CVX vs. USCI

Last updated Aug 1, 2026

CVX (Chevron Corporation) is a stock, while USCI (United States Commodity Index Fund) is Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Over the past 10 years, CVX returned 11.68%/yr vs 9.20%/yr for USCI. Their 0.45 correlation means their historical movements had little consistent relationship.

Performance

CVX vs. USCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chevron Corporation (CVX) and United States Commodity Index Fund (USCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CVX having a 31.60% return and USCI slightly lower at 30.16%. Over the past 10 years, CVX has outperformed USCI with an annualized return of 11.68%, while USCI has yielded a comparatively lower 9.20% annualized return.

CVX

• 1D: 2.35%
• 1M: 18.79%
• 6M: 13.38%
• YTD: 31.60%
• 1Y: 35.24%
• 3Y*: 11.23%
• 5Y*: 18.87%
• 10Y*: 11.68%
• ALL TIME*: 10.44%

USCI

• 1D: 0.05%
• 1M: 9.30%
• 6M: 19.52%
• YTD: 30.16%
• 1Y: 35.83%
• 3Y*: 19.78%
• 5Y*: 19.95%
• 10Y*: 9.20%
• ALL TIME*: 4.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVX Chevron Corporation	$1.44B	$1.41B	$1.67B
USCI United States Commodity Index Fund	$1.01M	$1.13M	$1.88M

CVX vs. USCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVX Chevron Corporation	31.60%	10.10%	1.29%	-13.63%	58.46%	46.24%	-25.95%	15.27%	-9.75%	10.59%
USCI United States Commodity Index Fund	30.16%	17.63%	17.24%	0.00%	29.47%	33.07%	-11.47%	-1.68%	-11.76%	6.32%

Correlation

The correlation between CVX and USCI is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010	0.45

The correlation between CVX and USCI has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.

Return for Risk

CVX vs. USCI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVX

CVX Risk / Return Rank: 80
CVX Sharpe Ratio Rank: 86
CVX Sortino Ratio Rank: 81
CVX Omega Ratio Rank: 81
CVX Calmar Ratio Rank: 76
CVX Martin Ratio Rank: 78

USCI

USCI Risk / Return Rank: 84
USCI Sharpe Ratio Rank: 88
USCI Sortino Ratio Rank: 84
USCI Omega Ratio Rank: 84
USCI Calmar Ratio Rank: 85
USCI Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVX vs. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chevron Corporation (CVX) 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.

	CVX	USCI	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.10	-0.55
Sortino ratio: Return per unit of downside risk	2.09	2.79	-0.70
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	1.70	3.22	-1.52
Martin ratio: Return relative to average drawdown	4.61	10.29	-5.69

CVX vs. USCI - Sharpe Ratio Comparison

The current CVX Sharpe Ratio is 1.55, which is comparable to the USCI Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of CVX and USCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CVX vs. USCI - Drawdown Comparison

The maximum CVX drawdown since its inception was -55.77%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for CVX and USCI.

Drawdown Indicators

	CVX	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-55.77%	-66.41%	+10.64%
Max Drawdown (1Y) Largest decline over 1 year	-20.81%	-11.19%	-9.62%
Max Drawdown (3Y) Largest decline over 3 years	-20.81%	-12.01%	-8.80%
Max Drawdown (5Y) Largest decline over 5 years	-24.95%	-18.84%	-6.11%
Max Drawdown (10Y) Largest decline over 10 years	-55.77%	-45.82%	-9.95%
Current Drawdown Current decline from peak	-5.93%	-1.85%	-4.08%
Average Drawdown Average peak-to-trough decline	-11.40%	-29.27%	+17.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.66%	3.50%	+4.16%

Volatility

CVX vs. USCI - Volatility Comparison

Chevron Corporation (CVX) has a higher volatility of 6.84% compared to United States Commodity Index Fund (USCI) at 5.30%. This indicates that CVX'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.

Volatility by Period

	CVX	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.84%	5.30%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	18.21%	14.27%	+3.94%
Volatility (1Y) Calculated over the trailing 1-year period	22.82%	17.21%	+5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.15%	18.42%	+6.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.24%	15.91%	+13.33%

Dividends

CVX vs. USCI - Dividend Comparison

CVX's dividend yield for the trailing twelve months is around 3.55%, while USCI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVX Chevron Corporation	3.55%	4.49%	4.50%	4.05%	3.16%	4.52%	6.11%	3.95%	4.12%	3.45%	3.64%	4.76%
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVX and USCI in my portfolio?

CVX and USCI have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVX or USCI?

CVX has higher volatility (6.84%) compared to USCI (5.30%). In terms of maximum drawdown, CVX dropped -55.77% vs USCI's -66.41%.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (2.10 vs 1.55), 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.