KRBN vs. USE

Last updated Jun 5, 2026

KRBN (KraneShares Global Carbon ETF) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. KRBN is passively managed, while USE is actively managed. Over the past 3 years, KRBN returned 2.19%/yr vs 16.68%/yr for USE. At a correlation of -0.01, they often move in opposite directions. Both charge a 0.79% expense ratio.

Performance

KRBN vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Global Carbon ETF (KRBN) and USCF Energy Commodity Strategy Absolute Return Fund (USE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KRBN achieves a -6.55% return, which is significantly lower than USE's 44.75% return.

KRBN

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

USE

• 1D: -2.65%
• 1M: -3.52%
• YTD: 44.75%
• 6M: 49.10%
• 1Y: 38.24%
• 3Y*: 16.68%
• 5Y*: —
• 10Y*: —

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

KRBN vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KRBN KraneShares Global Carbon ETF	-6.55%	23.11%	-13.56%	4.26%
USE USCF Energy Commodity Strategy Absolute Return Fund	44.75%	-14.97%	22.58%	9.98%

Correlation

The correlation between KRBN and USE is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 5, 2023	-0.01

KRBN vs. USE - Sectors Allocation Comparison

Sectors	KRBN	USE
Financial Services	59.7%	23.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KRBN vs. USE — 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

USE

USE Risk / Return Rank: 31
USE Sharpe Ratio Rank: 34
USE Sortino Ratio Rank: 35
USE Omega Ratio Rank: 33
USE Calmar Ratio Rank: 30
USE Martin Ratio Rank: 23

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. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Global Carbon ETF (KRBN) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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	USE	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.22	-0.43
Sortino ratio: Return per unit of downside risk	1.12	1.82	-0.70
Omega ratio: Gain probability vs. loss probability	1.15	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	0.60	1.46	-0.87
Martin ratio: Return relative to average drawdown	1.56	2.88	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KRBN vs. USE - Sharpe Ratio Comparison

The current KRBN Sharpe Ratio is 0.79, which is lower than the USE Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of KRBN and USE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KRBN	USE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.22	-0.43
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	0.66	-0.10

Drawdowns

KRBN vs. USE - Drawdown Comparison

The maximum KRBN drawdown since its inception was -36.42%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for KRBN and USE.

Drawdown Indicators

	KRBN	USE	Difference
Max Drawdown Largest peak-to-trough decline	-36.42%	-26.24%	-10.18%
Max Drawdown (1Y) Largest decline over 1 year	-24.98%	-26.24%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	-26.24%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-36.42%	—	—
Current Drawdown Current decline from peak	-14.82%	-6.98%	-7.84%
Average Drawdown Average peak-to-trough decline	-16.14%	-7.96%	-8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.56%	13.33%	-3.77%

Volatility

KRBN vs. USE - Volatility Comparison

The current volatility for KraneShares Global Carbon ETF (KRBN) is 5.10%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 11.24%. This indicates that KRBN experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KRBN	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	11.24%	-6.14%
Volatility (6M) Calculated over the trailing 6-month period	16.61%	26.03%	-9.42%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	31.58%	-12.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.10%	27.08%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.62%	27.08%	+1.54%

KRBN vs. USE - Expense Ratio Comparison

Both KRBN and USE have an expense ratio of 0.79%.

Dividends

KRBN vs. USE - Dividend Comparison

KRBN's dividend yield for the trailing twelve months is around 2.04%, less than USE's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021
KRBN KraneShares Global Carbon ETF	2.04%	1.90%	7.10%	7.60%	22.91%	0.49%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.11%	3.06%	38.65%	4.83%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KRBN and USE in my portfolio?

KRBN and USE have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KRBN or USE?

USE has higher volatility (11.24%) compared to KRBN (5.10%). In terms of maximum drawdown, KRBN dropped -36.42% vs USE's -26.24%.

Which ETF is better, KRBN or USE?

On 3-year performance, USE leads with 16.68% vs 2.19% for KRBN. Both ETFs have the same 0.79% expense ratio. On volatility, KRBN has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KRBN or USE?

Over the 3-year period, USE has performed better with a 16.68% return vs 2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KRBN or USE?

KRBN and USE have the same expense ratio: 0.79% per year.

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

USE has the higher dividend yield at 2.11%, compared with 2.04% for KRBN.

What is the main difference between KRBN and USE?

They also come from different issuers: CICC and USCF.

Which has better risk-adjusted returns?

USE currently has the higher Sharpe Ratio (1.22 vs 0.79), 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.