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KCCA vs PDBC

KraneShares California Carbon Allowance Strategy ETF

KCCADNYSE Arca

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

PDBCANasdaq

Overlap

Expense ratio

PDBC −0.36pt a year

KCCA0.95%PDBC0.59%

Avg volume · 30D

PDBC 261.5×the volume

KCCA24.1KPDBC6.31M

5Y return · a year

PDBC +15.2pt

KCCA−2.9%PDBC+12.3%

KCCA vs PDBC Performance

Oct 29, 2021 – Oct 30, 2026

−13.8%KCCA+78.6%PDBC

Oct 29, 2021 to Oct 30, 2026. KCCA −13.8%. PDBC +78.6%. Use the arrow keys to read each point.0%20%40%60%Oct 2021Apr 2024Oct 2026
Expense ratio
KCCA 0.95%
PDBC 0.59%, better
Fund size
KCCA $121M
PDBC $8.06B
1Y total return
KCCA −0.6%
PDBC +53.1%, better
Yield (12M)
KCCA 2.85%, better
PDBC 2.54%
Holdings
KCCA 3
PDBC 3
Avg volume (30D)
KCCA 24.1K sh
PDBC 6.31M sh, better
NAV per share
KCCA $17.04
PDBC $20.12
52W range

ETF.net Grade

KCCA: Cost 16, Risk 32, Mission not scored, Tradability 45, Holdings 39, Durability 55. PDBC: Cost 87, Risk 69, Mission not scored, Tradability 90, Holdings not scored, Durability 94.
Pillar letters and Scores for KCCA, PDBC, with each pillar’s weight
PillarKCCAPDBC
Cost30% weightF16A87Higher
Mission25% weightNot scoredNot scored
Risk15% weightD32B69Higher
Tradability15% weightC45A90Higher
Holdings10% weightD39Not scored
Durability5% weightB55A94Higher

Rank among Commodity Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. KCCA and PDBC are both graded against the same 13 Commodity Futures funds, so their Grades compare head to head.

Commodity Futures⁠

Category · 13 funds
See all 13 ›

PDBC ranks 1st and KCCA 11th of 13 funds in the Commodity Futures Category.

  1. Rank 1APDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETFScore 84
  2. Rank 2BSOYBTeucrium Soybean FundScore 65
  3. Rank 9CUSEUSCF Energy Commodity Strategy Absolute Return FundScore 40
  4. Rank 11DKCCAKraneShares California Carbon Allowance Strategy ETFScore 29
  5. Rank 12FCCOMSimplify Chinese Commodities Strategy No K-1 ETFScore 22

Our read on each fund

ETF.net Research

KCCADKraneShares California Carbon Allowance Strategy ETF

PDBCAInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

In short

KCCA Most commodity funds ride weather and geology. KCCA tracks futures on California carbon allowances, a market where supply is set by state regulators and the auction floor price ratchets up 5% plus inflation every year.

PDBC Broad commodity exposure without the K-1 paperwork. Trading since 2014, PDBC packages a diversified futures basket inside an ordinary fund wrapper and aims to beat its commodity benchmark rather than simply mirror it.

Stated mandate

KCCA KCCA provides targeted exposure to California Carbon Allowances through the cap-and-invest market and is benchmarked to an index tracking actively traded CCA futures.

PDBC The fund seeks to outperform the excess-return version of its benchmark through a diversified commodity strategy.

Why people hold it

  • KCCA A pure play, not a blend: the fund is benchmarked to an index of the most traded California carbon allowance futures, giving you one compliance market rather than a mixed commodity basket.kraneshares.comsec.gov
  • The supply side is written into regulation. California's allowance cap declines over time toward the state's 2045 carbon-neutrality goal, and the program's auction floor price rises 5% plus CPI each year.sec.govcongress.gov
  • Running since 2021 and part of a dedicated KraneShares carbon lineup spanning global, European, California and Eastern US programs. The California sleeve is a deliberate slice, not a one-off launch.sec.gov
  • PDBC The K-1 dodge is right there in the name. It is built as a 1940 Act fund, not a commodity partnership.invesco.com
  • 0.74% a year, below the typical fee among commodity futures funds.
  • A multi-billion-dollar fund and one of the busiest tickers in the commodity aisle, which tends to show up as tight spreads for buyers and sellers.
  • Live since 2014 and one of the strongest implementations in its commodity futures peer group.

Worth knowing

  • KCCA The 0.95% fee sits above the typical futures-based commodity fund, where diversified baskets like PDBC (0.74%) and DBB (0.81%) charge less. Specialist access carries a specialist price.
  • One market, one rule-maker. Pricing turns on California regulators, auction outcomes and legislation, so this reacts to Sacramento policy news rather than global commodity cycles.congress.govsec.gov
  • Thinly traded next to the big commodity ETFs, so spreads and order size deserve a look. It also holds futures through a Cayman subsidiary and is regulated as a commodity pool.kraneshares.com
  • PDBC Commodities swing. Energy, metals and crops can move hard in both directions, and this basket rides every one of those moves.
  • The mandate is to beat the benchmark, not hug it, so results can diverge from the index it measures itself against.invesco.com
  • Payouts are lumpy by design: distributions land annually or semiannually, not on a monthly drip.

Full KCCA profile⁠

Full PDBC profile⁠

KCCA vs PDBC Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

KCCA vs PDBC Cost

Overpaying KCCA vs PDBC

$6,234

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • KCCA 0.95%

    $17,869

  • PDBC 0.59%

    $11,635

$10,000
30 years

Cost over time

  • KCCA 0.95%
  • PDBC 0.59%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KCCA $17,869PDBC $11,635

Year by year

YearKCCAPDBCOverpaying
10$1,678$1,058$620
20$6,322$4,051$2,271
30$17,869$11,635$6,234

Expense ratio

  • 0.95%KCCA
  • 0.59%PDBC, cheaper
  • Middle half of Commodity Futures funds
  • Median 0.79%

PDBC 2nd cheapest of 13 funds

KCCA 11th cheapest of 13 funds

KCCA vs PDBC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
KCCA 2.85%, better
PDBC 2.54%
Payout (12M)
KCCA $0.48
PDBC $0.51
Last payment
KCCA $0.48
PDBC $0.51
Ex-dividend
KCCA Dec 22, 2025
PDBC Dec 22, 2025
Paid on
KCCA Dec 23, 2025
PDBC Dec 26, 2025
Frequency
KCCA Annual
PDBC Annual

Distribution history

Per share, 2017 to 2026, same scale for both

KCCAAnnual · 6 paymentsAll KCCA payments⁠
One bar per payment. 6 payments from 2017 to 2026 YTD. Dec 28, 2022 $0.06; Jun 28, 2023 $0.20; Dec 18, 2023 $0.74; Jun 27, 2024 $5.03; Dec 17, 2024 $0.97; Dec 22, 2025 $0.48. Use the arrow keys to read each point.$0$52017202020232026YTD
PDBCAnnual · 10 paymentsAll PDBC payments⁠
One bar per payment. 10 payments from 2017 to 2026 YTD. Dec 18, 2017 $0.67; Dec 24, 2018 $0.15; Dec 23, 2019 $0.23; Dec 21, 2020 $0.001; Dec 3, 2021 $5.39; Dec 20, 2021 $1.76; Dec 19, 2022 $1.93; Dec 18, 2023 $0.56; Dec 23, 2024 $0.57; Dec 22, 2025 $0.51. Use the arrow keys to read each point.$0$52017202020232026YTD

KCCA vs PDBC Risk

Fall from peak · 5 years

  • KCCA
  • PDBC
Oct 29, 2021 to Oct 30, 2026. Worst fall: KCCA −41.1% · Apr 2025. Use the arrow keys to read each point.−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
KCCA 19.3%PDBC 16.8%, better
Return per unit of riskSharpe ratio, 3 years
KCCA −0.56PDBC 0.67, better
Worst fallMax drawdown, 5 years
KCCA −41.1%PDBC −27.6%, better
Market sensitivityBeta, 5 years
KCCA −0.14PDBC 1.06

KCCA and PDBC in the news

All news⁠

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