USCI vs. SCMB
USCI (United States Commodity Index Fund) and SCMB (Schwab Municipal Bond ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while SCMB is a Municipal Bonds fund tracking the ICE AMT-Free Core U.S. National Municipal Index. Both are passively managed. Over the past 3 years, USCI returned 19.78%/yr vs 2.76%/yr for SCMB. Their -0.08 correlation means they have often moved in opposite directions in the past. USCI charges 1.03%/yr vs 0.03%/yr for SCMB.
Performance
USCI vs. SCMB - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 30.16% return, which is significantly higher than SCMB's 0.06% return.
USCI
- 1D
- 0.05%
- 1M
- 9.65%
- 6M
- 19.52%
- YTD
- 30.16%
- 1Y
- 38.23%
- 3Y*
- 19.78%
- 5Y*
- 19.95%
- 10Y*
- 9.20%
- ALL TIME*
- 4.50%
SCMB
- 1D
- 0.00%
- 1M
- -1.78%
- 6M
- -0.52%
- YTD
- 0.06%
- 1Y
- 4.38%
- 3Y*
- 2.76%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.46M | $30.33M | $30.04M | |
| $1.01M | $1.13M | $1.88M |
USCI vs. SCMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 30.16% | 17.63% | 17.24% | 0.00% | 4.05% |
SCMB Schwab Municipal Bond ETF | 0.06% | 3.78% | 0.91% | 5.86% | 2.88% |
Correlation
The correlation between USCI and SCMB is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2022 | -0.08 |
Over the past year, the inverse relationship between USCI and SCMB has strengthened: their correlation has moved from -0.08 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
USCI vs. SCMB — Risk / Return Rank
USCI
SCMB
USCI vs. SCMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and Schwab Municipal Bond ETF (SCMB). 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 | SCMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 1.79 | +1.43 |
| Martin ratioReturn relative to average drawdown | 10.29 | 5.53 | +4.76 |
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Drawdowns
USCI vs. SCMB - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for USCI and SCMB.
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Drawdown Indicators
| USCI | SCMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -6.13% | -60.28% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -2.92% | -8.27% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -4.75% | -7.26% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | — | — |
Current DrawdownCurrent decline from peak | -1.85% | -1.86% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -29.27% | -1.30% | -27.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 0.94% | +2.56% |
Volatility
USCI vs. SCMB - Volatility Comparison
United States Commodity Index Fund (USCI) has a higher volatility of 5.30% compared to Schwab Municipal Bond ETF (SCMB) at 1.02%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier than SCMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | SCMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 1.02% | +4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 14.27% | 2.35% | +11.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.21% | 3.01% | +14.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.42% | 4.12% | +14.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.91% | 4.12% | +11.79% |
USCI vs. SCMB - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than SCMB's 0.03% expense ratio.
Dividends
USCI vs. SCMB - Dividend Comparison
USCI has not paid dividends to shareholders, while SCMB's dividend yield for the trailing twelve months is around 3.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
SCMB Schwab Municipal Bond ETF | 3.26% | 3.36% | 3.34% | 3.10% | 0.59% |
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USCI and SCMB have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USCI has higher volatility (5.30%) compared to SCMB (1.02%). In terms of maximum drawdown, USCI dropped -66.41% vs SCMB's -6.13%.
On 3-year performance, USCI leads with 19.78% vs 2.76% for SCMB. On fees, SCMB is cheaper at 0.03% per year. On volatility, SCMB has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USCI has performed better with a 19.78% return vs 2.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCMB is cheaper with a 0.03% expense ratio, compared with 1.03% for USCI.
SCMB has the higher dividend yield at 3.26%, compared with 0.00% for USCI.
USCI is categorized as Commodities, while SCMB is Municipal Bonds. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while SCMB tracks ICE AMT-Free Core U.S. National Municipal Index. They also come from different issuers: USCF and Charles Schwab. Their fees differ too: 1.03% for USCI and 0.03% for SCMB.
USCI currently has the higher Sharpe Ratio (2.10 vs 1.73), 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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