KraneShares California Carbon Allowance ETF (KCCA) Performance
KCCA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.7% since Dec 31, 2025
- 1 year
- −0.5% total return
- 5 years
- −2.5% a year
- Since first price
- −1.9% a year since 2021
KCCA trailing returns vs SPY, QQQ, AGG
| Period | KCCA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +5.1% | +5.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.7% | +1.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +14.1% | +14.1% | +7.8% | +8.4% | −1.5% |
| YTD | +1.7% | +1.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −0.5% | −3.4% | +14.4% | +15.9% | −1.1% |
| 3 years | −18.8%−6.7%/yr | −40.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −11.8%−2.5%/yr | −35.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionOct 5, 2021 | −9.4%−1.9%/yr | −34.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: KCCA vs SPY
From Oct 5, 2021: KCCA grew to $9,065, SPY to $18,761.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
KCCA returns by calendar year
1 of 4 full years positive. Best 2023 (+34.1%), worst 2022 (−17.5%). 2026 is year to date.
KCCA annual returns table
| Year | KCCA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +1.7% | −15.3% | +12.3% | +15.1% | −1.0% |
| 2025 | −11.8% | −27.5% | +17.7% | +20.8% | +7.2% |
| 2024 | −16.0% | −27.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +34.1% | −4.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −17.5% | −29.5% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
KCCA largest drawdowns
Now 27.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 5, 2024 | −40.9% | Apr 14, 2025 | not yet | 1.2 years | 2.7 years so far |
| Nov 15, 2021 | −34.9% | Mar 7, 2022 | Jan 5, 2024 | 4 months | 2.1 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
KCCA risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | −7.3% | −3.3% |
| Volatility (annualized) | 19.4% | 20.7% |
| Sharpe ratio | -0.51 | -0.23 |
| Sortino ratio | -0.60 | -0.30 |
| Best month | +7.5% | +13.8% |
| Worst month | −14.1% | −14.1% |
| Best 12 months | +13.2% | +41.6% |
| Worst 12 months | −33.1% | −33.1% |
| Positive months | 50% | 51% |
| Beta vs S&P 500 | 0.15 | — |
| Correlation with S&P 500 | 0.10 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
KCCA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 49 | −33.1% | −7.0% | +41.6% | 39% |
| 3-year (a year) | 25 | −10.4% | −3.4% | +2.3% | 8% |
| 5-year (a year) | 1 | −2.7% | −2.7% | −2.7% | 0% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
KCCA performance overview
KraneShares California Carbon Allowance ETF (KCCA) returned −0.5% over the past year and −2.5% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned −1.9% a year, turning $10,000 into about $9,065. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −40.9%, from Feb 5, 2024 to Apr 14, 2025; the fund has not yet regained that high. KCCA finished 1 of its 4 full calendar years with a gain; the best year was 2023 (+34.1%) and the worst 2022 (−17.5%). Volatility has been 20.7% a year.
Related: KCCA chart, KCCA dividends. See the KCCA overview for the latest quote and fund facts.
KCCA performance FAQ
What is the KCCA return over the past year?
KCCA returned −0.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.4%.
What is the average annual return of KCCA?
KCCA has returned −2.5% a year over 5 years, −1.9% a year since October 5, 2021 (total return, distributions reinvested).
How much would $10,000 invested in KCCA be worth?
$10,000 invested in KCCA at its first recorded close on October 5, 2021 would be worth about $9,065 on October 23, 2026 with distributions reinvested.
What was the worst year for KCCA?
The worst calendar year was 2022, with a total return of −17.5%. The best was 2023 at +34.1%.
What is the biggest drawdown of KCCA?
The largest peak-to-trough decline was −40.9% between February 5, 2024 and April 14, 2025. It has not yet recovered to that high; it is 27.9% below its peak.
How volatile is KCCA?
Over the past 3 years KCCA had an annualized volatility of 19.4% and a Sharpe ratio of -0.51 (excess return over 1–3 month T-bills per unit of risk).