UBT vs. SDCI
UBT (ProShares Ultra 20+ Year Treasury) and SDCI (USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while SDCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 5 years, UBT returned -19.77%/yr vs 20.07%/yr for SDCI. At a correlation of -0.13, they often move in opposite directions. UBT charges 0.95%/yr vs 0.60%/yr for SDCI.
Performance
UBT vs. SDCI - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -4.25% return, which is significantly lower than SDCI's 24.19% return.
UBT
- 1D
- 0.00%
- 1M
- -2.27%
- 6M
- -5.90%
- YTD
- -4.25%
- 1Y
- 0.81%
- 3Y*
- -9.31%
- 5Y*
- -19.77%
- 10Y*
- -9.36%
SDCI
- 1D
- -0.49%
- 1M
- 0.77%
- 6M
- 22.42%
- YTD
- 24.19%
- 1Y
- 28.33%
- 3Y*
- 20.87%
- 5Y*
- 20.07%
- 10Y*
- —
UBT vs. SDCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -4.25% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | 7.14% |
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 24.19% | 17.60% | 17.91% | -0.88% | 33.23% | 36.52% | -10.61% | -2.36% | -13.91% |
Correlation
The correlation between UBT and SDCI is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since May 3, 2018 | -0.13 |
The correlation between UBT and SDCI shifts across timeframes, from -0.31 (1 year) to -0.11 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. SDCI — Risk / Return Rank
UBT
SDCI
UBT vs. SDCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI). 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.
| UBT | SDCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.41 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.30 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 2.74 | -2.85 |
| Martin ratioReturn relative to average drawdown | -0.26 | 8.61 | -8.87 |
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Drawdowns
UBT vs. SDCI - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than SDCI's maximum drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for UBT and SDCI.
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Drawdown Indicators
| UBT | SDCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -45.79% | -33.11% |
Max Drawdown (1Y)Largest decline over 1 year | -16.86% | -11.03% | -5.83% |
Max Drawdown (3Y)Largest decline over 3 years | -35.81% | -11.96% | -23.85% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -18.55% | -53.94% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | — | — |
Current DrawdownCurrent decline from peak | -77.03% | -6.59% | -70.44% |
Average DrawdownAverage peak-to-trough decline | -32.56% | -11.53% | -21.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 3.50% | +4.21% |
Volatility
UBT vs. SDCI - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.85% compared to USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) at 4.84%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than SDCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | SDCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 4.84% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 14.60% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.88% | 17.04% | +1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.19% | 18.39% | +12.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.21% | 17.07% | +12.14% |
UBT vs. SDCI - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than SDCI's 0.60% expense ratio.
Dividends
UBT vs. SDCI - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.58%, more than SDCI's 2.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 2.96% | 3.68% | 5.92% | 3.46% | 33.49% | 19.26% | 0.20% | 0.93% | 0.68% | 0.00% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.58% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Frequently Asked Questions
UBT and SDCI have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (5.85%) compared to SDCI (4.84%). In terms of maximum drawdown, UBT dropped -78.90% vs SDCI's -45.79%.
On 5-year performance, SDCI leads with 20.07% vs -19.77% for UBT. On fees, SDCI is cheaper at 0.60% per year. On volatility, SDCI has been the lower-risk option at 4.84%. 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 20.07% return vs -19.77%. 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 0.95% for UBT.
UBT has the higher dividend yield at 3.58%, compared with 2.96% for SDCI.
UBT is categorized as Leveraged Bonds, while SDCI is Commodities. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while SDCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: ProShares and USCF Investments. Their fees differ too: 0.95% for UBT and 0.60% for SDCI.
SDCI currently has the higher Sharpe Ratio (1.77 vs -0.11), 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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