USCI vs. CPER
USCI (United States Commodity Index Fund) and CPER (United States Copper Index Fund) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR), while CPER is a Metals fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, USCI returned 8.86%/yr vs 10.91%/yr for CPER. At a 0.45 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 1.06%/yr for CPER.
Performance
USCI vs. CPER - 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 CPER's 12.76% return. Over the past 10 years, USCI has underperformed CPER with an annualized return of 8.86%, while CPER has yielded a comparatively higher 10.91% annualized 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%
CPER
- 1D
- -2.91%
- 1M
- 10.79%
- YTD
- 12.76%
- 6M
- 19.35%
- 1Y
- 29.71%
- 3Y*
- 19.71%
- 5Y*
- 7.21%
- 10Y*
- 10.91%
USCI vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 28.22% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
CPER United States Copper Index Fund | 12.76% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between USCI and CPER is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2011 | 0.45 |
Over the past year, the correlation between USCI and CPER has dropped to 0.22 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
USCI vs. CPER — Risk / Return Rank
USCI
CPER
USCI vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and United States Copper Index Fund (CPER). 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 | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.20 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | 1.20 | +3.43 |
| Martin ratioReturn relative to average drawdown | 16.18 | 2.50 | +13.68 |
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 | CPER | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 0.87 | +1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.27 | +0.78 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.46 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.13 | +0.17 |
Drawdowns
USCI vs. CPER - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for USCI and CPER.
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Drawdown Indicators
| USCI | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -54.04% | -12.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -24.77% | +16.04% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -24.77% | +12.76% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -34.75% | +15.91% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -38.42% | -7.40% |
Current DrawdownCurrent decline from peak | -3.10% | -2.91% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -29.51% | -25.41% | -4.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 11.93% | -9.43% |
Volatility
USCI vs. CPER - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 4.51%, while United States Copper Index Fund (CPER) has a volatility of 9.73%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 9.73% | -5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 22.85% | -8.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 34.48% | -17.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 26.97% | -8.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.85% | 24.04% | -8.19% |
USCI vs. CPER - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
USCI vs. CPER - Dividend Comparison
Neither USCI nor CPER has paid dividends to shareholders.
Frequently Asked Questions
USCI and CPER have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (9.73%) compared to USCI (4.51%). In terms of maximum drawdown, USCI dropped -66.41% vs CPER's -54.04%.
On 10-year performance, CPER leads with 10.91% vs 8.86% for USCI. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 10.91% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USCI is cheaper with a 1.03% expense ratio, compared with 1.06% for CPER.
USCI and CPER have nearly identical dividend yields, around 0.00%.
USCI is categorized as Commodities, while CPER is Metals. USCI tracks SummerHaven Dynamic Commodity (TR), while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: Concierge Technologies and USCF. Their fees differ too: 1.03% for USCI and 1.06% for CPER.
USCI currently has the higher Sharpe Ratio (2.43 vs 0.87), 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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