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USCI vs. GSG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

USCI vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Commodity Index Fund (USCI) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

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

USCI vs. GSG - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
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

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

USCI
USCI Risk / Return Rank: 7474
Overall Rank
USCI Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
USCI Sortino Ratio Rank: 6666
Sortino Ratio Rank
USCI Omega Ratio Rank: 6666
Omega Ratio Rank
USCI Calmar Ratio Rank: 8484
Calmar Ratio Rank
USCI Martin Ratio Rank: 8181
Martin Ratio Rank

GSG
GSG Risk / Return Rank: 7171
Overall Rank
GSG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6565
Omega Ratio Rank
GSG Calmar Ratio Rank: 8989
Calmar Ratio Rank
GSG Martin Ratio Rank: 7575
Martin Ratio Rank
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.

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.


USCIGSGDifference
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

USCI vs. GSG - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 2.43, which is comparable to the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of USCI and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Sharpe Ratios by Period


USCIGSGDifference

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


USCIGSGDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-3.10%

-56.95%

+53.85%

Average Drawdown

Average peak-to-trough decline

-29.51%

-63.71%

+34.20%

Ulcer Index

Depth 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


USCIGSGDifference

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.


Tickers have no history of dividend payments

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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