USCI vs. CPXR

Last updated Aug 4, 2026

USCI (United States Commodity Index Fund) and CPXR (USCF Daily Target 2X Copper Index ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while CPXR is a Copper fund tracking the SummerHaven Copper Index. Both are passively managed. Over the past year, USCI returned 35.81% vs 84.43% for CPXR. Their 0.28 correlation means their historical movements had little consistent relationship. USCI charges 1.03%/yr vs 1.20%/yr for CPXR.

Performance

USCI vs. CPXR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Commodity Index Fund (USCI) and USCF Daily Target 2X Copper Index ETF (CPXR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCI achieves a 27.88% return, which is significantly higher than CPXR's 20.70% return.

USCI

• 1D: -1.75%
• 1M: 7.73%
• 6M: 23.25%
• YTD: 27.88%
• 1Y: 35.81%
• 3Y*: 19.39%
• 5Y*: 19.79%
• 10Y*: 8.92%
• ALL TIME*: 4.38%

CPXR

• 1D: 0.41%
• 1M: 12.40%
• 6M: 16.06%
• YTD: 20.70%
• 1Y: 84.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 38.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPXR USCF Daily Target 2X Copper Index ETF	$387.13K	$344.43K	$735.78K
USCI United States Commodity Index Fund	$1.26M	$1.23M	$1.84M

USCI vs. CPXR - Yearly Performance Comparison

	2026 (YTD)	2025
USCI United States Commodity Index Fund	27.88%	12.56%
CPXR USCF Daily Target 2X Copper Index ETF	20.70%	35.65%

Correlation

The correlation between USCI and CPXR is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.28

Return for Risk

USCI vs. CPXR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USCI

USCI Risk / Return Rank: 82
USCI Sharpe Ratio Rank: 86
USCI Sortino Ratio Rank: 83
USCI Omega Ratio Rank: 82
USCI Calmar Ratio Rank: 83
USCI Martin Ratio Rank: 78

CPXR

CPXR Risk / Return Rank: 60
CPXR Sharpe Ratio Rank: 60
CPXR Sortino Ratio Rank: 55
CPXR Omega Ratio Rank: 56
CPXR Calmar Ratio Rank: 71
CPXR Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USCI vs. CPXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and USCF Daily Target 2X Copper Index ETF (CPXR). 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.

	USCI	CPXR	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.54	+0.56
Sortino ratio: Return per unit of downside risk	2.79	2.06	+0.73
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	3.22	2.68	+0.53
Martin ratio: Return relative to average drawdown	10.27	7.77	+2.50

USCI vs. CPXR - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 2.10, which is higher than the CPXR Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of USCI and CPXR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USCI vs. CPXR - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, which is greater than CPXR's maximum drawdown of -47.87%. Use the drawdown chart below to compare losses from any high point for USCI and CPXR.

Drawdown Indicators

	USCI	CPXR	Difference
Max Drawdown Largest peak-to-trough decline	-66.41%	-47.87%	-18.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-31.64%	+20.45%
Max Drawdown (3Y) Largest decline over 3 years	-12.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	—	—
Current Drawdown Current decline from peak	-3.57%	-5.81%	+2.24%
Average Drawdown Average peak-to-trough decline	-29.26%	-18.93%	-10.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	10.90%	-7.40%

Volatility

USCI vs. CPXR - Volatility Comparison

The current volatility for United States Commodity Index Fund (USCI) is 5.70%, while USCF Daily Target 2X Copper Index ETF (CPXR) has a volatility of 12.08%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than CPXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCI	CPXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	12.08%	-6.38%
Volatility (6M) Calculated over the trailing 6-month period	13.93%	40.11%	-26.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	55.37%	-38.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	66.83%	-48.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	66.83%	-50.90%

USCI vs. CPXR - Expense Ratio Comparison

USCI has a 1.03% expense ratio, which is lower than CPXR's 1.20% expense ratio.

Dividends

USCI vs. CPXR - Dividend Comparison

USCI has not paid dividends to shareholders, while CPXR's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.58%	0.70%
USCI United States Commodity Index Fund	0.00%	0.00%

Frequently Asked Questions

Can I hold both USCI and CPXR in my portfolio?

USCI and CPXR have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USCI or CPXR?

CPXR has higher volatility (12.08%) compared to USCI (5.70%). In terms of maximum drawdown, USCI dropped -66.41% vs CPXR's -47.87%.

Which ETF is better, USCI or CPXR?

On 1-year performance, CPXR leads with 84.43% vs 35.81% for USCI. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 5.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USCI or CPXR?

Over the 1-year period, CPXR has performed better with a 84.43% return vs 35.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USCI or CPXR?

USCI is cheaper with a 1.03% expense ratio, compared with 1.20% for CPXR.

Which ETF pays a higher dividend yield, USCI or CPXR?

CPXR has the higher dividend yield at 0.58%, compared with 0.00% for USCI.

What is the main difference between USCI and CPXR?

USCI is categorized as Commodities, while CPXR is Copper. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while CPXR tracks SummerHaven Copper Index. Their fees differ too: 1.03% for USCI and 1.20% for CPXR.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (2.10 vs 1.54), 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.