CMDT vs. USE

Last updated Jun 4, 2026

CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. CMDT is passively managed, while USE is actively managed. Over the past 3 years, CMDT returned 16.90%/yr vs 17.85%/yr for USE. A 0.62 correlation means they provide meaningful diversification when combined. CMDT charges 0.65%/yr vs 0.79%/yr for USE.

Performance

CMDT vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) 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, CMDT achieves a 23.96% return, which is significantly lower than USE's 48.69% return.

CMDT

• 1D: -0.03%
• 1M: -0.63%
• YTD: 23.96%
• 6M: 24.09%
• 1Y: 35.85%
• 3Y*: 16.90%
• 5Y*: —
• 10Y*: —

USE

• 1D: 2.75%
• 1M: -2.96%
• YTD: 48.69%
• 6M: 51.72%
• 1Y: 41.25%
• 3Y*: 17.85%
• 5Y*: —
• 10Y*: —

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

CMDT vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	23.96%	12.78%	6.93%	5.50%
USE USCF Energy Commodity Strategy Absolute Return Fund	48.69%	-14.97%	22.58%	5.68%

Correlation

The correlation between CMDT and USE is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.62

The correlation between CMDT and USE has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.

CMDT vs. USE - Sectors Allocation Comparison

Sectors	CMDT	USE
Financial Services	100.0%	23.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

CMDT vs. USE — Risk / Return Rank

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

CMDT

CMDT Risk / Return Rank: 88
CMDT Sharpe Ratio Rank: 87
CMDT Sortino Ratio Rank: 86
CMDT Omega Ratio Rank: 83
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 91

USE

USE Risk / Return Rank: 33
USE Sharpe Ratio Rank: 37
USE Sortino Ratio Rank: 38
USE Omega Ratio Rank: 35
USE Calmar Ratio Rank: 32
USE Martin Ratio Rank: 24

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.

CMDT vs. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) 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.

	CMDT	USE	Difference
Sharpe ratio Return per unit of total volatility	2.92	1.32	+1.60
Sortino ratio Return per unit of downside risk	3.92	1.94	+1.98
Omega ratio Gain probability vs. loss probability	1.50	1.23	+0.27
Calmar ratio Return relative to maximum drawdown	8.03	1.58	+6.45
Martin ratio Return relative to average drawdown	22.12	3.10	+19.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMDT vs. USE - Sharpe Ratio Comparison

The current CMDT Sharpe Ratio is 2.92, which is higher than the USE Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of CMDT 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

	CMDT	USE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	1.32	+1.60
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	0.70	+0.62

Drawdowns

CMDT vs. USE - Drawdown Comparison

The maximum CMDT drawdown since its inception was -9.69%, smaller than the maximum USE drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for CMDT and USE.

Drawdown Indicators

	CMDT	USE	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-26.24%	+16.55%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-26.24%	+21.75%
Max Drawdown (3Y) Largest decline over 3 years	-9.69%	-26.24%	+16.55%
Current Drawdown Current decline from peak	-2.86%	-4.44%	+1.58%
Average Drawdown Average peak-to-trough decline	-2.69%	-7.96%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	13.32%	-11.69%

Volatility

CMDT vs. USE - Volatility Comparison

The current volatility for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) is 4.33%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 11.11%. This indicates that CMDT 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

	CMDT	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	11.11%	-6.78%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	25.86%	-15.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	31.46%	-19.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	27.06%	-14.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.21%	27.06%	-14.85%

CMDT vs. USE - Expense Ratio Comparison

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

Dividends

CMDT vs. USE - Dividend Comparison

CMDT's dividend yield for the trailing twelve months is around 2.44%, more than USE's 2.06% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.06%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both CMDT and USE in my portfolio?

CMDT and USE have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMDT or USE?

USE has higher volatility (11.11%) compared to CMDT (4.33%). In terms of maximum drawdown, CMDT dropped -9.69% vs USE's -26.24%.

Which ETF is better, CMDT or USE?

On 3-year performance, USE leads with 17.85% vs 16.90% for CMDT. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMDT or USE?

Over the 3-year period, USE has performed better with a 17.85% return vs 16.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMDT or USE?

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

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

CMDT has the higher dividend yield at 2.44%, compared with 2.06% for USE.

What is the main difference between CMDT and USE?

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

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.92 vs 1.32), 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.