CPER vs. USCI
CPER (United States Copper Index Fund) and USCI (United States Commodity Index Fund) are both exchange-traded funds - CPER is a Copper fund tracking the SummerHaven Copper Index Total Return, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR). Both are passively managed. Over the past 10 years, CPER returned 10.81%/yr vs 8.20%/yr for USCI. At a 0.45 correlation, their price movements are largely independent. CPER charges 1.06%/yr vs 1.03%/yr for USCI.
Performance
CPER vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, CPER achieves a 11.01% return, which is significantly lower than USCI's 19.44% return. Over the past 10 years, CPER has outperformed USCI with an annualized return of 10.81%, while USCI has yielded a comparatively lower 8.20% annualized return.
CPER
- 1D
- -0.13%
- 1M
- -0.28%
- YTD
- 11.01%
- 6M
- 15.06%
- 1Y
- 28.13%
- 3Y*
- 18.14%
- 5Y*
- 8.01%
- 10Y*
- 10.81%
USCI
- 1D
- -0.19%
- 1M
- -6.88%
- YTD
- 19.44%
- 6M
- 17.65%
- 1Y
- 22.37%
- 3Y*
- 19.76%
- 5Y*
- 18.47%
- 10Y*
- 8.20%
CPER vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 11.01% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
USCI United States Commodity Index Fund | 19.44% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between CPER and USCI is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.45 |
Over the past year, the correlation between CPER and USCI has dropped to 0.22 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
CPER vs. USCI — Risk / Return Rank
CPER
USCI
CPER vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CPER | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 2.31 | -1.17 |
| Martin ratioReturn relative to average drawdown | 2.36 | 7.89 | -5.53 |
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Drawdowns
CPER vs. USCI - Drawdown Comparison
The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for CPER and USCI.
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Drawdown Indicators
| CPER | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.04% | -66.41% | +12.37% |
Max Drawdown (1Y)Largest decline over 1 year | -24.77% | -9.73% | -15.04% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -12.01% | -12.76% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -18.84% | -15.91% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -45.82% | +7.40% |
Current DrawdownCurrent decline from peak | -4.41% | -9.73% | +5.32% |
Average DrawdownAverage peak-to-trough decline | -25.33% | -29.44% | +4.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.96% | 2.92% | +9.04% |
Volatility
CPER vs. USCI - Volatility Comparison
United States Copper Index Fund (CPER) has a higher volatility of 8.46% compared to United States Commodity Index Fund (USCI) at 3.15%. This indicates that CPER's price experiences larger fluctuations and is considered to be riskier 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
| CPER | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.46% | 3.15% | +5.31% |
Volatility (6M)Calculated over the trailing 6-month period | 23.27% | 14.04% | +9.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.91% | 16.76% | +18.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.02% | 18.35% | +8.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.09% | 15.86% | +8.23% |
CPER vs. USCI - Expense Ratio Comparison
CPER has a 1.06% expense ratio, which is higher than USCI's 1.03% expense ratio.
Dividends
CPER vs. USCI - Dividend Comparison
Neither CPER nor USCI has paid dividends to shareholders.
Frequently Asked Questions
CPER and USCI have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (8.46%) compared to USCI (3.15%). In terms of maximum drawdown, CPER dropped -54.04% vs USCI's -66.41%.
On 10-year performance, CPER leads with 10.81% vs 8.20% for USCI. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 10.81% return vs 8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USCI is cheaper with a 1.03% expense ratio, compared with 1.06% for CPER.
CPER and USCI have nearly identical dividend yields, around 0.00%.
CPER is categorized as Copper, while USCI is Commodities. CPER tracks SummerHaven Copper Index Total Return, while USCI tracks SummerHaven Dynamic Commodity (TR). They also come from different issuers: USCF and Concierge Technologies. Their fees differ too: 1.06% for CPER and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.34 vs 0.81), 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.
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