GLD vs. USCI
GLD (SPDR Gold Shares) and USCI (United States Commodity Index Fund) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, GLD returned 11.48%/yr vs 8.41%/yr for USCI. At a 0.33 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 1.03%/yr for USCI.
Performance
GLD vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -4.87% return, which is significantly lower than USCI's 23.68% return. Over the past 10 years, GLD has outperformed USCI with an annualized return of 11.48%, while USCI has yielded a comparatively lower 8.41% annualized return.
GLD
- 1D
- -0.31%
- 1M
- -2.41%
- 6M
- -9.04%
- YTD
- -4.87%
- 1Y
- 21.95%
- 3Y*
- 28.08%
- 5Y*
- 17.38%
- 10Y*
- 11.48%
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%
GLD vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -4.87% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
USCI United States Commodity Index Fund | 23.68% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between GLD and USCI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.33 |
The correlation between GLD and USCI shifts across timeframes, from 0.19 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. USCI — Risk / Return Rank
GLD
USCI
GLD vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.30 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 2.67 | -1.78 |
| Martin ratioReturn relative to average drawdown | 2.19 | 8.50 | -6.30 |
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Drawdowns
GLD vs. USCI - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for GLD and USCI.
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Drawdown Indicators
| GLD | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -66.41% | +20.85% |
Max Drawdown (1Y)Largest decline over 1 year | -26.21% | -11.19% | -15.02% |
Max Drawdown (3Y)Largest decline over 3 years | -26.21% | -12.01% | -14.20% |
Max Drawdown (5Y)Largest decline over 5 years | -26.21% | -18.84% | -7.37% |
Max Drawdown (10Y)Largest decline over 10 years | -26.21% | -45.82% | +19.61% |
Current DrawdownCurrent decline from peak | -23.97% | -6.52% | -17.45% |
Average DrawdownAverage peak-to-trough decline | -16.18% | -29.37% | +13.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.56% | 3.51% | +7.05% |
Volatility
GLD vs. USCI - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 8.27% compared to United States Commodity Index Fund (USCI) at 4.94%. This indicates that GLD'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
| GLD | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 4.94% | +3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 24.05% | 14.42% | +9.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.78% | 16.91% | +10.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.34% | 18.40% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 15.88% | +0.20% |
GLD vs. USCI - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
GLD vs. USCI - Dividend Comparison
Neither GLD nor USCI has paid dividends to shareholders.
Frequently Asked Questions
GLD and USCI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.27%) compared to USCI (4.94%). In terms of maximum drawdown, GLD dropped -45.56% vs USCI's -66.41%.
On 10-year performance, GLD leads with 11.48% vs 8.41% for USCI. On fees, GLD is cheaper at 0.40% 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.
Over the 10-year period, GLD has performed better with a 11.48% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 1.03% for USCI.
GLD and USCI have nearly identical dividend yields, around 0.00%.
GLD is categorized as Gold, while USCI is Commodities. GLD tracks LBMA Gold Price PM, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: State Street and United States Commodity Funds. Their fees differ too: 0.40% for GLD and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.77 vs 0.84), 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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