DBA vs. USCI
DBA (Invesco DB Agriculture Fund) and USCI (United States Commodity Index Fund) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, DBA returned 4.14%/yr vs 8.41%/yr for USCI. A 0.62 correlation means they provide meaningful diversification when combined. DBA charges 0.88%/yr vs 1.03%/yr for USCI.
Performance
DBA vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 8.82% return, which is significantly lower than USCI's 23.68% return. Over the past 10 years, DBA has underperformed USCI with an annualized return of 4.14%, while USCI has yielded a comparatively higher 8.41% annualized return.
DBA
- 1D
- 0.22%
- 1M
- 5.59%
- 6M
- 7.72%
- YTD
- 8.82%
- 1Y
- 11.65%
- 3Y*
- 13.55%
- 5Y*
- 12.19%
- 10Y*
- 4.14%
USCI
- 1D
- -0.50%
- 1M
- -0.05%
- 6M
- 22.70%
- YTD
- 23.68%
- 1Y
- 28.10%
- 3Y*
- 20.39%
- 5Y*
- 19.25%
- 10Y*
- 8.41%
DBA vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 8.82% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
USCI United States Commodity Index Fund | 23.68% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between DBA and USCI is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.62 |
The correlation between DBA and USCI shifts across timeframes, from 0.48 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. USCI — Risk / Return Rank
DBA
USCI
DBA vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) 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.
| DBA | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.30 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 2.67 | -1.32 |
| Martin ratioReturn relative to average drawdown | 2.83 | 8.50 | -5.67 |
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Drawdowns
DBA vs. USCI - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, roughly equal to the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for DBA and USCI.
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Drawdown Indicators
| DBA | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -66.41% | -1.56% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -11.19% | +2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -12.01% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -18.84% | +2.90% |
Max Drawdown (10Y)Largest decline over 10 years | -37.97% | -45.82% | +7.85% |
Current DrawdownCurrent decline from peak | -23.39% | -6.52% | -16.87% |
Average DrawdownAverage peak-to-trough decline | -41.02% | -29.37% | -11.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 3.51% | +0.61% |
Volatility
DBA vs. USCI - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 3.88%, while United States Commodity Index Fund (USCI) has a volatility of 4.94%. This indicates that DBA 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
| DBA | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.88% | 4.94% | -1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 7.43% | 14.42% | -6.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.83% | 16.91% | -6.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.86% | 18.40% | -4.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.06% | 15.88% | -2.82% |
DBA vs. USCI - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
DBA vs. USCI - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.29%, while USCI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.29% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBA and USCI have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USCI has higher volatility (4.94%) compared to DBA (3.88%). In terms of maximum drawdown, DBA dropped -67.97% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.41% vs 4.14% for DBA. On fees, DBA is cheaper at 0.88% per year. On volatility, DBA has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 8.41% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBA is cheaper with a 0.88% expense ratio, compared with 1.03% for USCI.
DBA has the higher dividend yield at 3.29%, compared with 0.00% for USCI.
DBA is categorized as Agricultural Commodities, while USCI is Commodities. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: Invesco and United States Commodity Funds. Their fees differ too: 0.88% for DBA and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.77 vs 1.08), 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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