KRBN vs. UGA
KRBN (KraneShares Global Carbon ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - KRBN is a Commodities fund tracking the IHS Markit Global Carbon Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, KRBN returned 5.90%/yr vs 22.69%/yr for UGA. At a 0.08 correlation, their price movements are largely independent. KRBN charges 0.79%/yr vs 0.75%/yr for UGA.
Performance
KRBN vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KRBN achieves a -5.96% return, which is significantly lower than UGA's 64.09% return.
KRBN
- 1D
- -1.71%
- 1M
- 3.12%
- YTD
- -5.96%
- 6M
- -6.23%
- 1Y
- 11.29%
- 3Y*
- 0.32%
- 5Y*
- 5.90%
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
KRBN vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KRBN KraneShares Global Carbon ETF | -5.96% | 23.11% | -13.56% | 8.01% | -12.75% | 107.69% | 25.03% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | 25.50% |
Correlation
The correlation between KRBN and UGA is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jul 30, 2020 | 0.08 |
The correlation between KRBN and UGA shifts across timeframes, from -0.10 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KRBN vs. UGA — Risk / Return Rank
KRBN
UGA
KRBN vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Global Carbon ETF (KRBN) and United States Gasoline Fund LP (UGA). 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.
| KRBN | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.30 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 3.17 | -2.71 |
| Martin ratioReturn relative to average drawdown | 1.16 | 9.39 | -8.24 |
Loading charts...
Drawdowns
KRBN vs. UGA - Drawdown Comparison
The maximum KRBN drawdown since its inception was -36.42%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for KRBN and UGA.
Loading charts...
Drawdown Indicators
| KRBN | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.42% | -86.59% | +50.17% |
Max Drawdown (1Y)Largest decline over 1 year | -24.98% | -18.96% | -6.02% |
Max Drawdown (3Y)Largest decline over 3 years | -27.34% | -26.68% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -36.42% | -38.11% | +1.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -14.28% | -18.05% | +3.77% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -36.69% | +20.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 6.43% | +3.35% |
Volatility
KRBN vs. UGA - Volatility Comparison
The current volatility for KraneShares Global Carbon ETF (KRBN) is 5.38%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that KRBN experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KRBN | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 9.24% | -3.86% |
Volatility (6M)Calculated over the trailing 6-month period | 16.90% | 30.57% | -13.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.17% | 35.22% | -16.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.06% | 34.45% | -6.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.56% | 37.22% | -8.66% |
KRBN vs. UGA - Expense Ratio Comparison
KRBN has a 0.79% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
KRBN vs. UGA - Dividend Comparison
KRBN's dividend yield for the trailing twelve months is around 2.02%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
KRBN KraneShares Global Carbon ETF | 2.02% | 1.90% | 7.10% | 7.60% | 22.91% | 0.49% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KRBN and UGA have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to KRBN (5.38%). In terms of maximum drawdown, KRBN dropped -36.42% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 5.90% for KRBN. On fees, UGA is cheaper at 0.75% per year. On volatility, KRBN has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.79% for KRBN.
KRBN has the higher dividend yield at 2.02%, compared with 0.00% for UGA.
KRBN is categorized as Commodities, while UGA is Oil & Gas. KRBN tracks IHS Markit Global Carbon Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: CICC and Concierge Technologies. Their fees differ too: 0.79% for KRBN and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.59), 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.
Find the right allocation for KRBN and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer