USCI vs. PDBC

Last updated Jun 3, 2026

USCI (United States Commodity Index Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. USCI is passively managed, while PDBC is actively managed. Over the past 10 years, USCI returned 8.84%/yr vs 8.75%/yr for PDBC. A 0.78 correlation means they provide meaningful diversification when combined. USCI charges 1.03%/yr vs 0.58%/yr for PDBC.

Performance

USCI vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Commodity Index Fund (USCI) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCI achieves a 28.08% return, which is significantly lower than PDBC's 35.70% return. Both investments have delivered pretty close results over the past 10 years, with USCI having a 8.84% annualized return and PDBC not far behind at 8.75%.

USCI

• 1D: 0.25%
• 1M: -0.40%
• YTD: 28.08%
• 6M: 27.07%
• 1Y: 41.40%
• 3Y*: 23.10%
• 5Y*: 19.62%
• 10Y*: 8.84%

PDBC

• 1D: 0.62%
• 1M: -2.12%
• YTD: 35.70%
• 6M: 36.33%
• 1Y: 45.92%
• 3Y*: 14.28%
• 5Y*: 12.55%
• 10Y*: 8.75%

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

USCI vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USCI United States Commodity Index Fund	28.08%	17.63%	17.24%	-0.00%	29.47%	33.07%	-11.47%	-1.68%	-11.76%	6.32%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	35.70%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%

Correlation

The correlation between USCI and PDBC is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.78

The correlation between USCI and PDBC shifts across timeframes, from 0.78 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USCI vs. PDBC — Risk / Return Rank

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

USCI

USCI Risk / Return Rank: 76
USCI Sharpe Ratio Rank: 75
USCI Sortino Ratio Rank: 68
USCI Omega Ratio Rank: 68
USCI Calmar Ratio Rank: 86
USCI Martin Ratio Rank: 84

PDBC

PDBC Risk / Return Rank: 76
PDBC Sharpe Ratio Rank: 75
PDBC Sortino Ratio Rank: 68
PDBC Omega Ratio Rank: 72
PDBC Calmar Ratio Rank: 93
PDBC Martin Ratio Rank: 74

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. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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	PDBC	Difference
Sharpe ratio Return per unit of total volatility	2.49	2.48	+0.01
Sortino ratio Return per unit of downside risk	3.17	3.17	0.00
Omega ratio Gain probability vs. loss probability	1.42	1.43	-0.02
Calmar ratio Return relative to maximum drawdown	4.93	6.80	-1.87
Martin ratio Return relative to average drawdown	17.27	14.42	+2.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USCI vs. PDBC - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 2.49, which is comparable to the PDBC Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of USCI and PDBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USCI	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.48	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.66	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.49	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.23	+0.07

Drawdowns

USCI vs. PDBC - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for USCI and PDBC.

Drawdown Indicators

	USCI	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-66.41%	-49.52%	-16.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-7.19%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-12.01%	-13.95%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-18.84%	-27.63%	+8.79%
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	-40.73%	-5.09%
Current Drawdown Current decline from peak	-3.20%	-4.92%	+1.72%
Average Drawdown Average peak-to-trough decline	-29.52%	-23.22%	-6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.39%	-0.90%

Volatility

USCI vs. PDBC - Volatility Comparison

The current volatility for United States Commodity Index Fund (USCI) is 4.61%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.45%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCI	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	6.45%	-1.84%
Volatility (6M) Calculated over the trailing 6-month period	13.94%	15.78%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	16.74%	18.70%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	19.12%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	17.78%	-1.93%

USCI vs. PDBC - Expense Ratio Comparison

USCI has a 1.03% expense ratio, which is higher than PDBC's 0.58% expense ratio.

Dividends

USCI vs. PDBC - Dividend Comparison

USCI has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 2.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.83%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%
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%	0.00%

Frequently Asked Questions

Can I hold both USCI and PDBC in my portfolio?

USCI and PDBC have a correlation of 0.89, 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 PDBC?

PDBC has higher volatility (6.45%) compared to USCI (4.61%). In terms of maximum drawdown, USCI dropped -66.41% vs PDBC's -49.52%.

Which ETF is better, USCI or PDBC?

On 10-year performance, USCI leads with 8.84% vs 8.75% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, USCI has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USCI or PDBC?

Over the 10-year period, USCI has performed better with a 8.84% return vs 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USCI or PDBC?

PDBC is cheaper with a 0.58% expense ratio, compared with 1.03% for USCI.

Which ETF pays a higher dividend yield, USCI or PDBC?

PDBC has the higher dividend yield at 2.83%, compared with 0.00% for USCI.

What is the main difference between USCI and PDBC?

They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 1.03% for USCI and 0.58% for PDBC.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (2.49 vs 2.48), 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.