CMCI vs. USCI

Last updated Jun 25, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and USCI (United States Commodity Index Fund) are both Commodities funds - CMCI tracks the UBS Bloomberg CMCI Composite Total Return Index while USCI tracks the SummerHaven Dynamic Commodity (TR). Both are passively managed. Over the past year, CMCI returned 19.26% vs 24.90% for USCI. Their correlation of 0.86 suggests significant overlap in exposure. CMCI charges 0.65%/yr vs 1.03%/yr for USCI.

Performance

CMCI vs. USCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CMCI Commodity Strategy ETF (CMCI) and United States Commodity Index Fund (USCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMCI achieves a 13.29% return, which is significantly lower than USCI's 17.51% return.

CMCI

• 1D: -1.56%
• 1M: -7.94%
• YTD: 13.29%
• 6M: 12.91%
• 1Y: 19.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USCI

• 1D: -1.39%
• 1M: -8.39%
• YTD: 17.51%
• 6M: 15.60%
• 1Y: 24.90%
• 3Y*: 19.11%
• 5Y*: 18.17%
• 10Y*: 8.02%

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

CMCI vs. USCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	13.29%	7.90%	5.68%	-2.74%
USCI United States Commodity Index Fund	17.51%	17.63%	17.24%	-2.30%

Correlation

The correlation between CMCI and USCI is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.86

The correlation between CMCI and USCI has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

CMCI vs. USCI — Risk / Return Rank

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

CMCI

CMCI Risk / Return Rank: 50
CMCI Sharpe Ratio Rank: 52
CMCI Sortino Ratio Rank: 52
CMCI Omega Ratio Rank: 50
CMCI Calmar Ratio Rank: 40
CMCI Martin Ratio Rank: 54

USCI

USCI Risk / Return Rank: 48
USCI Sharpe Ratio Rank: 48
USCI Sortino Ratio Rank: 45
USCI Omega Ratio Rank: 44
USCI Calmar Ratio Rank: 51
USCI Martin Ratio Rank: 53

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.

CMCI vs. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) and United States Commodity Index Fund (USCI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CMCI	USCI	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.51	+0.08
Sortino ratio: Return per unit of downside risk	2.23	2.06	+0.17
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	1.80	2.23	-0.44
Martin ratio: Return relative to average drawdown	8.35	8.35	0.00

CMCI vs. USCI - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 1.58, which is comparable to the USCI Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of CMCI and USCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CMCI vs. USCI - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for CMCI and USCI.

Drawdown Indicators

	CMCI	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-66.41%	+54.87%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-11.19%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.82%	—
Current Drawdown Current decline from peak	-10.77%	-11.19%	+0.42%
Average Drawdown Average peak-to-trough decline	-3.61%	-29.43%	+25.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.99%	-0.68%

Volatility

CMCI vs. USCI - Volatility Comparison

VanEck CMCI Commodity Strategy ETF (CMCI) and United States Commodity Index Fund (USCI) have volatilities of 3.20% and 3.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCI	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	3.31%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	14.11%	-3.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	16.65%	-4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	18.36%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	15.85%	-3.22%

CMCI vs. USCI - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is lower than USCI's 1.03% expense ratio.

Dividends

CMCI vs. USCI - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.73%, while USCI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.73%	9.89%	3.93%	1.64%
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMCI and USCI in my portfolio?

CMCI and USCI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMCI or USCI?

USCI has higher volatility (3.31%) compared to CMCI (3.20%). In terms of maximum drawdown, CMCI dropped -11.54% vs USCI's -66.41%.

Which ETF is better, CMCI or USCI?

On 1-year performance, USCI leads with 24.90% vs 19.26% for CMCI. On fees, CMCI is cheaper at 0.65% per year. On volatility, CMCI has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMCI or USCI?

Over the 1-year period, USCI has performed better with a 24.90% return vs 19.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMCI or USCI?

CMCI is cheaper with a 0.65% expense ratio, compared with 1.03% for USCI.

Which ETF pays a higher dividend yield, CMCI or USCI?

CMCI has the higher dividend yield at 8.73%, compared with 0.00% for USCI.

What is the main difference between CMCI and USCI?

CMCI tracks UBS Bloomberg CMCI Composite Total Return Index, while USCI tracks SummerHaven Dynamic Commodity (TR). They also come from different issuers: VanEck and Concierge Technologies. Their fees differ too: 0.65% for CMCI and 1.03% for USCI.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (1.58 vs 1.51), 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.