USCI vs. GSG
USCI (United States Commodity Index Fund) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds - USCI tracks the SummerHaven Dynamic Commodity (TR) while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, USCI returned 8.86%/yr vs 7.69%/yr for GSG. A 0.76 correlation means they provide meaningful diversification when combined. USCI charges 1.03%/yr vs 0.75%/yr for GSG.
Performance
USCI vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 28.22% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, USCI has outperformed GSG with an annualized return of 8.86%, while GSG has yielded a comparatively lower 7.69% 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%
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
USCI vs. GSG - 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% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between USCI and GSG is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2010 | 0.76 |
The correlation between USCI and GSG shifts across timeframes, from 0.76 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USCI vs. GSG — Risk / Return Rank
USCI
GSG
USCI vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.40 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | 5.47 | -0.83 |
| Martin ratioReturn relative to average drawdown | 16.18 | 14.39 | +1.79 |
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 | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 2.26 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.70 | +0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.35 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | -0.09 | +0.39 |
Drawdowns
USCI vs. GSG - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for USCI and GSG.
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Drawdown Indicators
| USCI | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -89.62% | +23.21% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -9.46% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -14.94% | +2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -29.12% | +10.28% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -57.64% | +11.82% |
Current DrawdownCurrent decline from peak | -3.10% | -56.95% | +53.85% |
Average DrawdownAverage peak-to-trough decline | -29.51% | -63.71% | +34.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 3.59% | -1.09% |
Volatility
USCI vs. GSG - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 4.51%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 7.65% | -3.14% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 20.42% | -6.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 22.95% | -6.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 22.61% | -4.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.85% | 22.03% | -6.18% |
USCI vs. GSG - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
USCI vs. GSG - Dividend Comparison
Neither USCI nor GSG has paid dividends to shareholders.
Frequently Asked Questions
USCI and GSG have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to USCI (4.51%). In terms of maximum drawdown, USCI dropped -66.41% vs GSG's -89.62%.
On 10-year performance, USCI leads with 8.86% vs 7.69% for GSG. On fees, GSG is cheaper at 0.75% 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, USCI has performed better with a 8.86% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 1.03% for USCI.
USCI and GSG have nearly identical dividend yields, around 0.00%.
USCI tracks SummerHaven Dynamic Commodity (TR), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Concierge Technologies and iShares. Their fees differ too: 1.03% for USCI and 0.75% for GSG.
USCI currently has the higher Sharpe Ratio (2.43 vs 2.26), 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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