CMDT vs. USCI
Compare and contrast key facts about PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and United States Commodity Index Fund (USCI).
CMDT and USCI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CMDT is a passively managed fund by PIMCO that tracks the performance of the Bloomberg Roll Select Commodity Total Return Index. It was launched on May 9, 2023. USCI is a passively managed fund by Concierge Technologies that tracks the performance of the SummerHaven Dynamic Commodity (TR). It was launched on Aug 10, 2010. Both CMDT and USCI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CMDT vs. USCI - Performance Comparison
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CMDT vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 16.96% | 12.78% | 6.93% | 5.50% |
USCI United States Commodity Index Fund | 22.82% | 17.63% | 17.24% | 3.87% |
Returns By Period
In the year-to-date period, CMDT achieves a 16.96% return, which is significantly lower than USCI's 22.82% return.
CMDT
- 1D
- -0.74%
- 1M
- 8.58%
- YTD
- 16.96%
- 6M
- 19.62%
- 1Y
- 24.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USCI
- 1D
- -0.70%
- 1M
- 11.64%
- YTD
- 22.82%
- 6M
- 22.37%
- 1Y
- 32.16%
- 3Y*
- 20.66%
- 5Y*
- 21.59%
- 10Y*
- 9.00%
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CMDT vs. USCI - Expense Ratio Comparison
CMDT has a 0.65% expense ratio, which is lower than USCI's 1.03% expense ratio.
Return for Risk
CMDT vs. USCI — Risk / Return Rank
CMDT
USCI
CMDT vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) 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.
| CMDT | USCI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.85 | 1.76 | +0.09 |
Sortino ratioReturn per unit of downside risk | 2.50 | 2.28 | +0.22 |
Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.76 | -0.04 |
Martin ratioReturn relative to average drawdown | 10.00 | 9.39 | +0.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMDT | USCI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.85 | 1.76 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.18 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.22 | 0.29 | +0.94 |
Correlation
The correlation between CMDT and USCI is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CMDT vs. USCI - Dividend Comparison
CMDT's dividend yield for the trailing twelve months is around 2.60%, while USCI has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.60% | 3.04% | 8.80% | 2.71% |
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
CMDT vs. USCI - Drawdown Comparison
The maximum CMDT drawdown since its inception was -9.69%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for CMDT and USCI.
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Drawdown Indicators
| CMDT | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.69% | -66.41% | +56.72% |
Max Drawdown (1Y)Largest decline over 1 year | -9.21% | -12.01% | +2.80% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.84% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.82% | — |
Current DrawdownCurrent decline from peak | -0.74% | -0.70% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -29.82% | +27.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 3.53% | -1.02% |
Volatility
CMDT vs. USCI - Volatility Comparison
The current volatility for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) is 5.26%, while United States Commodity Index Fund (USCI) has a volatility of 6.98%. This indicates that CMDT experiences smaller price fluctuations and is considered to be less risky than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDT | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 6.98% | -1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 13.85% | -4.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.23% | 18.38% | -5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.13% | 18.42% | -6.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.13% | 15.78% | -3.65% |