GSG vs. USCI
GSG (iShares S&P GSCI Commodity-Indexed Trust) and USCI (United States Commodity Index Fund) are both Commodities funds - GSG tracks the S&P GSCI Total Return Index while USCI tracks the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, GSG returned 8.91%/yr vs 9.20%/yr for USCI. Their 0.77 correlation means they have sometimes moved together and sometimes differently. GSG charges 0.75%/yr vs 1.03%/yr for USCI.
Performance
GSG vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 38.94% return, which is significantly higher than USCI's 30.16% return. Both investments have delivered pretty close results over the past 10 years, with GSG having a 8.91% annualized return and USCI not far ahead at 9.20%.
GSG
- 1D
- 0.28%
- 1M
- 13.10%
- 6M
- 25.75%
- YTD
- 38.94%
- 1Y
- 40.53%
- 3Y*
- 14.13%
- 5Y*
- 14.47%
- 10Y*
- 8.91%
- ALL TIME*
- -2.13%
USCI
- 1D
- 0.05%
- 1M
- 9.30%
- 6M
- 19.52%
- YTD
- 30.16%
- 1Y
- 35.83%
- 3Y*
- 19.78%
- 5Y*
- 19.95%
- 10Y*
- 9.20%
- ALL TIME*
- 4.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.60M | $17.31M | $26.52M | |
| $1.01M | $1.13M | $1.88M |
GSG vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 38.94% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
USCI United States Commodity Index Fund | 30.16% | 17.63% | 17.24% | 0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between GSG and USCI is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.77 |
The correlation between GSG and USCI shifts across timeframes, from 0.77 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. USCI — Risk / Return Rank
GSG
USCI
GSG vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) 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.
| GSG | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.36 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 3.22 | -1.05 |
| Martin ratioReturn relative to average drawdown | 6.99 | 10.29 | -3.31 |
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Drawdowns
GSG vs. USCI - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for GSG and USCI.
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Drawdown Indicators
| GSG | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -66.41% | -23.21% |
Max Drawdown (1Y)Largest decline over 1 year | -18.81% | -11.19% | -7.62% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -12.01% | -6.80% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -18.84% | -10.28% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | -45.82% | -11.82% |
Current DrawdownCurrent decline from peak | -58.05% | -1.85% | -56.20% |
Average DrawdownAverage peak-to-trough decline | -63.67% | -29.27% | -34.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.84% | 3.50% | +2.34% |
Volatility
GSG vs. USCI - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 8.11% compared to United States Commodity Index Fund (USCI) at 5.30%. This indicates that GSG'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
| GSG | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.11% | 5.30% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 14.27% | +7.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.23% | 17.21% | +7.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.86% | 18.42% | +4.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 15.91% | +6.15% |
GSG vs. USCI - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
GSG vs. USCI - Dividend Comparison
Neither GSG nor USCI has paid dividends to shareholders.
Frequently Asked Questions
GSG and USCI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.11%) compared to USCI (5.30%). In terms of maximum drawdown, GSG dropped -89.62% vs USCI's -66.41%.
On 10-year performance, USCI leads with 9.20% vs 8.91% for GSG. On fees, GSG is cheaper at 0.75% per year. On volatility, USCI has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 9.20% return vs 8.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 1.03% for USCI.
GSG and USCI have nearly identical dividend yields, around 0.00%.
GSG tracks S&P GSCI Total Return Index, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: iShares and USCF. Their fees differ too: 0.75% for GSG and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (2.10 vs 1.68), 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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