EMEQ vs. USCI

Last updated Jul 12, 2026

EMEQ (Nomura Focused Emerging Markets Equity ETF) and USCI (United States Commodity Index Fund) are both exchange-traded funds - EMEQ is a Emerging Markets Diversified fund actively managed by Nomura, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. EMEQ is actively managed, while USCI is passively managed. Over the past year, EMEQ returned 127.62% vs 28.10% for USCI. At a 0.14 correlation, their price movements are largely independent. EMEQ charges 0.86%/yr vs 1.03%/yr for USCI.

Performance

EMEQ vs. USCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Focused Emerging Markets Equity ETF (EMEQ) and United States Commodity Index Fund (USCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMEQ achieves a 70.04% return, which is significantly higher than USCI's 23.68% return.

EMEQ

• 1D: 0.10%
• 1M: 0.76%
• 6M: 58.06%
• YTD: 70.04%
• 1Y: 127.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

EMEQ vs. USCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMEQ Nomura Focused Emerging Markets Equity ETF	70.04%	69.78%	-0.73%
USCI United States Commodity Index Fund	23.68%	17.63%	11.29%

Correlation

The correlation between EMEQ and USCI is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.14

The correlation between EMEQ and USCI shifts across timeframes, from 0.04 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMEQ vs. USCI — Risk / Return Rank

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

EMEQ

EMEQ Risk / Return Rank: 94
EMEQ Sharpe Ratio Rank: 96
EMEQ Sortino Ratio Rank: 91
EMEQ Omega Ratio Rank: 93
EMEQ Calmar Ratio Rank: 96
EMEQ Martin Ratio Rank: 95

USCI

USCI Risk / Return Rank: 65
USCI Sharpe Ratio Rank: 68
USCI Sortino Ratio Rank: 65
USCI Omega Ratio Rank: 62
USCI Calmar Ratio Rank: 67
USCI Martin Ratio Rank: 61

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.

EMEQ vs. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Focused Emerging Markets Equity ETF (EMEQ) 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.

	EMEQ	USCI	Difference
Sharpe ratio: Return per unit of total volatility	3.27	1.77	+1.50
Sortino ratio: Return per unit of downside risk	3.47	2.40	+1.08
Omega ratio: Gain probability vs. loss probability	1.51	1.30	+0.21
Calmar ratio: Return relative to maximum drawdown	6.98	2.67	+4.31
Martin ratio: Return relative to average drawdown	23.27	8.50	+14.78

EMEQ vs. USCI - Sharpe Ratio Comparison

The current EMEQ Sharpe Ratio is 3.27, which is higher than the USCI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of EMEQ 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

EMEQ vs. USCI - Drawdown Comparison

The maximum EMEQ drawdown since its inception was -19.99%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for EMEQ and USCI.

Drawdown Indicators

	EMEQ	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-19.99%	-66.41%	+46.42%
Max Drawdown (1Y) Largest decline over 1 year	-17.91%	-11.19%	-6.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.82%	—
Current Drawdown Current decline from peak	-12.48%	-6.52%	-5.96%
Average Drawdown Average peak-to-trough decline	-4.19%	-29.37%	+25.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.36%	3.51%	+1.85%

Volatility

EMEQ vs. USCI - Volatility Comparison

Nomura Focused Emerging Markets Equity ETF (EMEQ) has a higher volatility of 18.22% compared to United States Commodity Index Fund (USCI) at 4.94%. This indicates that EMEQ'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

	EMEQ	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.22%	4.94%	+13.28%
Volatility (6M) Calculated over the trailing 6-month period	35.48%	14.42%	+21.06%
Volatility (1Y) Calculated over the trailing 1-year period	38.20%	16.91%	+21.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.24%	18.40%	+14.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.24%	15.88%	+17.36%

EMEQ vs. USCI - Expense Ratio Comparison

EMEQ has a 0.86% expense ratio, which is lower than USCI's 1.03% expense ratio.

Dividends

EMEQ vs. USCI - Dividend Comparison

EMEQ's dividend yield for the trailing twelve months is around 1.62%, while USCI has not paid dividends to shareholders.

Position	TTM	2025	2024
EMEQ Nomura Focused Emerging Markets Equity ETF	1.62%	2.76%	0.84%
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMEQ and USCI in my portfolio?

EMEQ and USCI have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMEQ or USCI?

EMEQ has higher volatility (18.22%) compared to USCI (4.94%). In terms of maximum drawdown, EMEQ dropped -19.99% vs USCI's -66.41%.

Which ETF is better, EMEQ or USCI?

On 1-year performance, EMEQ leads with 127.62% vs 28.10% for USCI. On fees, EMEQ is cheaper at 0.86% per year. On volatility, USCI has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMEQ or USCI?

Over the 1-year period, EMEQ has performed better with a 127.62% return vs 28.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMEQ or USCI?

EMEQ is cheaper with a 0.86% expense ratio, compared with 1.03% for USCI.

Which ETF pays a higher dividend yield, EMEQ or USCI?

EMEQ has the higher dividend yield at 1.62%, compared with 0.00% for USCI.

What is the main difference between EMEQ and USCI?

EMEQ is categorized as Emerging Markets Diversified, while USCI is Commodities. They also come from different issuers: Nomura and United States Commodity Funds. Their fees differ too: 0.86% for EMEQ and 1.03% for USCI.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (3.27 vs 1.77), 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.