USCI vs. NOG

Last updated Jul 12, 2026

USCI (United States Commodity Index Fund) is Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while NOG (Northern Oil and Gas, Inc.) is a stock. Over the past 10 years, USCI returned 8.41%/yr vs -7.03%/yr for NOG. At a 0.42 correlation, their price movements are largely independent.

Performance

USCI vs. NOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Commodity Index Fund (USCI) and Northern Oil and Gas, Inc. (NOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCI achieves a 23.68% return, which is significantly higher than NOG's -10.36% return. Over the past 10 years, USCI has outperformed NOG with an annualized return of 8.41%, while NOG has yielded a comparatively lower -7.03% annualized return.

USCI

• 1D: -0.50%
• 1M: -0.05%
• 6M: 22.70%
• YTD: 23.68%
• 1Y: 28.10%
• 3Y*: 20.39%
• 5Y*: 19.25%
• 10Y*: 8.41%

NOG

• 1D: -1.44%
• 1M: -7.12%
• 6M: -12.00%
• YTD: -10.36%
• 1Y: -35.02%
• 3Y*: -14.51%
• 5Y*: 3.47%
• 10Y*: -7.03%

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

USCI vs. NOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USCI United States Commodity Index Fund	23.68%	17.63%	17.24%	-0.00%	29.47%	33.07%	-11.47%	-1.68%	-11.76%	6.32%
NOG Northern Oil and Gas, Inc.	-10.36%	-38.20%	4.84%	25.54%	54.51%	136.72%	-62.56%	3.54%	10.24%	-25.45%

Correlation

The correlation between USCI and NOG is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010	0.42

The correlation between USCI and NOG shifts across timeframes, from 0.42 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USCI vs. NOG — Risk / Return Rank

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

USCI

USCI Risk / Return Rank: 65
USCI Sharpe Ratio Rank: 68
USCI Sortino Ratio Rank: 65
USCI Omega Ratio Rank: 62
USCI Calmar Ratio Rank: 67
USCI Martin Ratio Rank: 61

NOG

NOG Risk / Return Rank: 11
NOG Sharpe Ratio Rank: 11
NOG Sortino Ratio Rank: 14
NOG Omega Ratio Rank: 16
NOG Calmar Ratio Rank: 10
NOG Martin Ratio Rank: 4

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. NOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and Northern Oil and Gas, Inc. (NOG). 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	NOG	Difference
Sharpe ratio: Return per unit of total volatility	1.77	-0.78	+2.54
Sortino ratio: Return per unit of downside risk	2.40	-0.96	+3.36
Omega ratio: Gain probability vs. loss probability	1.30	0.89	+0.41
Calmar ratio: Return relative to maximum drawdown	2.67	-0.85	+3.52
Martin ratio: Return relative to average drawdown	8.50	-1.62	+10.11

USCI vs. NOG - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 1.77, which is higher than the NOG Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of USCI and NOG, 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. NOG - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, smaller than the maximum NOG drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for USCI and NOG.

Drawdown Indicators

	USCI	NOG	Difference
Max Drawdown Largest peak-to-trough decline	-66.41%	-98.96%	+32.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-41.43%	+30.24%
Max Drawdown (3Y) Largest decline over 3 years	-12.01%	-55.08%	+43.07%
Max Drawdown (5Y) Largest decline over 5 years	-18.84%	-55.08%	+36.24%
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	-92.98%	+47.16%
Current Drawdown Current decline from peak	-6.52%	-92.85%	+86.33%
Average Drawdown Average peak-to-trough decline	-29.37%	-69.82%	+40.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	21.78%	-18.27%

Volatility

USCI vs. NOG - Volatility Comparison

The current volatility for United States Commodity Index Fund (USCI) is 4.94%, while Northern Oil and Gas, Inc. (NOG) has a volatility of 14.14%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than NOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCI	NOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	14.14%	-9.20%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	32.39%	-17.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.91%	45.38%	-28.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	49.25%	-30.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	70.57%	-54.69%

Dividends

USCI vs. NOG - Dividend Comparison

USCI has not paid dividends to shareholders, while NOG's dividend yield for the trailing twelve months is around 9.72%.

Position	TTM	2025	2024	2023	2022	2021
NOG Northern Oil and Gas, Inc.	9.72%	8.38%	4.41%	4.02%	2.86%	0.75%
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USCI and NOG in my portfolio?

USCI and NOG have a correlation of 0.52, 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 NOG?

NOG has higher volatility (14.14%) compared to USCI (4.94%). In terms of maximum drawdown, USCI dropped -66.41% vs NOG's -98.96%.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (1.77 vs -0.78), 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.