USCI vs. RLY
USCI (United States Commodity Index Fund) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. Both are passively managed. Over the past 10 years, USCI returned 8.92%/yr vs 8.16%/yr for RLY. Their 0.60 correlation means they have sometimes moved together and sometimes differently. USCI charges 1.03%/yr vs 0.50%/yr for RLY.
Performance
USCI vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 27.88% return, which is significantly higher than RLY's 15.29% return. Over the past 10 years, USCI has outperformed RLY with an annualized return of 8.92%, while RLY has yielded a comparatively lower 8.16% annualized return.
USCI
- 1D
- -1.75%
- 1M
- 7.73%
- 6M
- 23.25%
- YTD
- 27.88%
- 1Y
- 35.81%
- 3Y*
- 19.39%
- 5Y*
- 19.79%
- 10Y*
- 8.92%
- ALL TIME*
- 4.38%
RLY
- 1D
- -0.42%
- 1M
- 3.64%
- 6M
- 8.40%
- YTD
- 15.29%
- 1Y
- 27.11%
- 3Y*
- 12.93%
- 5Y*
- 10.64%
- 10Y*
- 8.16%
- ALL TIME*
- 4.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.13M | $7.99M | $7.88M | |
| $1.26M | $1.23M | $1.84M |
USCI vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 27.88% | 17.63% | 17.24% | 0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
RLY State Street Multi-Asset Real Return ETF | 15.29% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
Correlation
The correlation between USCI and RLY is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.60 |
The correlation between USCI and RLY has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.
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Return for Risk
USCI vs. RLY — Risk / Return Rank
USCI
RLY
USCI vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and State Street Multi-Asset Real Return ETF (RLY). 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 | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.47 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 3.61 | -0.39 |
| Martin ratioReturn relative to average drawdown | 10.27 | 12.56 | -2.29 |
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Drawdowns
USCI vs. RLY - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, which is greater than RLY's maximum drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for USCI and RLY.
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Drawdown Indicators
| USCI | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -37.75% | -28.66% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -7.54% | -3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -10.08% | -1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -18.94% | +0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -34.17% | -11.65% |
Current DrawdownCurrent decline from peak | -3.57% | -3.15% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -29.26% | -9.40% | -19.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 2.16% | +1.34% |
Volatility
USCI vs. RLY - Volatility Comparison
United States Commodity Index Fund (USCI) has a higher volatility of 5.70% compared to State Street Multi-Asset Real Return ETF (RLY) at 2.61%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.70% | 2.61% | +3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 8.06% | +5.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 10.61% | +6.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 13.46% | +4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.93% | 13.80% | +2.13% |
USCI vs. RLY - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than RLY's 0.50% expense ratio.
Dividends
USCI vs. RLY - Dividend Comparison
USCI has not paid dividends to shareholders, while RLY's dividend yield for the trailing twelve months is around 3.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 3.07% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
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
USCI and RLY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USCI has higher volatility (5.70%) compared to RLY (2.61%). In terms of maximum drawdown, USCI dropped -66.41% vs RLY's -37.75%.
On 10-year performance, USCI leads with 8.92% vs 8.16% for RLY. On fees, RLY is cheaper at 0.50% per year. On volatility, RLY has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 8.92% return vs 8.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY is cheaper with a 0.50% expense ratio, compared with 1.03% for USCI.
RLY has the higher dividend yield at 3.07%, compared with 0.00% for USCI.
USCI is categorized as Commodities, while RLY is Global Allocation. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index. They also come from different issuers: USCF and State Street. Their fees differ too: 1.03% for USCI and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.57 vs 2.10), 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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