DBC vs. USCI
DBC (Invesco DB Commodity Index Tracking Fund) and USCI (United States Commodity Index Fund) are both Commodities funds - DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return while USCI tracks the SummerHaven Dynamic Commodity (TR). Both are passively managed. Over the past 10 years, DBC returned 8.01%/yr vs 8.20%/yr for USCI. Their correlation of 0.81 suggests significant overlap in exposure. DBC charges 0.85%/yr vs 1.03%/yr for USCI.
Performance
DBC vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 22.58% return, which is significantly higher than USCI's 19.44% return. Both investments have delivered pretty close results over the past 10 years, with DBC having a 8.01% annualized return and USCI not far ahead at 8.20%.
DBC
- 1D
- -0.80%
- 1M
- -10.25%
- YTD
- 22.58%
- 6M
- 22.42%
- 1Y
- 21.81%
- 3Y*
- 10.98%
- 5Y*
- 10.64%
- 10Y*
- 8.01%
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%
DBC vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 22.58% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
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 DBC and USCI is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.81 |
The correlation between DBC and USCI has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.
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Return for Risk
DBC vs. USCI — Risk / Return Rank
DBC
USCI
DBC vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) 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.
| DBC | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.23 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 2.31 | -0.69 |
| Martin ratioReturn relative to average drawdown | 6.82 | 7.89 | -1.07 |
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Drawdowns
DBC vs. USCI - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for DBC and USCI.
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Drawdown Indicators
| DBC | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -66.41% | -9.95% |
Max Drawdown (1Y)Largest decline over 1 year | -13.51% | -9.73% | -3.78% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -12.01% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -18.84% | -8.50% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -45.82% | +4.11% |
Current DrawdownCurrent decline from peak | -29.09% | -9.73% | -19.36% |
Average DrawdownAverage peak-to-trough decline | -46.17% | -29.44% | -16.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.97% | 2.92% | +1.05% |
Volatility
DBC vs. USCI - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 4.60% compared to United States Commodity Index Fund (USCI) at 3.15%. This indicates that DBC'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
| DBC | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 3.15% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 14.04% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.75% | 16.76% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.20% | 18.35% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 15.86% | +1.95% |
DBC vs. USCI - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
DBC vs. USCI - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.72%, while USCI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.72% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
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
DBC and USCI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (4.60%) compared to USCI (3.15%). In terms of maximum drawdown, DBC dropped -76.36% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.20% vs 8.01% for DBC. On fees, DBC is cheaper at 0.85% 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, USCI has performed better with a 8.20% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBC is cheaper with a 0.85% expense ratio, compared with 1.03% for USCI.
DBC has the higher dividend yield at 2.72%, compared with 0.00% for USCI.
DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while USCI tracks SummerHaven Dynamic Commodity (TR). They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.85% for DBC and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.34 vs 1.17), 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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