CMCI vs. ZSC

Last updated Apr 3, 2026

Compare and contrast key facts about VanEck CMCI Commodity Strategy ETF (CMCI) and USCF Sustainable Commodity Strategy Fund (ZSC).

CMCI and ZSC 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. ZSC is an actively managed fund by USCF. It was launched on Aug 8, 2023.

Performance

CMCI vs. ZSC - Performance Comparison

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

CMCI vs. ZSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	16.28%	7.90%	5.68%	-2.87%
ZSC USCF Sustainable Commodity Strategy Fund	4.07%	28.43%	-14.39%	-7.60%

Returns By Period

In the year-to-date period, CMCI achieves a 16.28% return, which is significantly higher than ZSC's 4.07% return.

CMCI

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

ZSC

• 1D: -0.93%
• 1M: 2.06%
• YTD: 4.07%
• 6M: 15.15%
• 1Y: 29.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMCI vs. ZSC - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is higher than ZSC's 0.59% expense ratio.

CMCI

VanEck CMCI Commodity Strategy ETF

ZSC

USCF Sustainable Commodity Strategy Fund

Return for Risk

CMCI vs. ZSC — 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

ZSC

ZSC Risk / Return Rank: 90
ZSC Sharpe Ratio Rank: 92
ZSC Sortino Ratio Rank: 92
ZSC Omega Ratio Rank: 91
ZSC Calmar Ratio Rank: 92
ZSC Martin Ratio Rank: 85

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. ZSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) and USCF Sustainable Commodity Strategy Fund (ZSC). 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	ZSC	Difference
Sharpe ratio Return per unit of total volatility	1.40	2.16	-0.76
Sortino ratio Return per unit of downside risk	1.91	2.83	-0.92
Omega ratio Gain probability vs. loss probability	1.26	1.41	-0.15
Calmar ratio Return relative to maximum drawdown	2.03	3.94	-1.91
Martin ratio Return relative to average drawdown	6.93	11.75	-4.81
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. ZSC - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 1.40, which is lower than the ZSC Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of CMCI and ZSC, 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	ZSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.16	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.07	+0.74

Correlation

The correlation between CMCI and ZSC is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CMCI vs. ZSC - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.50%, more than ZSC's 1.68% yield.

	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.50%	9.89%	3.93%	1.64%
ZSC USCF Sustainable Commodity Strategy Fund	1.68%	1.75%	2.18%	1.40%

Drawdowns

CMCI vs. ZSC - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, smaller than the maximum ZSC drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for CMCI and ZSC.

Drawdown Indicators

	CMCI	ZSC	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-26.49%	+14.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.92%	-7.69%	+0.77%
Current Drawdown Current decline from peak	-1.13%	-3.06%	+1.93%
Average Drawdown Average peak-to-trough decline	-3.69%	-15.59%	+11.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.58%	+0.23%

Volatility

CMCI vs. ZSC - Volatility Comparison

VanEck CMCI Commodity Strategy ETF (CMCI) has a higher volatility of 4.79% compared to USCF Sustainable Commodity Strategy Fund (ZSC) at 3.72%. This indicates that CMCI's price experiences larger fluctuations and is considered to be riskier than ZSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCI	ZSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	3.72%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	10.64%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	13.56%	13.58%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	12.41%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.61%	12.41%	+0.20%