USE vs. KRBN

Last updated Jun 6, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and KRBN (KraneShares Global Carbon ETF) are both Commodities funds. USE is actively managed, while KRBN is passively managed. Over the past 3 years, USE returned 15.57%/yr vs 2.05%/yr for KRBN. At a correlation of -0.01, they often move in opposite directions. Both charge a 0.79% expense ratio.

Performance

USE vs. KRBN - Performance Comparison

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

Returns By Period

In the year-to-date period, USE achieves a 40.44% return, which is significantly higher than KRBN's -8.16% return.

USE

• 1D: -2.97%
• 1M: -1.03%
• YTD: 40.44%
• 6M: 44.80%
• 1Y: 32.58%
• 3Y*: 15.57%
• 5Y*: —
• 10Y*: —

KRBN

• 1D: -1.72%
• 1M: 1.56%
• YTD: -8.16%
• 6M: -2.63%
• 1Y: 11.68%
• 3Y*: 2.05%
• 5Y*: 6.96%
• 10Y*: —

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

USE vs. KRBN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	40.44%	-14.97%	22.58%	9.98%
KRBN KraneShares Global Carbon ETF	-8.16%	23.11%	-13.56%	4.26%

Correlation

The correlation between USE and KRBN is -0.08, 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	-0.08
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

USE vs. KRBN - Sectors Allocation Comparison

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

Return for Risk

USE vs. KRBN — Risk / Return Rank

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

USE

USE Risk / Return Rank: 28
USE Sharpe Ratio Rank: 31
USE Sortino Ratio Rank: 32
USE Omega Ratio Rank: 30
USE Calmar Ratio Rank: 27
USE Martin Ratio Rank: 21

KRBN

KRBN Risk / Return Rank: 18
KRBN Sharpe Ratio Rank: 20
KRBN Sortino Ratio Rank: 19
KRBN Omega Ratio Rank: 20
KRBN Calmar Ratio Rank: 15
KRBN Martin Ratio Rank: 15

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.

USE vs. KRBN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) and KraneShares Global Carbon ETF (KRBN). 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.

	USE	KRBN	Difference
Sharpe ratio: Return per unit of total volatility	1.03	0.62	+0.41
Sortino ratio: Return per unit of downside risk	1.60	0.91	+0.69
Omega ratio: Gain probability vs. loss probability	1.19	1.12	+0.07
Calmar ratio: Return relative to maximum drawdown	1.25	0.47	+0.78
Martin ratio: Return relative to average drawdown	2.45	1.22	+1.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USE vs. KRBN - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 1.03, which is higher than the KRBN Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of USE and KRBN, 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

	USE	KRBN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	0.62	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.55	+0.07

Drawdowns

USE vs. KRBN - Drawdown Comparison

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

Drawdown Indicators

	USE	KRBN	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-36.42%	+10.18%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-24.98%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-26.24%	-27.34%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.42%	—
Current Drawdown Current decline from peak	-9.74%	-16.28%	+6.54%
Average Drawdown Average peak-to-trough decline	-7.96%	-16.14%	+8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.34%	9.59%	+3.75%

Volatility

USE vs. KRBN - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 10.19% compared to KraneShares Global Carbon ETF (KRBN) at 5.38%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than KRBN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USE	KRBN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.19%	5.38%	+4.81%
Volatility (6M) Calculated over the trailing 6-month period	26.18%	16.70%	+9.48%
Volatility (1Y) Calculated over the trailing 1-year period	31.73%	18.98%	+12.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.12%	28.10%	-0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.12%	28.62%	-1.50%

USE vs. KRBN - Expense Ratio Comparison

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

Dividends

USE vs. KRBN - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.18%, more than KRBN's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021
KRBN KraneShares Global Carbon ETF	2.07%	1.90%	7.10%	7.60%	22.91%	0.49%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.18%	3.06%	38.65%	4.83%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USE and KRBN in my portfolio?

USE and KRBN have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USE or KRBN?

USE has higher volatility (10.19%) compared to KRBN (5.38%). In terms of maximum drawdown, USE dropped -26.24% vs KRBN's -36.42%.

Which ETF is better, USE or KRBN?

On 3-year performance, USE leads with 15.57% vs 2.05% for KRBN. Both ETFs have the same 0.79% expense ratio. 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.

Which ETF has performed better, USE or KRBN?

Over the 3-year period, USE has performed better with a 15.57% return vs 2.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or KRBN?

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

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

USE has the higher dividend yield at 2.18%, compared with 2.07% for KRBN.

What is the main difference between USE and KRBN?

They also come from different issuers: USCF and CICC.

Which has better risk-adjusted returns?

USE currently has the higher Sharpe Ratio (1.03 vs 0.62), 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.