TIP vs. USCI
TIP (iShares TIPS Bond ETF) and USCI (United States Commodity Index Fund) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, TIP returned 2.34%/yr vs 8.41%/yr for USCI. At a 0.03 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 1.03%/yr for USCI.
Performance
TIP vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 1.00% return, which is significantly lower than USCI's 23.68% return. Over the past 10 years, TIP has underperformed USCI with an annualized return of 2.34%, while USCI has yielded a comparatively higher 8.41% annualized return.
TIP
- 1D
- 0.01%
- 1M
- -0.38%
- 6M
- 0.76%
- YTD
- 1.00%
- 1Y
- 3.30%
- 3Y*
- 4.07%
- 5Y*
- 0.66%
- 10Y*
- 2.34%
USCI
- 1D
- -0.50%
- 1M
- -0.05%
- 6M
- 22.70%
- YTD
- 23.68%
- 1Y
- 28.10%
- 3Y*
- 20.39%
- 5Y*
- 19.25%
- 10Y*
- 8.41%
TIP vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.00% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
USCI United States Commodity Index Fund | 23.68% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between TIP and USCI is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.03 |
The correlation between TIP and USCI shifts across timeframes, from -0.07 (1 year) to 0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIP vs. USCI — Risk / Return Rank
TIP
USCI
TIP vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.30 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 2.67 | -1.08 |
| Martin ratioReturn relative to average drawdown | 4.58 | 8.50 | -3.92 |
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Drawdowns
TIP vs. USCI - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for TIP and USCI.
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Drawdown Indicators
| TIP | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -66.41% | +51.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -11.19% | +9.21% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -12.01% | +7.47% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -18.84% | +4.33% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -45.82% | +31.31% |
Current DrawdownCurrent decline from peak | -0.85% | -6.52% | +5.67% |
Average DrawdownAverage peak-to-trough decline | -3.42% | -29.37% | +25.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 3.51% | -2.82% |
Volatility
TIP vs. USCI - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 1.25%, while United States Commodity Index Fund (USCI) has a volatility of 4.94%. This indicates that TIP 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
| TIP | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 4.94% | -3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 14.42% | -11.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.47% | 16.91% | -13.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.20% | 18.40% | -12.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 15.88% | -10.15% |
TIP vs. USCI - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
TIP vs. USCI - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 4.44%, while USCI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 4.44% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
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
TIP and USCI have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USCI has higher volatility (4.94%) compared to TIP (1.25%). In terms of maximum drawdown, TIP dropped -14.57% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.41% vs 2.34% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.25%. 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 8.41% return vs 2.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 1.03% for USCI.
TIP has the higher dividend yield at 4.44%, compared with 0.00% for USCI.
TIP is categorized as Inflation-Protected Bonds, while USCI is Commodities. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: iShares and United States Commodity Funds. Their fees differ too: 0.18% for TIP and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.77 vs 0.91), 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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