DJP vs. USE

Last updated Jun 24, 2026

DJP (iPath Bloomberg Commodity Index Total Return ETN) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. DJP is passively managed, while USE is actively managed. Over the past 3 years, DJP returned 12.62%/yr vs 10.72%/yr for USE. At a 0.49 correlation, their price movements are largely independent. DJP charges 0.70%/yr vs 0.79%/yr for USE.

Performance

DJP vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Bloomberg Commodity Index Total Return ETN (DJP) 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, DJP achieves a 17.18% return, which is significantly lower than USE's 19.51% return.

DJP

• 1D: -1.45%
• 1M: -10.97%
• YTD: 17.18%
• 6M: 15.04%
• 1Y: 26.02%
• 3Y*: 12.62%
• 5Y*: 10.72%
• 10Y*: 6.24%

USE

• 1D: -0.88%
• 1M: -18.62%
• YTD: 19.51%
• 6M: 20.11%
• 1Y: 2.57%
• 3Y*: 10.72%
• 5Y*: —
• 10Y*: —

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

DJP vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DJP iPath Bloomberg Commodity Index Total Return ETN	17.18%	17.20%	5.59%	0.20%
USE USCF Energy Commodity Strategy Absolute Return Fund	19.51%	-14.97%	22.58%	9.68%

Correlation

The correlation between DJP and USE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.49

Return for Risk

DJP vs. USE — Risk / Return Rank

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

DJP

DJP Risk / Return Rank: 40
DJP Sharpe Ratio Rank: 40
DJP Sortino Ratio Rank: 37
DJP Omega Ratio Rank: 40
DJP Calmar Ratio Rank: 37
DJP Martin Ratio Rank: 45

USE

USE Risk / Return Rank: 10
USE Sharpe Ratio Rank: 10
USE Sortino Ratio Rank: 10
USE Omega Ratio Rank: 10
USE Calmar Ratio Rank: 10
USE Martin Ratio Rank: 10

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.

DJP vs. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Bloomberg Commodity Index Total Return ETN (DJP) 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.

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.

	DJP	USE	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.08	+1.29
Sortino ratio: Return per unit of downside risk	1.85	0.34	+1.51
Omega ratio: Gain probability vs. loss probability	1.25	1.04	+0.21
Calmar ratio: Return relative to maximum drawdown	1.78	0.10	+1.68
Martin ratio: Return relative to average drawdown	6.99	0.19	+6.81

DJP vs. USE - Sharpe Ratio Comparison

The current DJP Sharpe Ratio is 1.37, which is higher than the USE Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of DJP 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.

Drawdowns

DJP vs. USE - Drawdown Comparison

The maximum DJP drawdown since its inception was -78.35%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for DJP and USE.

Drawdown Indicators

	DJP	USE	Difference
Max Drawdown Largest peak-to-trough decline	-78.35%	-26.24%	-52.11%
Max Drawdown (1Y) Largest decline over 1 year	-14.66%	-26.24%	+11.58%
Max Drawdown (3Y) Largest decline over 3 years	-14.66%	-26.24%	+11.58%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.36%	—	—
Current Drawdown Current decline from peak	-39.74%	-23.19%	-16.55%
Average Drawdown Average peak-to-trough decline	-50.82%	-8.07%	-42.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	13.80%	-10.04%

Volatility

DJP vs. USE - Volatility Comparison

The current volatility for iPath Bloomberg Commodity Index Total Return ETN (DJP) is 4.23%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 9.95%. This indicates that DJP 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

	DJP	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	9.95%	-5.72%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	27.41%	-10.53%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	31.31%	-12.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	27.31%	-8.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	27.31%	-10.25%

DJP vs. USE - Expense Ratio Comparison

DJP has a 0.70% expense ratio, which is lower than USE's 0.79% expense ratio.

Dividends

DJP vs. USE - Dividend Comparison

DJP has not paid dividends to shareholders, while USE's dividend yield for the trailing twelve months is around 2.56%.

Position	TTM	2025	2024	2023
DJP iPath Bloomberg Commodity Index Total Return ETN	0.00%	0.00%	0.00%	0.00%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.56%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both DJP and USE in my portfolio?

DJP and USE have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJP or USE?

USE has higher volatility (9.95%) compared to DJP (4.23%). In terms of maximum drawdown, DJP dropped -78.35% vs USE's -26.24%.

Which ETF is better, DJP or USE?

On 3-year performance, DJP leads with 12.62% vs 10.72% for USE. On fees, DJP is cheaper at 0.70% per year. On volatility, DJP has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJP or USE?

Over the 3-year period, DJP has performed better with a 12.62% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJP or USE?

DJP is cheaper with a 0.70% expense ratio, compared with 0.79% for USE.

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

USE has the higher dividend yield at 2.56%, compared with 0.00% for DJP.

What is the main difference between DJP and USE?

They also come from different issuers: Barclays Capital and USCF. Their fees differ too: 0.70% for DJP and 0.79% for USE.

Which has better risk-adjusted returns?

DJP currently has the higher Sharpe Ratio (1.37 vs 0.08), 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.