KCCA vs SPY
KraneShares California Carbon Allowance Strategy ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | KCCA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $116M | $821.1B | |
| Dividend Yield | 2.89% | 1.01% | |
| Holdings | 4 | 505 | |
| YTD Return | +1.46% | +12.22% | |
| 1Y Return | +12.69% | +20.83% | |
| 3Y Return (annualized) | -5.23% | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 20.8% | 15.3% | |
| Max Drawdown | -40.9% | -56.5% | |
| Fund Family | KraneShares | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Oct 4, 2021 | Jan 22, 1993 |
KCCA vs SPY Performance
KraneShares California Carbon Allowance Strategy ETF (KCCA) is a ETF from KraneShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year KCCA returned +12.69% while SPY returned +20.83%. Year to date, KCCA is up 1.46% versus a gain of 12.22% for SPY.
Over three years, KCCA compounded at -5.23% per year against +21.70% for SPY. Across the full 5-year window we track, SPY has the edge at +8.79% annualized vs -1.60%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KCCA has been the more volatile fund, with annualized monthly volatility of 20.8% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -40.9% for KCCA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.15. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
KCCA charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, KCCA currently yields 2.89% against 1.01% for SPY.
Holdings Overlap
KCCA and SPY share 0 holdings out of 506 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, KCCA or SPY?
KCCA has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, KCCA or SPY?
Over the past year KCCA returned +12.69% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), KCCA annualized -1.60% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, KCCA or SPY?
KCCA has been the more volatile fund at 20.8% annualized versus 15.3% for SPY. Worst drawdown: KCCA -40.9% vs SPY -56.5%.
Should I hold both KCCA and SPY?
KCCA and SPY have a monthly-return correlation of 0.15, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between KCCA and SPY?
KCCA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, KCCA or SPY?
KCCA yields 2.89% while SPY yields 1.01%, so KCCA currently pays the higher dividend yield.
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