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IGE vs. USCI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGE vs. USCI

Last updated Jun 4, 2026

IGE (iShares North American Natural Resources ETF) and USCI (United States Commodity Index Fund) are both exchange-traded funds - IGE is a Energy Equities fund tracking the S&P North American Natural Resources Sector Index, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR). Both are passively managed. Over the past 10 years, IGE returned 9.79%/yr vs 8.86%/yr for USCI. A 0.55 correlation means they provide meaningful diversification when combined. IGE charges 0.39%/yr vs 1.03%/yr for USCI.

Performance

IGE vs. USCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares North American Natural Resources ETF (IGE) and United States Commodity Index Fund (USCI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IGE achieves a 22.98% return, which is significantly lower than USCI's 28.22% return. Over the past 10 years, IGE has outperformed USCI with an annualized return of 9.79%, while USCI has yielded a comparatively lower 8.86% annualized return.

IGE

1D
-0.15%
1M
-0.36%
YTD
22.98%
6M
23.36%
1Y
43.74%
3Y*
20.25%
5Y*
17.22%
10Y*
9.79%

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)

IGE vs. USCI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGE
iShares North American Natural Resources ETF		22.98%20.41%7.55%3.12%33.24%39.42%-19.58%17.16%-21.59%0.82%
USCI
United States Commodity Index Fund		28.22%17.63%17.24%-0.00%29.47%33.07%-11.47%-1.68%-11.76%6.32%

Correlation

The correlation between IGE and USCI is 0.55, 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

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.53

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Aug 11, 2010

0.55

The correlation between IGE and USCI has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares North American Natural Resources ETF

United States Commodity Index Fund

Often compared with IGE:
IGE vs. NANRIGE vs. GUNRIGE vs. XLEIGE vs. IGEBIGE vs. PXEIGE vs. VTIIGE vs. FXAIX
Often compared with USCI:
USCI vs. DBCUSCI vs. SDCIUSCI vs. PDBCUSCI vs. SPYUSCI vs. VOOUSCI vs. CCRVUSCI vs. GLDM

Return for Risk

IGE vs. USCI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGE
IGE Risk / Return Rank: 8484
Overall Rank
IGE Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
IGE Sortino Ratio Rank: 8080
Sortino Ratio Rank
IGE Omega Ratio Rank: 7575
Omega Ratio Rank
IGE Calmar Ratio Rank: 9595
Calmar Ratio Rank
IGE Martin Ratio Rank: 8888
Martin Ratio Rank
USCI
USCI Risk / Return Rank: 7474
Overall Rank
USCI Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
USCI Sortino Ratio Rank: 6666
Sortino Ratio Rank
USCI Omega Ratio Rank: 6666
Omega Ratio Rank
USCI Calmar Ratio Rank: 8484
Calmar Ratio Rank
USCI Martin Ratio Rank: 8181
Martin Ratio Rank
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.

IGE vs. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares North American Natural Resources ETF (IGE) 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.

IGEUSCIDifference
Sharpe ratioReturn per unit of total volatility
2.75
2.43

+0.33

Sortino ratioReturn per unit of downside risk
3.64
3.10

+0.54

Omega ratioGain probability vs. loss probability

1.45

1.41

+0.05

Calmar ratioReturn relative to maximum drawdown

7.93

4.64

+3.29

Martin ratioReturn relative to average drawdown

19.51

16.18

+3.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGE vs. USCI - Sharpe Ratio Comparison

The current IGE Sharpe Ratio is 2.75, which is comparable to the USCI Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of IGE and USCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IGEUSCIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.75

2.43

+0.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

1.05

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

0.56

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.30

0.00

Drawdowns

IGE vs. USCI - Drawdown Comparison

The maximum IGE drawdown since its inception was -67.55%, roughly equal to the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for IGE and USCI.

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Drawdown Indicators

IGEUSCIDifference

Max Drawdown

Largest peak-to-trough decline

-67.55%

-66.41%

-1.14%

Max Drawdown (1Y)

Largest decline over 1 year

-5.54%

-8.73%

+3.19%

Max Drawdown (3Y)

Largest decline over 3 years

-19.49%

-12.01%

-7.48%

Max Drawdown (5Y)

Largest decline over 5 years

-25.72%

-18.84%

-6.88%

Max Drawdown (10Y)

Largest decline over 10 years

-60.57%

-45.82%

-14.75%

Current Drawdown

Current decline from peak

-2.86%

-3.10%

+0.24%

Average Drawdown

Average peak-to-trough decline

-18.90%

-29.51%

+10.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

2.50%

-0.25%

Volatility

IGE vs. USCI - Volatility Comparison

iShares North American Natural Resources ETF (IGE) and United States Commodity Index Fund (USCI) have volatilities of 4.40% and 4.51%, 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.

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Volatility by Period

IGEUSCIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.40%

4.51%

-0.11%

Volatility (6M)

Calculated over the trailing 6-month period

12.67%

13.93%

-1.26%

Volatility (1Y)

Calculated over the trailing 1-year period

15.98%

16.70%

-0.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.45%

18.44%

+4.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.94%

15.85%

+9.09%

IGE vs. USCI - Expense Ratio Comparison

IGE has a 0.39% expense ratio, which is lower than USCI's 1.03% expense ratio.

Dividends

IGE vs. USCI - Dividend Comparison

IGE's dividend yield for the trailing twelve months is around 1.89%, while USCI has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IGE
iShares North American Natural Resources ETF		1.89%2.32%2.54%2.85%2.96%2.92%3.34%5.55%2.68%2.11%1.66%3.08%
USCI
United States Commodity Index Fund		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IGE and USCI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USCI has higher volatility (4.51%) compared to IGE (4.40%). In terms of maximum drawdown, IGE dropped -67.55% vs USCI's -66.41%.

On 10-year performance, IGE leads with 9.79% vs 8.86% for USCI. On fees, IGE is cheaper at 0.39% per year. On volatility, IGE has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IGE has performed better with a 9.79% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IGE is cheaper with a 0.39% expense ratio, compared with 1.03% for USCI.

IGE has the higher dividend yield at 1.89%, compared with 0.00% for USCI.

IGE is categorized as Energy Equities, while USCI is Commodities. IGE tracks S&P North American Natural Resources Sector Index, while USCI tracks SummerHaven Dynamic Commodity (TR). They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.39% for IGE and 1.03% for USCI.

IGE currently has the higher Sharpe Ratio (2.75 vs 2.43), 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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