GSG vs. USE
GSG (iShares S&P GSCI Commodity-Indexed Trust) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. GSG is passively managed, while USE is actively managed. Over the past 3 years, GSG returned 19.31%/yr vs 17.85%/yr for USE. A 0.76 correlation means they provide meaningful diversification when combined. GSG charges 0.75%/yr vs 0.79%/yr for USE.
Performance
GSG vs. USE - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 42.58% return, which is significantly lower than USE's 48.69% return.
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
USE
- 1D
- 2.75%
- 1M
- -2.96%
- YTD
- 48.69%
- 6M
- 51.72%
- 1Y
- 41.25%
- 3Y*
- 17.85%
- 5Y*
- —
- 10Y*
- —
GSG vs. USE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | 6.70% |
USE USCF Energy Commodity Strategy Absolute Return Fund | 48.69% | -14.97% | 22.58% | 9.98% |
Correlation
The correlation between GSG and USE is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since May 5, 2023 | 0.76 |
The correlation between GSG and USE has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
GSG vs. USE — Risk / Return Rank
GSG
USE
GSG vs. USE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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.
| GSG | USE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.23 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 5.47 | 1.58 | +3.89 |
| Martin ratioReturn relative to average drawdown | 14.39 | 3.10 | +11.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GSG | USE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 1.32 | +0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.70 | -0.79 |
Drawdowns
GSG vs. USE - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for GSG and USE.
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Drawdown Indicators
| GSG | USE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -26.24% | -63.38% |
Max Drawdown (1Y)Largest decline over 1 year | -9.46% | -26.24% | +16.78% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -26.24% | +11.30% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | — | — |
Current DrawdownCurrent decline from peak | -56.95% | -4.44% | -52.51% |
Average DrawdownAverage peak-to-trough decline | -63.71% | -7.96% | -55.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 13.32% | -9.73% |
Volatility
GSG vs. USE - Volatility Comparison
The current volatility for iShares S&P GSCI Commodity-Indexed Trust (GSG) is 7.65%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 11.11%. This indicates that GSG experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | USE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.65% | 11.11% | -3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 20.42% | 25.86% | -5.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.95% | 31.46% | -8.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 27.06% | -4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.03% | 27.06% | -5.03% |
GSG vs. USE - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is lower than USE's 0.79% expense ratio.
Dividends
GSG vs. USE - Dividend Comparison
GSG has not paid dividends to shareholders, while USE's dividend yield for the trailing twelve months is around 2.06%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
USE USCF Energy Commodity Strategy Absolute Return Fund | 2.06% | 3.06% | 38.65% | 4.83% |
Frequently Asked Questions
GSG and USE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USE has higher volatility (11.11%) compared to GSG (7.65%). In terms of maximum drawdown, GSG dropped -89.62% vs USE's -26.24%.
On 3-year performance, GSG leads with 19.31% vs 17.85% for USE. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 19.31% return vs 17.85%. 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 0.79% for USE.
USE has the higher dividend yield at 2.06%, compared with 0.00% for GSG.
They also come from different issuers: iShares and USCF. Their fees differ too: 0.75% for GSG and 0.79% for USE.
GSG currently has the higher Sharpe Ratio (2.26 vs 1.32), 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.
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