USCI vs. CMDT
USCI (United States Commodity Index Fund) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds - USCI tracks the SummerHaven Dynamic Commodity (TR) while CMDT tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, USCI returned 23.15%/yr vs 16.90%/yr for CMDT. Their correlation of 0.83 suggests significant overlap in exposure. USCI charges 1.03%/yr vs 0.65%/yr for CMDT.
Performance
USCI vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 28.22% return, which is significantly higher than CMDT's 23.96% return.
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%
CMDT
- 1D
- -0.03%
- 1M
- -0.63%
- YTD
- 23.96%
- 6M
- 24.09%
- 1Y
- 35.85%
- 3Y*
- 16.90%
- 5Y*
- —
- 10Y*
- —
USCI vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USCI United States Commodity Index Fund | 28.22% | 17.63% | 17.24% | 3.87% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 23.96% | 12.78% | 6.93% | 5.50% |
Correlation
The correlation between USCI and CMDT is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | 0.83 |
The correlation between USCI and CMDT has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.
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Return for Risk
USCI vs. CMDT — Risk / Return Rank
USCI
CMDT
USCI vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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.
| USCI | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.50 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | 8.03 | -3.39 |
| Martin ratioReturn relative to average drawdown | 16.18 | 22.12 | -5.94 |
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
| USCI | CMDT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 2.92 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 1.32 | -1.02 |
Drawdowns
USCI vs. CMDT - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for USCI and CMDT.
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Drawdown Indicators
| USCI | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -9.69% | -56.72% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -4.49% | -4.24% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -9.69% | -2.32% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | — | — |
Current DrawdownCurrent decline from peak | -3.10% | -2.86% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -29.51% | -2.69% | -26.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 1.63% | +0.87% |
Volatility
USCI vs. CMDT - Volatility Comparison
United States Commodity Index Fund (USCI) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) have volatilities of 4.51% and 4.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 4.33% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 10.30% | +3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 12.35% | +4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 12.21% | +6.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.85% | 12.21% | +3.64% |
USCI vs. CMDT - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than CMDT's 0.65% expense ratio.
Dividends
USCI vs. CMDT - Dividend Comparison
USCI has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.44%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.44% | 3.04% | 8.80% | 2.71% |
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USCI and CMDT have a correlation of 0.84, 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 CMDT (4.33%). In terms of maximum drawdown, USCI dropped -66.41% vs CMDT's -9.69%.
On 3-year performance, USCI leads with 23.15% vs 16.90% for CMDT. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USCI has performed better with a 23.15% return vs 16.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDT is cheaper with a 0.65% expense ratio, compared with 1.03% for USCI.
CMDT has the higher dividend yield at 2.44%, compared with 0.00% for USCI.
USCI tracks SummerHaven Dynamic Commodity (TR), while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Concierge Technologies and PIMCO. Their fees differ too: 1.03% for USCI and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (2.92 vs 2.43), 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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