INFL vs. USCI
INFL (Horizon Kinetics Inflation Beneficiaries ETF) and USCI (United States Commodity Index Fund) are both exchange-traded funds - INFL is a Global Equities fund actively managed by Horizon Kinetics LLC, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR). INFL is actively managed, while USCI is passively managed. Over the past 5 years, INFL returned 13.12%/yr vs 19.28%/yr for USCI. At a 0.48 correlation, their price movements are largely independent. INFL charges 0.85%/yr vs 1.03%/yr for USCI.
Performance
INFL vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, INFL achieves a 17.21% return, which is significantly lower than USCI's 28.22% return.
INFL
- 1D
- -0.48%
- 1M
- -1.64%
- YTD
- 17.21%
- 6M
- 17.82%
- 1Y
- 23.41%
- 3Y*
- 21.83%
- 5Y*
- 13.12%
- 10Y*
- —
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%
INFL vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
INFL Horizon Kinetics Inflation Beneficiaries ETF | 17.21% | 18.30% | 23.34% | 1.62% | 2.65% | 24.77% |
USCI United States Commodity Index Fund | 28.22% | 17.63% | 17.24% | -0.00% | 29.47% | 29.37% |
Correlation
The correlation between INFL and USCI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021 | 0.48 |
The correlation between INFL and USCI shifts across timeframes, from 0.36 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INFL vs. USCI — Risk / Return Rank
INFL
USCI
INFL vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Inflation Beneficiaries ETF (INFL) 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.
| INFL | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.41 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 4.64 | -1.83 |
| Martin ratioReturn relative to average drawdown | 7.68 | 16.18 | -8.50 |
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
| INFL | USCI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 2.43 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 1.05 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.91 | 0.30 | +0.61 |
Drawdowns
INFL vs. USCI - Drawdown Comparison
The maximum INFL drawdown since its inception was -21.30%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for INFL and USCI.
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Drawdown Indicators
| INFL | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -66.41% | +45.11% |
Max Drawdown (1Y)Largest decline over 1 year | -8.36% | -8.73% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -15.56% | -12.01% | -3.55% |
Max Drawdown (5Y)Largest decline over 5 years | -21.30% | -18.84% | -2.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.82% | — |
Current DrawdownCurrent decline from peak | -5.51% | -3.10% | -2.41% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -29.51% | +24.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 2.50% | +0.56% |
Volatility
INFL vs. USCI - Volatility Comparison
The current volatility for Horizon Kinetics Inflation Beneficiaries ETF (INFL) is 3.60%, while United States Commodity Index Fund (USCI) has a volatility of 4.51%. This indicates that INFL experiences smaller price fluctuations and is considered to be less risky 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
| INFL | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.60% | 4.51% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 12.32% | 13.93% | -1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.52% | 16.70% | -1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.71% | 18.44% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.64% | 15.85% | +1.79% |
INFL vs. USCI - Expense Ratio Comparison
INFL has a 0.85% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
INFL vs. USCI - Dividend Comparison
INFL's dividend yield for the trailing twelve months is around 0.91%, while USCI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
INFL Horizon Kinetics Inflation Beneficiaries ETF | 0.91% | 1.26% | 1.77% | 1.60% | 1.65% | 0.91% |
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INFL and USCI have a correlation of 0.36, 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 INFL (3.60%). In terms of maximum drawdown, INFL dropped -21.30% vs USCI's -66.41%.
On 5-year performance, USCI leads with 19.28% vs 13.12% for INFL. On fees, INFL is cheaper at 0.85% per year. On volatility, INFL has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USCI has performed better with a 19.28% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INFL is cheaper with a 0.85% expense ratio, compared with 1.03% for USCI.
INFL has the higher dividend yield at 0.91%, compared with 0.00% for USCI.
INFL is categorized as Global Equities, while USCI is Commodities. They also come from different issuers: Horizon Kinetics LLC and Concierge Technologies. Their fees differ too: 0.85% for INFL and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (2.43 vs 1.51), 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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