USCI vs. OUSM
USCI (United States Commodity Index Fund) and OUSM (OShares U.S. Small-Cap Quality Dividend ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR), while OUSM is a Small Cap Blend Equities fund tracking the O'Shares US Small-Cap Quality Dividend Index. Both are passively managed. Over the past 5 years, USCI returned 18.23%/yr vs 7.57%/yr for OUSM. At a 0.21 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 0.48%/yr for OUSM.
Performance
USCI vs. OUSM - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 22.58% return, which is significantly higher than OUSM's 8.25% return.
USCI
- 1D
- -0.94%
- 1M
- -5.98%
- YTD
- 22.58%
- 6M
- 20.76%
- 1Y
- 27.13%
- 3Y*
- 21.04%
- 5Y*
- 18.23%
- 10Y*
- 8.19%
OUSM
- 1D
- 0.94%
- 1M
- 3.32%
- YTD
- 8.25%
- 6M
- 6.15%
- 1Y
- 13.62%
- 3Y*
- 11.20%
- 5Y*
- 7.57%
- 10Y*
- —
USCI vs. OUSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 22.58% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
OUSM OShares U.S. Small-Cap Quality Dividend ETF | 8.25% | 2.17% | 13.45% | 18.82% | -7.89% | 21.45% | 7.64% | 28.04% | -10.60% | 10.85% |
Correlation
The correlation between USCI and OUSM is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2016 | 0.21 |
The correlation between USCI and OUSM shifts across timeframes, from -0.10 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USCI vs. OUSM — Risk / Return Rank
USCI
OUSM
USCI vs. OUSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). 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 | OUSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.16 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 1.29 | +2.05 |
| Martin ratioReturn relative to average drawdown | 10.82 | 3.76 | +7.06 |
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Drawdowns
USCI vs. OUSM - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, which is greater than OUSM's maximum drawdown of -39.84%. Use the drawdown chart below to compare losses from any high point for USCI and OUSM.
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Drawdown Indicators
| USCI | OUSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -39.84% | -26.57% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -9.21% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -19.44% | +7.43% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -19.44% | +0.60% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | — | — |
Current DrawdownCurrent decline from peak | -7.36% | -0.33% | -7.03% |
Average DrawdownAverage peak-to-trough decline | -29.46% | -5.20% | -24.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 3.15% | -0.46% |
Volatility
USCI vs. OUSM - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 3.42%, while OShares U.S. Small-Cap Quality Dividend ETF (OUSM) has a volatility of 3.89%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than OUSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | OUSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 3.89% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 14.11% | 9.31% | +4.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 13.26% | +3.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.45% | 16.32% | +2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.85% | 18.92% | -3.07% |
USCI vs. OUSM - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than OUSM's 0.48% expense ratio.
Dividends
USCI vs. OUSM - Dividend Comparison
USCI has not paid dividends to shareholders, while OUSM's dividend yield for the trailing twelve months is around 2.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OUSM OShares U.S. Small-Cap Quality Dividend ETF | 2.04% | 2.09% | 1.62% | 1.64% | 1.98% | 1.55% | 2.02% | 1.99% | 2.63% | 2.17% |
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USCI and OUSM have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OUSM has higher volatility (3.89%) compared to USCI (3.42%). In terms of maximum drawdown, USCI dropped -66.41% vs OUSM's -39.84%.
On 5-year performance, USCI leads with 18.23% vs 7.57% for OUSM. On fees, OUSM is cheaper at 0.48% per year. On volatility, USCI has been the lower-risk option at 3.42%. 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 18.23% return vs 7.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OUSM is cheaper with a 0.48% expense ratio, compared with 1.03% for USCI.
OUSM has the higher dividend yield at 2.04%, compared with 0.00% for USCI.
USCI is categorized as Commodities, while OUSM is Small Cap Blend Equities. USCI tracks SummerHaven Dynamic Commodity (TR), while OUSM tracks O'Shares US Small-Cap Quality Dividend Index. They also come from different issuers: Concierge Technologies and O'Shares Investments. Their fees differ too: 1.03% for USCI and 0.48% for OUSM.
USCI currently has the higher Sharpe Ratio (1.74 vs 0.89), 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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