KRBN vs. KEUA

Last updated Jun 5, 2026

KRBN (KraneShares Global Carbon ETF) and KEUA (KraneShares European Carbon Allowance Strategy ETF) are both Commodities funds - KRBN tracks the IHS Markit Global Carbon Index while KEUA tracks the S&P Carbon Credit EUA Index. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. KRBN charges 0.79%/yr vs 0.87%/yr for KEUA.

Performance

KRBN vs. KEUA - Performance Comparison

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

Returns By Period

KRBN

• 1D: -0.65%
• 1M: 2.64%
• YTD: -6.55%
• 6M: -2.44%
• 1Y: 14.88%
• 3Y*: 2.19%
• 5Y*: 7.33%
• 10Y*: —

KEUA

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

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

KRBN vs. KEUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KRBN KraneShares Global Carbon ETF	-6.55%	23.11%	-13.56%	8.01%	-12.75%	19.05%
KEUA KraneShares European Carbon Allowance Strategy ETF	-19.02%	32.81%	-14.52%	-3.14%	-2.74%	22.01%

Correlation

The correlation between KRBN and KEUA is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	0.90

Over the past year, the correlation between KRBN and KEUA has dropped to 0.69 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

KRBN vs. KEUA — Risk / Return Rank

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

KRBN

KRBN Risk / Return Rank: 20
KRBN Sharpe Ratio Rank: 24
KRBN Sortino Ratio Rank: 22
KRBN Omega Ratio Rank: 23
KRBN Calmar Ratio Rank: 17
KRBN Martin Ratio Rank: 17

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.

KRBN vs. KEUA - Risk-Adjusted Trends Comparison

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

	KRBN	KEUA	Difference
Sharpe ratio: Return per unit of total volatility	0.79	—	—
Sortino ratio: Return per unit of downside risk	1.12	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	0.60	—	—
Martin ratio: Return relative to average drawdown	1.56	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KRBN	KEUA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	—	—

Drawdowns

Drawdown Indicators

	KRBN	KEUA	Difference
Max Drawdown Largest peak-to-trough decline	-36.42%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-24.98%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.42%	—	—
Current Drawdown Current decline from peak	-14.82%	—	—
Average Drawdown Average peak-to-trough decline	-16.14%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.56%	—	—

Volatility

Volatility by Period

	KRBN	KEUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.10%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.62%	—	—

KRBN vs. KEUA - Expense Ratio Comparison

KRBN has a 0.79% expense ratio, which is lower than KEUA's 0.87% expense ratio.

Dividends

KRBN vs. KEUA - Dividend Comparison

KRBN's dividend yield for the trailing twelve months is around 2.04%, less than KEUA's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021
KEUA KraneShares European Carbon Allowance Strategy ETF	2.83%	2.29%	7.71%	5.67%	0.00%	0.00%
KRBN KraneShares Global Carbon ETF	2.04%	1.90%	7.10%	7.60%	22.91%	0.49%

Frequently Asked Questions

Can I hold both KRBN and KEUA in my portfolio?

KRBN and KEUA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KRBN or KEUA?

On fees, KRBN is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KRBN or KEUA?

KRBN is cheaper with a 0.79% expense ratio, compared with 0.87% for KEUA.

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

KEUA has the higher dividend yield at 2.83%, compared with 2.04% for KRBN.

What is the main difference between KRBN and KEUA?

KRBN tracks IHS Markit Global Carbon Index, while KEUA tracks S&P Carbon Credit EUA Index. They also come from different issuers: CICC and KraneShares. Their fees differ too: 0.79% for KRBN and 0.87% for KEUA.