GRHAX vs. SDCI

Last updated Jul 16, 2026

GRHAX (Goehring & Rozencwajg Resources Fund Retail Class) and SDCI (USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund) are both funds - GRHAX is a Natural Resources fund actively managed by Goehring & Rozencwajg, while SDCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. GRHAX is actively managed, while SDCI is passively managed. Over the past 5 years, GRHAX returned 20.31%/yr vs 20.56%/yr for SDCI. A 0.51 correlation means they provide meaningful diversification when combined. GRHAX charges 1.28%/yr vs 0.60%/yr for SDCI.

Performance

GRHAX vs. SDCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRHAX achieves a 4.44% return, which is significantly lower than SDCI's 28.73% return.

GRHAX

• 1D: 0.95%
• 1M: -6.74%
• 6M: -5.34%
• YTD: 4.44%
• 1Y: 34.74%
• 3Y*: 22.16%
• 5Y*: 20.31%
• 10Y*: —

SDCI

• 1D: 0.00%
• 1M: 5.31%
• 6M: 21.72%
• YTD: 28.73%
• 1Y: 34.42%
• 3Y*: 21.58%
• 5Y*: 20.56%
• 10Y*: —

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

GRHAX vs. SDCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	4.44%	61.00%	-1.71%	16.19%	16.43%	61.61%	-3.02%	-0.29%	-27.85%
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund	28.73%	17.60%	17.91%	-0.88%	33.23%	36.52%	-10.61%	-2.36%	-13.91%

Correlation

The correlation between GRHAX and SDCI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 3, 2018	0.51

The correlation between GRHAX and SDCI has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

Return for Risk

GRHAX vs. SDCI — Risk / Return Rank

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

GRHAX

GRHAX Risk / Return Rank: 32
GRHAX Sharpe Ratio Rank: 37
GRHAX Sortino Ratio Rank: 32
GRHAX Omega Ratio Rank: 33
GRHAX Calmar Ratio Rank: 32
GRHAX Martin Ratio Rank: 28

SDCI

SDCI Risk / Return Rank: 74
SDCI Sharpe Ratio Rank: 80
SDCI Sortino Ratio Rank: 75
SDCI Omega Ratio Rank: 72
SDCI Calmar Ratio Rank: 76
SDCI Martin Ratio Rank: 67

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.

GRHAX vs. SDCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI). 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.

	GRHAX	SDCI	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.02	-0.69
Sortino ratio: Return per unit of downside risk	1.78	2.69	-0.91
Omega ratio: Gain probability vs. loss probability	1.23	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.66	3.14	-1.47
Martin ratio: Return relative to average drawdown	4.90	9.81	-4.91

GRHAX vs. SDCI - Sharpe Ratio Comparison

The current GRHAX Sharpe Ratio is 1.33, which is lower than the SDCI Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of GRHAX and SDCI, 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

GRHAX vs. SDCI - Drawdown Comparison

The maximum GRHAX drawdown since its inception was -71.03%, which is greater than SDCI's maximum drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for GRHAX and SDCI.

Drawdown Indicators

	GRHAX	SDCI	Difference
Max Drawdown Largest peak-to-trough decline	-71.03%	-45.79%	-25.24%
Max Drawdown (1Y) Largest decline over 1 year	-20.32%	-11.03%	-9.29%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-11.96%	-13.53%
Max Drawdown (5Y) Largest decline over 5 years	-31.48%	-18.55%	-12.93%
Current Drawdown Current decline from peak	-17.38%	-3.18%	-14.20%
Average Drawdown Average peak-to-trough decline	-18.51%	-11.52%	-6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.88%	3.52%	+3.36%

Volatility

GRHAX vs. SDCI - Volatility Comparison

Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) have volatilities of 5.50% and 5.31%, 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

	GRHAX	SDCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	5.31%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	19.02%	14.63%	+4.39%
Volatility (1Y) Calculated over the trailing 1-year period	25.43%	17.14%	+8.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.04%	18.43%	+10.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.46%	17.08%	+12.38%

GRHAX vs. SDCI - Expense Ratio Comparison

GRHAX has a 1.28% expense ratio, which is higher than SDCI's 0.60% expense ratio.

Dividends

GRHAX vs. SDCI - Dividend Comparison

GRHAX's dividend yield for the trailing twelve months is around 3.14%, more than SDCI's 2.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	3.14%	3.28%	3.87%	3.03%	1.41%	3.08%	1.76%	0.43%	0.88%	0.52%
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund	2.86%	3.68%	5.92%	3.46%	33.49%	19.26%	0.20%	0.93%	0.68%	0.00%

Frequently Asked Questions

Can I hold both GRHAX and SDCI in my portfolio?

GRHAX and SDCI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRHAX or SDCI?

GRHAX has higher volatility (5.50%) compared to SDCI (5.31%). In terms of maximum drawdown, GRHAX dropped -71.03% vs SDCI's -45.79%.

Which has better risk-adjusted returns?

SDCI currently has the higher Sharpe Ratio (2.02 vs 1.33), 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.