USCI vs. PUTW

Last updated Jun 9, 2026

USCI (United States Commodity Index Fund) and PUTW (WisdomTree Equity Premium Income Fund) are both funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR), while PUTW is a Derivative Income fund tracking the Volos U.S. Large Cap Target 2.5% PutWrite Index. Both are passively managed. Over the past 10 years, USCI returned 8.35%/yr vs 8.16%/yr for PUTW. At a 0.20 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 0.44%/yr for PUTW.

Performance

USCI vs. PUTW - Performance Comparison

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

Returns By Period

In the year-to-date period, USCI achieves a 25.01% return, which is significantly higher than PUTW's 3.16% return. Both investments have delivered pretty close results over the past 10 years, with USCI having a 8.35% annualized return and PUTW not far behind at 8.16%.

USCI

• 1D: 0.14%
• 1M: -1.98%
• YTD: 25.01%
• 6M: 23.30%
• 1Y: 33.84%
• 3Y*: 21.81%
• 5Y*: 18.56%
• 10Y*: 8.35%

PUTW

• 1D: 0.21%
• 1M: 0.33%
• YTD: 3.16%
• 6M: 3.39%
• 1Y: 17.33%
• 3Y*: 13.04%
• 5Y*: 9.64%
• 10Y*: 8.16%

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

USCI vs. PUTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USCI United States Commodity Index Fund	25.01%	17.63%	17.24%	-0.00%	29.47%	33.07%	-11.47%	-1.68%	-11.76%	6.32%
PUTW WisdomTree Equity Premium Income Fund	3.16%	14.45%	17.18%	15.53%	-10.11%	20.94%	1.65%	13.55%	-7.16%	10.09%

Correlation

The correlation between USCI and PUTW is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.20

The correlation between USCI and PUTW shifts across timeframes, from -0.00 (1 year) to 0.20 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

USCI vs. PUTW — Risk / Return Rank

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

USCI

USCI Risk / Return Rank: 71
USCI Sharpe Ratio Rank: 69
USCI Sortino Ratio Rank: 63
USCI Omega Ratio Rank: 63
USCI Calmar Ratio Rank: 82
USCI Martin Ratio Rank: 76

PUTW

PUTW Risk / Return Rank: 50
PUTW Sharpe Ratio Rank: 47
PUTW Sortino Ratio Rank: 44
PUTW Omega Ratio Rank: 55
PUTW Calmar Ratio Rank: 44
PUTW Martin Ratio Rank: 61

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. PUTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and WisdomTree Equity Premium Income Fund (PUTW). 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	PUTW	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.94	+0.09
Sortino ratio: Return per unit of downside risk	2.65	2.69	-0.04
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	3.89	2.43	+1.46
Martin ratio: Return relative to average drawdown	13.23	11.63	+1.60
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. PUTW - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 2.03, which is comparable to the PUTW Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of USCI and PUTW, 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	PUTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.94	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.80	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.62	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.64	-0.35

Drawdowns

USCI vs. PUTW - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, which is greater than PUTW's maximum drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for USCI and PUTW.

Drawdown Indicators

	USCI	PUTW	Difference
Max Drawdown Largest peak-to-trough decline	-66.41%	-28.40%	-38.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-7.15%	-1.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.01%	-15.26%	+3.25%
Max Drawdown (5Y) Largest decline over 5 years	-18.84%	-16.56%	-2.28%
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	-28.40%	-17.42%
Current Drawdown Current decline from peak	-5.52%	-1.32%	-4.20%
Average Drawdown Average peak-to-trough decline	-29.49%	-3.44%	-26.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.49%	+1.07%

Volatility

USCI vs. PUTW - Volatility Comparison

United States Commodity Index Fund (USCI) has a higher volatility of 4.35% compared to WisdomTree Equity Premium Income Fund (PUTW) at 1.83%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier than PUTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCI	PUTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	1.83%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	7.17%	+6.89%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	8.99%	+7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	12.15%	+6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	13.23%	+2.62%

USCI vs. PUTW - Expense Ratio Comparison

USCI has a 1.03% expense ratio, which is higher than PUTW's 0.44% expense ratio.

Dividends

USCI vs. PUTW - Dividend Comparison

USCI has not paid dividends to shareholders, while PUTW's dividend yield for the trailing twelve months is around 12.19%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PUTW WisdomTree Equity Premium Income Fund	12.19%	13.18%	11.99%	8.94%	3.27%	0.00%	1.43%	1.47%	6.46%	3.52%	2.27%
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 PUTW in my portfolio?

USCI and PUTW have a correlation of -0.00, 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 PUTW?

USCI has higher volatility (4.35%) compared to PUTW (1.83%). In terms of maximum drawdown, USCI dropped -66.41% vs PUTW's -28.40%.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (2.03 vs 1.94), 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.