SDCI vs. USL
SDCI (USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund) and USL (United States 12 Month Oil Fund, LP) are both exchange-traded funds - SDCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while USL is a Oil & Gas fund tracking the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. Both are passively managed. Over the past 5 years, SDCI returned 20.72%/yr vs 14.75%/yr for USL. Their 0.65 correlation means they have sometimes moved together and sometimes differently. SDCI charges 0.60%/yr vs 1.02%/yr for USL.
Performance
SDCI vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, SDCI achieves a 29.05% return, which is significantly lower than USL's 45.48% return.
SDCI
- 1D
- -1.80%
- 1M
- 8.06%
- 6M
- 23.88%
- YTD
- 29.05%
- 1Y
- 36.63%
- 3Y*
- 20.01%
- 5Y*
- 20.72%
- 10Y*
- —
- ALL TIME*
- 11.33%
USL
- 1D
- -3.31%
- 1M
- 7.79%
- 6M
- 36.77%
- YTD
- 45.48%
- 1Y
- 32.44%
- 3Y*
- 8.87%
- 5Y*
- 14.75%
- 10Y*
- 10.99%
- ALL TIME*
- -0.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.30M | $7.22M | $7.46M | |
| $622.21K | $683.63K | $1.11M |
SDCI vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 29.05% | 17.60% | 17.91% | -0.88% | 33.23% | 36.52% | -10.61% | -2.36% | -13.91% |
USL United States 12 Month Oil Fund, LP | 45.48% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -24.19% |
Correlation
The correlation between SDCI and USL is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (All Time) Calculated using the full available price history since May 3, 2018 | 0.65 |
The correlation between SDCI and USL shifts across timeframes, from 0.65 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SDCI vs. USL — Risk / Return Rank
SDCI
USL
SDCI vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) and United States 12 Month Oil Fund, LP (USL). 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.
| SDCI | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.20 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 1.56 | +1.78 |
| Martin ratioReturn relative to average drawdown | 10.56 | 4.30 | +6.26 |
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Drawdowns
SDCI vs. USL - Drawdown Comparison
The maximum SDCI drawdown since its inception was -45.79%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for SDCI and USL.
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Drawdown Indicators
| SDCI | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.79% | -89.06% | +43.27% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -20.91% | +9.88% |
Max Drawdown (3Y)Largest decline over 3 years | -11.96% | -23.33% | +11.37% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -33.82% | +15.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -66.02% | — |
Current DrawdownCurrent decline from peak | -3.30% | -44.83% | +41.53% |
Average DrawdownAverage peak-to-trough decline | -11.46% | -61.29% | +49.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 7.57% | -4.09% |
Volatility
SDCI vs. USL - Volatility Comparison
The current volatility for USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) is 5.71%, while United States 12 Month Oil Fund, LP (USL) has a volatility of 11.15%. This indicates that SDCI experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDCI | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.71% | 11.15% | -5.44% |
Volatility (6M)Calculated over the trailing 6-month period | 13.97% | 25.98% | -12.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.33% | 29.96% | -12.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.47% | 30.38% | -11.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 32.36% | -15.28% |
SDCI vs. USL - Expense Ratio Comparison
SDCI has a 0.60% expense ratio, which is lower than USL's 1.02% expense ratio.
Dividends
SDCI vs. USL - Dividend Comparison
SDCI's dividend yield for the trailing twelve months is around 2.85%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 2.85% | 3.68% | 5.92% | 3.46% | 33.49% | 19.26% | 0.20% | 0.93% | 0.68% |
USL United States 12 Month Oil Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDCI and USL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (11.15%) compared to SDCI (5.71%). In terms of maximum drawdown, SDCI dropped -45.79% vs USL's -89.06%.
On 5-year performance, SDCI leads with 20.72% vs 14.75% for USL. On fees, SDCI is cheaper at 0.60% per year. On volatility, SDCI has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SDCI has performed better with a 20.72% return vs 14.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDCI is cheaper with a 0.60% expense ratio, compared with 1.02% for USL.
SDCI has the higher dividend yield at 2.85%, compared with 0.00% for USL.
SDCI is categorized as Commodities, while USL is Oil & Gas. SDCI tracks SummerHaven Dynamic Commodity Index Total Return, while USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. Their fees differ too: 0.60% for SDCI and 1.02% for USL.
SDCI currently has the higher Sharpe Ratio (2.13 vs 1.09), 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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