UCIB vs. USML

Last updated Jun 4, 2026

UCIB (ETRACS CMCI Total Return ETN Series B) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - UCIB is a Commodities fund tracking the UBS Bloomberg CMCI Index, while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, UCIB returned 11.77%/yr vs 8.11%/yr for USML. At a 0.11 correlation, their price movements are largely independent. UCIB charges 0.55%/yr vs 0.95%/yr for USML.

Performance

UCIB vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS CMCI Total Return ETN Series B (UCIB) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCIB achieves a 20.67% return, which is significantly higher than USML's 2.96% return.

UCIB

• 1D: -1.83%
• 1M: -5.93%
• YTD: 20.67%
• 6M: 21.76%
• 1Y: 29.68%
• 3Y*: 13.51%
• 5Y*: 11.77%
• 10Y*: 10.30%

USML

• 1D: -1.24%
• 1M: 3.76%
• YTD: 2.96%
• 6M: 2.63%
• 1Y: 2.80%
• 3Y*: 16.27%
• 5Y*: 8.11%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UCIB vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UCIB ETRACS CMCI Total Return ETN Series B	20.67%	8.97%	6.58%	-2.26%	18.24%	28.76%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	2.96%	9.33%	23.97%	11.37%	-22.87%	42.12%

Correlation

The correlation between UCIB and USML is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.11

The correlation between UCIB and USML shifts across timeframes, from -0.06 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

UCIB vs. USML — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UCIB

UCIB Risk / Return Rank: 36
UCIB Sharpe Ratio Rank: 26
UCIB Sortino Ratio Rank: 26
UCIB Omega Ratio Rank: 45
UCIB Calmar Ratio Rank: 39
UCIB Martin Ratio Rank: 41

USML

USML Risk / Return Rank: 11
USML Sharpe Ratio Rank: 11
USML Sortino Ratio Rank: 11
USML Omega Ratio Rank: 10
USML Calmar Ratio Rank: 11
USML Martin Ratio Rank: 12

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.

UCIB vs. USML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS CMCI Total Return ETN Series B (UCIB) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.

	UCIB	USML	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.17	+0.77
Sortino ratio: Return per unit of downside risk	1.38	0.35	+1.03
Omega ratio: Gain probability vs. loss probability	1.29	1.04	+0.24
Calmar ratio: Return relative to maximum drawdown	1.92	0.21	+1.71
Martin ratio: Return relative to average drawdown	6.55	0.65	+5.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCIB vs. USML - Sharpe Ratio Comparison

The current UCIB Sharpe Ratio is 0.94, which is higher than the USML Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of UCIB and USML, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCIB	USML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.17	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.33	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.44	-0.06

Drawdowns

UCIB vs. USML - Drawdown Comparison

The maximum UCIB drawdown since its inception was -36.94%, roughly equal to the maximum USML drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for UCIB and USML.

Drawdown Indicators

	UCIB	USML	Difference
Max Drawdown Largest peak-to-trough decline	-36.94%	-35.34%	-1.60%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-13.09%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.18%	-19.14%	+2.96%
Max Drawdown (5Y) Largest decline over 5 years	-20.95%	-35.34%	+14.39%
Max Drawdown (10Y) Largest decline over 10 years	-36.94%	—	—
Current Drawdown Current decline from peak	-15.53%	-3.69%	-11.84%
Average Drawdown Average peak-to-trough decline	-9.06%	-10.41%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	4.33%	+0.21%

Volatility

UCIB vs. USML - Volatility Comparison

ETRACS CMCI Total Return ETN Series B (UCIB) has a higher volatility of 16.62% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.22%. This indicates that UCIB's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCIB	USML	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.62%	4.22%	+12.40%
Volatility (6M) Calculated over the trailing 6-month period	31.05%	11.44%	+19.61%
Volatility (1Y) Calculated over the trailing 1-year period	31.72%	16.38%	+15.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.74%	24.47%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	24.29%	-1.07%

UCIB vs. USML - Expense Ratio Comparison

UCIB has a 0.55% expense ratio, which is lower than USML's 0.95% expense ratio.

Dividends

UCIB vs. USML - Dividend Comparison

Neither UCIB nor USML has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UCIB and USML in my portfolio?

UCIB and USML have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCIB or USML?

UCIB has higher volatility (16.62%) compared to USML (4.22%). In terms of maximum drawdown, UCIB dropped -36.94% vs USML's -35.34%.

Which ETF is better, UCIB or USML?

On 5-year performance, UCIB leads with 11.77% vs 8.11% for USML. On fees, UCIB is cheaper at 0.55% per year. On volatility, USML has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCIB or USML?

Over the 5-year period, UCIB has performed better with a 11.77% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCIB or USML?

UCIB is cheaper with a 0.55% expense ratio, compared with 0.95% for USML.

Which ETF pays a higher dividend yield, UCIB or USML?

UCIB and USML have nearly identical dividend yields, around 0.00%.

What is the main difference between UCIB and USML?

UCIB is categorized as Commodities, while USML is Leveraged Equities. UCIB tracks UBS Bloomberg CMCI Index, while USML tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.55% for UCIB and 0.95% for USML.

Which has better risk-adjusted returns?

UCIB currently has the higher Sharpe Ratio (0.94 vs 0.17), 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.