USCI vs. INFL
USCI (United States Commodity Index Fund) and INFL (Horizon Kinetics Inflation Beneficiaries ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR), while INFL is a Global Equities fund actively managed by Horizon Kinetics LLC. USCI is passively managed, while INFL is actively managed. Over the past 5 years, USCI returned 19.28%/yr vs 13.12%/yr for INFL. At a 0.48 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 0.85%/yr for INFL.
Performance
USCI vs. INFL - 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 INFL's 17.21% 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%
INFL
- 1D
- -0.48%
- 1M
- -1.64%
- YTD
- 17.21%
- 6M
- 17.82%
- 1Y
- 23.41%
- 3Y*
- 21.83%
- 5Y*
- 13.12%
- 10Y*
- —
USCI vs. INFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 28.22% | 17.63% | 17.24% | -0.00% | 29.47% | 29.37% |
INFL Horizon Kinetics Inflation Beneficiaries ETF | 17.21% | 18.30% | 23.34% | 1.62% | 2.65% | 24.77% |
Correlation
The correlation between USCI and INFL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021 | 0.48 |
The correlation between USCI and INFL shifts across timeframes, from 0.36 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USCI vs. INFL — Risk / Return Rank
USCI
INFL
USCI vs. INFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and Horizon Kinetics Inflation Beneficiaries ETF (INFL). 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 | INFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.27 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | 2.81 | +1.83 |
| Martin ratioReturn relative to average drawdown | 16.18 | 7.68 | +8.50 |
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 | INFL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 1.52 | +0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.75 | +0.31 |
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 | 0.91 | -0.61 |
Drawdowns
USCI vs. INFL - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, which is greater than INFL's maximum drawdown of -21.30%. Use the drawdown chart below to compare losses from any high point for USCI and INFL.
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Drawdown Indicators
| USCI | INFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -21.30% | -45.11% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -8.36% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -15.56% | +3.55% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -21.30% | +2.46% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | — | — |
Current DrawdownCurrent decline from peak | -3.10% | -5.51% | +2.41% |
Average DrawdownAverage peak-to-trough decline | -29.51% | -5.10% | -24.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 3.06% | -0.56% |
Volatility
USCI vs. INFL - Volatility Comparison
United States Commodity Index Fund (USCI) has a higher volatility of 4.51% compared to Horizon Kinetics Inflation Beneficiaries ETF (INFL) at 3.60%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier than INFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | INFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 3.60% | +0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 12.32% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 15.52% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 17.71% | +0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.85% | 17.64% | -1.79% |
USCI vs. INFL - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than INFL's 0.85% expense ratio.
Dividends
USCI vs. INFL - Dividend Comparison
USCI has not paid dividends to shareholders, while INFL's dividend yield for the trailing twelve months is around 0.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
INFL Horizon Kinetics Inflation Beneficiaries ETF | 0.91% | 1.26% | 1.77% | 1.60% | 1.65% | 0.91% |
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USCI and INFL have a correlation of 0.36, 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 INFL (3.60%). In terms of maximum drawdown, USCI dropped -66.41% vs INFL's -21.30%.
On 5-year performance, USCI leads with 19.28% vs 13.12% for INFL. On fees, INFL is cheaper at 0.85% per year. On volatility, INFL has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USCI has performed better with a 19.28% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INFL is cheaper with a 0.85% expense ratio, compared with 1.03% for USCI.
INFL has the higher dividend yield at 0.91%, compared with 0.00% for USCI.
USCI is categorized as Commodities, while INFL is Global Equities. They also come from different issuers: Concierge Technologies and Horizon Kinetics LLC. Their fees differ too: 1.03% for USCI and 0.85% for INFL.
USCI currently has the higher Sharpe Ratio (2.43 vs 1.51), 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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