USNZ vs. USCA

Last updated Jun 4, 2026

USNZ (Xtrackers Net Zero Pathway Paris Aligned US Equity ETF) and USCA (Xtrackers MSCI USA Climate Action Equity ETF) are both Large Cap Blend Equities funds from Xtrackers - USNZ tracks the Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net while USCA tracks the MSCI USA Climate Action Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, USNZ returned 21.25%/yr vs 20.69%/yr for USCA. With a 0.96 correlation, they move nearly in lockstep. USNZ charges 0.10%/yr vs 0.07%/yr for USCA.

Performance

USNZ vs. USCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) and Xtrackers MSCI USA Climate Action Equity ETF (USCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USNZ achieves a 10.92% return, which is significantly higher than USCA's 7.05% return.

USNZ

• 1D: -0.68%
• 1M: 6.41%
• YTD: 10.92%
• 6M: 10.66%
• 1Y: 28.98%
• 3Y*: 21.25%
• 5Y*: —
• 10Y*: —

USCA

• 1D: -0.81%
• 1M: 4.36%
• YTD: 7.05%
• 6M: 7.01%
• 1Y: 20.94%
• 3Y*: 20.69%
• 5Y*: —
• 10Y*: —

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

USNZ vs. USCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	10.92%	17.76%	21.96%	17.46%
USCA Xtrackers MSCI USA Climate Action Equity ETF	7.05%	14.24%	27.24%	19.92%

Correlation

The correlation between USNZ and USCA is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023	0.96

The correlation between USNZ and USCA has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

USNZ vs. USCA - Sectors Allocation Comparison

Sectors	USNZ	USCA
Technology	41.9%	29.4%
Communication Services	13.4%	12.7%
Healthcare	11.2%	10.7%
Financial Services	10.5%	13.6%
Consumer Cyclical	10.5%	11.9%
Industrials	3.5%	7.0%
Consumer Defensive	3.4%	4.7%
Real Estate	3.3%	2.3%
Basic Materials	1.3%	1.9%
Utilities	1.1%	2.4%
Energy	0.0%	3.5%

Return for Risk

USNZ vs. USCA — Risk / Return Rank

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

USNZ

USNZ Risk / Return Rank: 64
USNZ Sharpe Ratio Rank: 69
USNZ Sortino Ratio Rank: 68
USNZ Omega Ratio Rank: 67
USNZ Calmar Ratio Rank: 54
USNZ Martin Ratio Rank: 64

USCA

USCA Risk / Return Rank: 48
USCA Sharpe Ratio Rank: 50
USCA Sortino Ratio Rank: 49
USCA Omega Ratio Rank: 50
USCA Calmar Ratio Rank: 41
USCA Martin Ratio Rank: 49

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.

USNZ vs. USCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) and Xtrackers MSCI USA Climate Action Equity ETF (USCA). 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.

	USNZ	USCA	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.74	+0.50
Sortino ratio: Return per unit of downside risk	3.09	2.42	+0.67
Omega ratio: Gain probability vs. loss probability	1.40	1.31	+0.09
Calmar ratio: Return relative to maximum drawdown	2.63	2.05	+0.58
Martin ratio: Return relative to average drawdown	11.59	8.13	+3.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USNZ vs. USCA - Sharpe Ratio Comparison

The current USNZ Sharpe Ratio is 2.24, which is comparable to the USCA Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of USNZ and USCA, 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

	USNZ	USCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.74	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	1.49	-0.27

Drawdowns

USNZ vs. USCA - Drawdown Comparison

The maximum USNZ drawdown since its inception was -19.16%, roughly equal to the maximum USCA drawdown of -19.14%. Use the drawdown chart below to compare losses from any high point for USNZ and USCA.

Drawdown Indicators

	USNZ	USCA	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-19.14%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-10.25%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.16%	-19.14%	-0.02%
Current Drawdown Current decline from peak	-0.68%	-0.81%	+0.13%
Average Drawdown Average peak-to-trough decline	-3.32%	-2.16%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.58%	-0.07%

Volatility

USNZ vs. USCA - Volatility Comparison

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) has a higher volatility of 3.37% compared to Xtrackers MSCI USA Climate Action Equity ETF (USCA) at 2.85%. This indicates that USNZ's price experiences larger fluctuations and is considered to be riskier than USCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USNZ	USCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	2.85%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	9.08%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	12.08%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	14.76%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	14.76%	+1.87%

USNZ vs. USCA - Expense Ratio Comparison

USNZ has a 0.10% expense ratio, which is higher than USCA's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USNZ vs. USCA - Dividend Comparison

USNZ's dividend yield for the trailing twelve months is around 0.94%, less than USCA's 1.08% yield.

Position	TTM	2025	2024	2023	2022
USCA Xtrackers MSCI USA Climate Action Equity ETF	1.08%	1.14%	1.22%	1.15%	0.00%
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	0.94%	1.02%	1.14%	1.19%	0.80%

Frequently Asked Questions

Can I hold both USNZ and USCA in my portfolio?

With a correlation of 0.96, USNZ and USCA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USNZ or USCA?

USNZ has higher volatility (3.37%) compared to USCA (2.85%). In terms of maximum drawdown, USNZ dropped -19.16% vs USCA's -19.14%.

Which ETF is better, USNZ or USCA?

On 3-year performance, USNZ leads with 21.25% vs 20.69% for USCA. On fees, USCA is cheaper at 0.07% per year. On volatility, USCA has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USNZ or USCA?

Over the 3-year period, USNZ has performed better with a 21.25% return vs 20.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USNZ or USCA?

USCA is cheaper with a 0.07% expense ratio, compared with 0.10% for USNZ.

Which ETF pays a higher dividend yield, USNZ or USCA?

USCA has the higher dividend yield at 1.08%, compared with 0.94% for USNZ.

What is the main difference between USNZ and USCA?

USNZ tracks Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net, while USCA tracks MSCI USA Climate Action Index - Benchmark TR Gross. Their fees differ too: 0.10% for USNZ and 0.07% for USCA.

Which has better risk-adjusted returns?

USNZ currently has the higher Sharpe Ratio (2.24 vs 1.74), 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.