GDL vs KCCA

Comparison between GDL Fund (GDL, ETF) and KRANESHARES CALIFORNIA CARBON ALLOWANCE STRATEGY ETF (KCCA, ETF).

5-Year PerformanceGDL has outperformed KCCA, delivering a return of +4.5% compared to -2.6%

GDL vs KCCA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GDL(ETF)	KCCA(ETF)
Net Assets	$117M	$117M
Expense Ratio	N/A	0.91%
Max Drawdown	71.51%	54.18%
Sharpe Ratio	0.37	0.53
5Y Beta	0.10	-0.09
5Y Dividends CAGR	-4.36%	N/A

Net Assets

Winner

GDL

$117M

KCCA

$117M

Expense Ratio

GDL

N/A

KCCA

0.91%

Max Drawdown

GDL

71.51%

Winner

KCCA

54.18%

Sharpe Ratio

GDL

0.37

Winner

KCCA

0.53

5Y Beta

GDL

0.10

Winner

KCCA

-0.09

5Y Dividends CAGR

GDL

-4.36%

KCCA

N/A

GDL vs KCCA - Historical Returns

Returns include dividend reinvestment.

Period	GDL	KCCA
1 month	-0.47%	-1.94%
3 months	+1.07%	+11.88%
6 months	+2.76%	+5.32%
1 year	+6.08%	+11.86%
5 years(CAGR)	+4.51%	-2.61%
10 years(CAGR)	+3.91%	N/A
Max(CAGR)	+3.29%	-2.61%

Winner

GDL

-0.47%

KCCA

-1.94%

GDL

+1.07%

Winner

KCCA

+11.88%

GDL

+2.76%

Winner

KCCA

+5.32%

GDL

+6.08%

Winner

KCCA

+11.86%

5Y(CAGR)

Winner

GDL

+4.51%

KCCA

-2.61%

10Y(CAGR)

GDL

+3.91%

KCCA

N/A

Max(CAGR)

Winner

GDL

+3.29%

KCCA

-2.61%

GDL vs KCCA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	GDL	KCCA
2026	+3.44%	-2.97%
2025	+11.53%	-11.72%
2024	+6.46%	-15.68%
2023	+8.16%	+36.55%
2022	-6.27%	-19.70%
2021	+8.15%	+8.91%
2020	-0.36%	N/A
2019	+6.91%	N/A
2018	-2.79%	N/A
2017	+4.29%	N/A
2016	+5.32%	N/A
2015	+4.44%	N/A
2014	+0.89%	N/A
2013	+6.69%	N/A
2012	+6.56%	N/A
2011	+5.01%	N/A
2010	+1.10%	N/A
2009	+17.35%	N/A
2008	-9.24%	N/A
2007	-13.32%	N/A

GDL vs KCCA Drawdown Comparison

The maximum drawdown for GDL was -38.67%, occurring on Mar 18, 2020. Recovery took 261 trading sessions.

The maximum drawdown for KCCA was -41.11%, occurring on Apr 14, 2025. This drawdown has not yet recovered.

The current GDL drawdown is -0.82%. The current KCCA drawdown is -29.96%.

Rank	GDL	KCCA
#1	-38.67% Jan 15, 2020 - Jan 28, 2021	-41.11% Feb 5, 2024 - Apr 14, 2025
#2	-36.33% Jun 4, 2007 - Mar 17, 2011	-34.85% Nov 15, 2021 - Jan 5, 2024
#3	-14.35% Jun 28, 2011 - Sep 12, 2012	-7.15% Oct 5, 2021 - Oct 22, 2021
#4	-13.30% Oct 12, 2017 - Jan 8, 2020	-2.08% Oct 25, 2021 - Oct 29, 2021
#5	-9.51% Dec 17, 2021 - Dec 14, 2023	-1.69% Jan 19, 2024 - Feb 1, 2024
#6	-7.91% May 13, 2014 - May 13, 2015	-1.40% Nov 1, 2021 - Nov 9, 2021
#7	-7.01% Oct 5, 2012 - Jan 23, 2013	-1.32% Jan 8, 2024 - Jan 17, 2024
#8	-6.41% Jan 5, 2016 - Mar 21, 2016	-0.16% Jan 17, 2024 - Jan 19, 2024
#9	-6.00% Mar 25, 2025 - May 21, 2025	N/A
#10	-4.89% May 18, 2015 - Dec 22, 2015	N/A
#11	-4.17% May 20, 2013 - Sep 26, 2013	N/A
#12	-3.54% Mar 26, 2013 - May 16, 2013	N/A
#13	-3.34% Dec 26, 2023 - Mar 21, 2024	N/A
#14	-3.22% Sep 30, 2016 - Dec 20, 2016	N/A
#15	-3.22% Feb 2, 2026 - May 14, 2026	N/A

Correlation

Correlation between GDL and KCCA is -0.52 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.

-0.52

-101

Dividend Comparison (2007 - 2026)

GDL vs KCCA dividend yield comparison.

Year	GDL	KCCA
2026	2.85%	0.00%
2025	5.67%	2.87%
2024	5.99%	30.58%
2023	5.97%	3.12%
2022	6.12%	0.24%
2021	5.38%	0.00%
2020	5.28%	0.00%
2019	4.30%	0.00%
2018	4.36%	0.00%
2017	5.96%	0.00%
2016	6.50%	0.00%
2015	6.39%	0.00%
2014	7.82%	0.00%
2013	11.62%	0.00%
2012	11.21%	0.00%
2011	19.85%	0.00%
2010	9.57%	0.00%
2009	8.88%	0.00%
2008	12.18%	0.00%
2007	7.50%	0.00%