USCI vs. PGZ

Last updated Jun 13, 2026

USCI (United States Commodity Index Fund) is Commodities fund tracking the SummerHaven Dynamic Commodity (TR), while PGZ (Principal Real Estate Income Fund) is a stock. Over the past 10 years, USCI returned 8.19%/yr vs 4.01%/yr for PGZ. At a 0.14 correlation, their price movements are largely independent.

Performance

USCI vs. PGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Commodity Index Fund (USCI) and Principal Real Estate Income Fund (PGZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCI achieves a 22.58% return, which is significantly higher than PGZ's 6.74% return. Over the past 10 years, USCI has outperformed PGZ with an annualized return of 8.19%, while PGZ has yielded a comparatively lower 4.01% annualized return.

USCI

• 1D: -0.94%
• 1M: -6.82%
• YTD: 22.58%
• 6M: 20.76%
• 1Y: 29.04%
• 3Y*: 21.04%
• 5Y*: 18.23%
• 10Y*: 8.19%

PGZ

• 1D: -0.03%
• 1M: 3.28%
• YTD: 6.74%
• 6M: 7.55%
• 1Y: 8.40%
• 3Y*: 15.84%
• 5Y*: 2.17%
• 10Y*: 4.01%

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

USCI vs. PGZ - 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%
PGZ Principal Real Estate Income Fund	6.74%	14.50%	17.99%	4.05%	-27.98%	38.70%	-36.50%	36.77%	3.92%	18.23%

Correlation

The correlation between USCI and PGZ is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 26, 2013	0.14

The correlation between USCI and PGZ shifts across timeframes, from -0.11 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USCI vs. PGZ — Risk / Return Rank

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

USCI

USCI Risk / Return Rank: 62
USCI Sharpe Ratio Rank: 59
USCI Sortino Ratio Rank: 55
USCI Omega Ratio Rank: 54
USCI Calmar Ratio Rank: 75
USCI Martin Ratio Rank: 68

PGZ

PGZ Risk / Return Rank: 65
PGZ Sharpe Ratio Rank: 69
PGZ Sortino Ratio Rank: 62
PGZ Omega Ratio Rank: 63
PGZ Calmar Ratio Rank: 61
PGZ Martin Ratio Rank: 69

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. PGZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and Principal Real Estate Income Fund (PGZ). 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	PGZ	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.82	+0.92
Sortino ratio: Return per unit of downside risk	2.32	1.23	+1.09
Omega ratio: Gain probability vs. loss probability	1.30	1.17	+0.13
Calmar ratio: Return relative to maximum drawdown	3.34	0.86	+2.48
Martin ratio: Return relative to average drawdown	10.82	3.22	+7.60

USCI vs. PGZ - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 1.74, which is higher than the PGZ Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of USCI and PGZ, 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. PGZ - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, which is greater than PGZ's maximum drawdown of -53.58%. Use the drawdown chart below to compare losses from any high point for USCI and PGZ.

Drawdown Indicators

	USCI	PGZ	Difference
Max Drawdown Largest peak-to-trough decline	-66.41%	-53.58%	-12.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-9.82%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-12.01%	-10.56%	-1.45%
Max Drawdown (5Y) Largest decline over 5 years	-18.84%	-35.34%	+16.50%
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	-53.58%	+7.76%
Current Drawdown Current decline from peak	-7.36%	-9.07%	+1.71%
Average Drawdown Average peak-to-trough decline	-29.46%	-16.12%	-13.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.61%	+0.08%

Volatility

USCI vs. PGZ - Volatility Comparison

United States Commodity Index Fund (USCI) has a higher volatility of 3.42% compared to Principal Real Estate Income Fund (PGZ) at 3.05%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier than PGZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCI	PGZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	3.05%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	8.85%	+5.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.78%	10.27%	+6.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	14.94%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	21.80%	-5.95%

Dividends

USCI vs. PGZ - Dividend Comparison

USCI has not paid dividends to shareholders, while PGZ's dividend yield for the trailing twelve months is around 12.42%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGZ Principal Real Estate Income Fund	12.42%	12.59%	12.75%	13.33%	11.86%	6.32%	10.34%	6.25%	7.98%	9.51%	10.90%	10.40%
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%	0.00%

Frequently Asked Questions

Can I hold both USCI and PGZ in my portfolio?

USCI and PGZ have a correlation of -0.11, 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 PGZ?

USCI has higher volatility (3.42%) compared to PGZ (3.05%). In terms of maximum drawdown, USCI dropped -66.41% vs PGZ's -53.58%.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (1.74 vs 0.82), 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.