FTMA vs. USCI

Last updated Jun 4, 2026

FTMA (Franklin Massachusetts Municipal Income ETF) and USCI (United States Commodity Index Fund) are both exchange-traded funds - FTMA is a Municipal Bonds fund tracking the Actively Managed, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR). Both are passively managed. At a correlation of -0.37, they often move in opposite directions. FTMA charges 0.35%/yr vs 1.03%/yr for USCI.

Performance

FTMA vs. USCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Massachusetts Municipal Income ETF (FTMA) 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, FTMA achieves a 2.06% return, which is significantly lower than USCI's 28.22% return.

FTMA

• 1D: -0.06%
• 1M: 0.80%
• YTD: 2.06%
• 6M: 2.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FTMA vs. USCI - Yearly Performance Comparison

	2026 (YTD)	2025
FTMA Franklin Massachusetts Municipal Income ETF	2.06%	0.43%
USCI United States Commodity Index Fund	28.22%	-1.93%

Correlation

The correlation between FTMA and USCI is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025	-0.37

Return for Risk

FTMA vs. USCI — Risk / Return Rank

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

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.

FTMA vs. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Massachusetts Municipal Income ETF (FTMA) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FTMA	USCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.43	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.30	+0.99

Drawdowns

FTMA vs. USCI - Drawdown Comparison

The maximum FTMA drawdown since its inception was -2.27%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for FTMA and USCI.

Drawdown Indicators

	FTMA	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-2.27%	-66.41%	+64.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.73%	—
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	-0.06%	-3.10%	+3.04%
Average Drawdown Average peak-to-trough decline	-0.51%	-29.51%	+29.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.50%	—

Volatility

Volatility by Period

	FTMA	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	16.70%	-13.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.52%	18.44%	-14.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.52%	15.85%	-12.33%

FTMA vs. USCI - Expense Ratio Comparison

FTMA has a 0.35% expense ratio, which is lower than USCI's 1.03% expense ratio.

Dividends

FTMA vs. USCI - Dividend Comparison

FTMA's dividend yield for the trailing twelve months is around 1.96%, while USCI has not paid dividends to shareholders.

Position	TTM	2025
FTMA Franklin Massachusetts Municipal Income ETF	1.96%	0.54%
USCI United States Commodity Index Fund	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTMA and USCI in my portfolio?

FTMA and USCI have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMA or USCI?

On fees, FTMA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTMA or USCI?

FTMA is cheaper with a 0.35% expense ratio, compared with 1.03% for USCI.

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

FTMA has the higher dividend yield at 1.96%, compared with 0.00% for USCI.

What is the main difference between FTMA and USCI?

FTMA is categorized as Municipal Bonds, while USCI is Commodities. FTMA tracks Actively Managed, while USCI tracks SummerHaven Dynamic Commodity (TR). They also come from different issuers: Franklin Templeton and Concierge Technologies. Their fees differ too: 0.35% for FTMA and 1.03% for USCI.