FCSSX vs. USCI

Last updated Jun 4, 2026

FCSSX (Fidelity Series Commodity Strategy Fund) and USCI (United States Commodity Index Fund) are both Commodities funds. Over the past 10 years, FCSSX returned 6.53%/yr vs 8.86%/yr for USCI. Their correlation of 0.83 suggests significant overlap in exposure. FCSSX charges 0.00%/yr vs 1.03%/yr for USCI.

Performance

FCSSX vs. USCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Commodity Strategy Fund (FCSSX) 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, FCSSX achieves a 21.09% return, which is significantly lower than USCI's 28.22% return. Over the past 10 years, FCSSX has underperformed USCI with an annualized return of 6.53%, while USCI has yielded a comparatively higher 8.86% annualized return.

FCSSX

• 1D: 0.31%
• 1M: -1.32%
• YTD: 21.09%
• 6M: 21.06%
• 1Y: 32.62%
• 3Y*: 14.44%
• 5Y*: 11.27%
• 10Y*: 6.53%

USCI

• 1D: 0.11%
• 1M: -1.22%
• YTD: 28.22%
• 6M: 26.35%
• 1Y: 40.33%
• 3Y*: 23.15%
• 5Y*: 19.28%
• 10Y*: 8.86%

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

FCSSX vs. USCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCSSX Fidelity Series Commodity Strategy Fund	21.09%	15.43%	5.36%	-8.25%	18.11%	27.59%	-3.11%	7.41%	-12.10%	0.92%
USCI United States Commodity Index Fund	28.22%	17.63%	17.24%	-0.00%	29.47%	33.07%	-11.47%	-1.68%	-11.76%	6.32%

Correlation

The correlation between FCSSX and USCI is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 11, 2010	0.83

The correlation between FCSSX and USCI has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

FCSSX vs. USCI — Risk / Return Rank

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

FCSSX

FCSSX Risk / Return Rank: 64
FCSSX Sharpe Ratio Rank: 63
FCSSX Sortino Ratio Rank: 50
FCSSX Omega Ratio Rank: 56
FCSSX Calmar Ratio Rank: 90
FCSSX Martin Ratio Rank: 60

USCI

USCI Risk / Return Rank: 74
USCI Sharpe Ratio Rank: 73
USCI Sortino Ratio Rank: 66
USCI Omega Ratio Rank: 66
USCI Calmar Ratio Rank: 84
USCI Martin Ratio Rank: 81

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.

FCSSX vs. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Commodity Strategy Fund (FCSSX) 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.

	FCSSX	USCI	Difference
Sharpe ratio Return per unit of total volatility	2.32	2.43	-0.10
Sortino ratio Return per unit of downside risk	2.97	3.10	-0.13
Omega ratio Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio Return relative to maximum drawdown	4.55	4.64	-0.09
Martin ratio Return relative to average drawdown	11.93	16.18	-4.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCSSX vs. USCI - Sharpe Ratio Comparison

The current FCSSX Sharpe Ratio is 2.32, which is comparable to the USCI Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FCSSX 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.

Sharpe Ratios by Period

	FCSSX	USCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.43	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	1.05	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.56	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.30	-0.20

Drawdowns

FCSSX vs. USCI - Drawdown Comparison

The maximum FCSSX drawdown since its inception was -66.04%, roughly equal to the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for FCSSX and USCI.

Drawdown Indicators

	FCSSX	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-66.04%	-66.41%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-7.21%	-8.73%	+1.52%
Max Drawdown (3Y) Largest decline over 3 years	-11.43%	-12.01%	+0.58%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-18.84%	-5.23%
Max Drawdown (10Y) Largest decline over 10 years	-33.37%	-45.82%	+12.45%
Current Drawdown Current decline from peak	-9.40%	-3.10%	-6.30%
Average Drawdown Average peak-to-trough decline	-36.20%	-29.51%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	2.50%	+0.24%

Volatility

FCSSX vs. USCI - Volatility Comparison

Fidelity Series Commodity Strategy Fund (FCSSX) and United States Commodity Index Fund (USCI) have volatilities of 4.53% and 4.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCSSX	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	4.51%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	13.93%	-2.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	16.70%	-2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	18.44%	-2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.34%	15.85%	-1.51%

FCSSX vs. USCI - Expense Ratio Comparison

FCSSX has a 0.00% expense ratio, which is lower than USCI's 1.03% expense ratio.

Dividends

FCSSX vs. USCI - Dividend Comparison

FCSSX's dividend yield for the trailing twelve months is around 2.22%, while USCI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCSSX Fidelity Series Commodity Strategy Fund	2.22%	2.69%	12.74%	4.53%	128.24%	41.74%	0.44%	1.49%	6.76%	0.53%
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%

Frequently Asked Questions

Can I hold both FCSSX and USCI in my portfolio?

FCSSX and USCI have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCSSX or USCI?

FCSSX has higher volatility (4.53%) compared to USCI (4.51%). In terms of maximum drawdown, FCSSX dropped -66.04% vs USCI's -66.41%.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (2.43 vs 2.32), 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.