CMCI vs. USE

Last updated Jun 3, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. CMCI is passively managed, while USE is actively managed. Over the past year, CMCI returned 31.73% vs 38.15% for USE. A 0.56 correlation means they provide meaningful diversification when combined. CMCI charges 0.65%/yr vs 0.79%/yr for USE.

Performance

CMCI vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CMCI Commodity Strategy ETF (CMCI) and USCF Energy Commodity Strategy Absolute Return Fund (USE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMCI achieves a 23.39% return, which is significantly lower than USE's 44.71% return.

CMCI

• 1D: 0.49%
• 1M: 1.04%
• YTD: 23.39%
• 6M: 25.02%
• 1Y: 31.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USE

• 1D: 0.95%
• 1M: -2.42%
• YTD: 44.71%
• 6M: 45.41%
• 1Y: 38.15%
• 3Y*: 16.79%
• 5Y*: —
• 10Y*: —

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

CMCI vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	23.39%	7.90%	5.68%	-2.87%
USE USCF Energy Commodity Strategy Absolute Return Fund	44.71%	-14.97%	22.58%	-5.80%

Correlation

The correlation between CMCI and USE is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023	0.56

The correlation between CMCI and USE has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

Return for Risk

CMCI vs. USE — Risk / Return Rank

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

CMCI

CMCI Risk / Return Rank: 82
CMCI Sharpe Ratio Rank: 79
CMCI Sortino Ratio Rank: 77
CMCI Omega Ratio Rank: 78
CMCI Calmar Ratio Rank: 93
CMCI Martin Ratio Rank: 84

USE

USE Risk / Return Rank: 31
USE Sharpe Ratio Rank: 33
USE Sortino Ratio Rank: 34
USE Omega Ratio Rank: 32
USE Calmar Ratio Rank: 31
USE Martin Ratio Rank: 23

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. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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.

	CMCI	USE	Difference
Sharpe ratio Return per unit of total volatility	2.62	1.22	+1.39
Sortino ratio Return per unit of downside risk	3.51	1.83	+1.68
Omega ratio Gain probability vs. loss probability	1.47	1.22	+0.25
Calmar ratio Return relative to maximum drawdown	6.68	1.58	+5.10
Martin ratio Return relative to average drawdown	17.64	3.12	+14.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMCI vs. USE - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 2.62, which is higher than the USE Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of CMCI and USE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CMCI	USE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	1.22	+1.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.67	+0.28

Drawdowns

CMCI vs. USE - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, smaller than the maximum USE drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for CMCI and USE.

Drawdown Indicators

	CMCI	USE	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-26.24%	+14.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-26.24%	+21.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.24%	—
Current Drawdown Current decline from peak	-2.82%	-7.00%	+4.18%
Average Drawdown Average peak-to-trough decline	-3.54%	-7.96%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	13.32%	-11.41%

Volatility

CMCI vs. USE - Volatility Comparison

The current volatility for VanEck CMCI Commodity Strategy ETF (CMCI) is 4.39%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 11.27%. This indicates that CMCI experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCI	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	11.27%	-6.88%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	25.77%	-15.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	31.43%	-19.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	27.03%	-14.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	27.03%	-14.40%

CMCI vs. USE - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is lower than USE's 0.79% expense ratio.

Dividends

CMCI vs. USE - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.01%, more than USE's 2.11% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.01%	9.89%	3.93%	1.64%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.11%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both CMCI and USE in my portfolio?

CMCI and USE have a correlation of 0.51, 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 USE?

USE has higher volatility (11.27%) compared to CMCI (4.39%). In terms of maximum drawdown, CMCI dropped -11.54% vs USE's -26.24%.

Which ETF is better, CMCI or USE?

On 1-year performance, USE leads with 38.15% vs 31.73% for CMCI. On fees, CMCI is cheaper at 0.65% per year. On volatility, CMCI has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMCI or USE?

Over the 1-year period, USE has performed better with a 38.15% return vs 31.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMCI or USE?

CMCI is cheaper with a 0.65% expense ratio, compared with 0.79% for USE.

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

CMCI has the higher dividend yield at 8.01%, compared with 2.11% for USE.

What is the main difference between CMCI and USE?

They also come from different issuers: VanEck and USCF. Their fees differ too: 0.65% for CMCI and 0.79% for USE.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (2.62 vs 1.22), 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.