CMCI vs. USE

Last updated Apr 3, 2026

Compare and contrast key facts about VanEck CMCI Commodity Strategy ETF (CMCI) and USCF Energy Commodity Strategy Absolute Return Fund (USE).

CMCI and USE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CMCI is a passively managed fund by VanEck that tracks the performance of the UBS Bloomberg CMCI Composite Total Return Index. It was launched on Aug 21, 2023. USE is an actively managed fund by USCF. It was launched on May 3, 2023.

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.

CMCI vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	16.28%	7.90%	5.68%	-2.87%
USE USCF Energy Commodity Strategy Absolute Return Fund	38.21%	-14.97%	22.58%	-5.80%

Returns By Period

In the year-to-date period, CMCI achieves a 16.28% return, which is significantly lower than USE's 38.21% return.

CMCI

• 1D: 0.25%
• 1M: 6.95%
• YTD: 16.28%
• 6M: 19.48%
• 1Y: 18.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USE

• 1D: 5.65%
• 1M: 29.54%
• YTD: 38.21%
• 6M: 17.19%
• 1Y: 12.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMCI vs. USE - Expense Ratio Comparison

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

USE

USCF Energy Commodity Strategy Absolute Return Fund

CMCI

VanEck CMCI Commodity Strategy ETF

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: 66
CMCI Sharpe Ratio Rank: 74
CMCI Sortino Ratio Rank: 72
CMCI Omega Ratio Rank: 66
CMCI Calmar Ratio Rank: 63
CMCI Martin Ratio Rank: 56

USE

USE Risk / Return Rank: 20
USE Sharpe Ratio Rank: 22
USE Sortino Ratio Rank: 24
USE Omega Ratio Rank: 21
USE Calmar Ratio Rank: 18
USE Martin Ratio Rank: 15

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	1.40	0.40	+1.00
Sortino ratio Return per unit of downside risk	1.91	0.78	+1.13
Omega ratio Gain probability vs. loss probability	1.26	1.09	+0.17
Calmar ratio Return relative to maximum drawdown	2.03	0.49	+1.54
Martin ratio Return relative to average drawdown	6.93	0.89	+6.04
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 1.40, which is higher than the USE Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of CMCI and USE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CMCI	USE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	0.40	+1.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.66	+0.16

Correlation

The correlation between CMCI and USE is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CMCI vs. USE - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.50%, more than USE's 2.21% yield.

	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.50%	9.89%	3.93%	1.64%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.21%	3.06%	38.65%	4.83%

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	-6.92%	-26.24%	+19.32%
Current Drawdown Current decline from peak	-1.13%	-0.78%	-0.35%
Average Drawdown Average peak-to-trough decline	-3.69%	-8.19%	+4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	14.59%	-11.78%

Volatility

CMCI vs. USE - Volatility Comparison

The current volatility for VanEck CMCI Commodity Strategy ETF (CMCI) is 4.79%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 15.47%. 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	4.79%	15.47%	-10.68%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	22.27%	-12.62%
Volatility (1Y) Calculated over the trailing 1-year period	13.56%	30.33%	-16.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	26.22%	-13.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.61%	26.22%	-13.61%