank: 36
COMB Martin Ratio Rank: 44

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.

KLMN vs. COMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI North America Climate ETF (KLMN) and GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KLMN	COMB	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.32	+0.56
Sortino ratio: Return per unit of downside risk	2.59	1.80	+0.79
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	2.66	1.71	+0.95
Martin ratio: Return relative to average drawdown	11.65	6.79	+4.86

KLMN vs. COMB - Sharpe Ratio Comparison

The current KLMN Sharpe Ratio is 1.88, which is higher than the COMB Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of KLMN and COMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KLMN vs. COMB - Drawdown Comparison

The maximum KLMN drawdown since its inception was -19.16%, smaller than the maximum COMB drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for KLMN and COMB.

Drawdown Indicators

	KLMN	COMB	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-33.50%	+14.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-13.28%	+4.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.28%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.63%	—
Current Drawdown Current decline from peak	-2.92%	-13.28%	+10.36%
Average Drawdown Average peak-to-trough decline	-2.52%	-12.04%	+9.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	3.36%	-1.32%

Volatility

KLMN vs. COMB - Volatility Comparison

Invesco MSCI North America Climate ETF (KLMN) has a higher volatility of 4.36% compared to GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) at 3.69%. This indicates that KLMN's price experiences larger fluctuations and is considered to be riskier than COMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLMN	COMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	3.69%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	15.24%	-5.38%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	17.34%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.59%	16.69%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.59%	15.14%	+2.45%

KLMN vs. COMB - Expense Ratio Comparison

KLMN has a 0.09% expense ratio, which is lower than COMB's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

KLMN vs. COMB - Dividend Comparison

KLMN's dividend yield for the trailing twelve months is around 1.22%, less than COMB's 7.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF	7.87%	9.05%	2.48%	6.57%	30.85%	15.83%	0.07%	1.48%	0.97%	0.20%
KLMN Invesco MSCI North America Climate ETF	1.22%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KLMN and COMB in my portfolio?

KLMN and COMB have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLMN or COMB?

KLMN has higher volatility (4.36%) compared to COMB (3.69%). In terms of maximum drawdown, KLMN dropped -19.16% vs COMB's -33.50%.

Which ETF is better, KLMN or COMB?

On 1-year performance, KLMN leads with 23.71% vs 22.62% for COMB. On fees, KLMN is cheaper at 0.09% per year. On volatility, COMB has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLMN or COMB?

Over the 1-year period, KLMN has performed better with a 23.71% return vs 22.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLMN or COMB?

KLMN is cheaper with a 0.09% expense ratio, compared with 0.25% for COMB.

Which ETF pays a higher dividend yield, KLMN or COMB?

COMB has the higher dividend yield at 7.87%, compared with 1.22% for KLMN.

What is the main difference between KLMN and COMB?

KLMN is categorized as Large Cap Blend Equities, while COMB is Commodities. They also come from different issuers: Invesco and GraniteShares. Their fees differ too: 0.09% for KLMN and 0.25% for COMB.

Which has better risk-adjusted returns?

KLMN currently has the higher Sharpe Ratio (1.88 vs 1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.