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USCI vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USCI vs. SPY

Last updated Jun 3, 2026

USCI (United States Commodity Index Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, USCI returned 8.84%/yr vs 15.57%/yr for SPY. At a 0.29 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 0.09%/yr for SPY.

Performance

USCI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Commodity Index Fund (USCI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USCI achieves a 28.08% return, which is significantly higher than SPY's 11.69% return. Over the past 10 years, USCI has underperformed SPY with an annualized return of 8.84%, while SPY has yielded a comparatively higher 15.57% annualized return.

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%

SPY

1D
0.14%
1M
5.40%
YTD
11.69%
6M
12.09%
1Y
29.62%
3Y*
22.64%
5Y*
14.20%
10Y*
15.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USCI vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPY
State Street SPDR S&P 500 ETF		11.69%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between USCI and SPY is -0.06, 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

-0.06

Correlation (3Y)
Calculated over the trailing 3-year period

0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Aug 11, 2010

0.29

The correlation between USCI and SPY shifts across timeframes, from -0.06 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

United States Commodity Index Fund

State Street SPDR S&P 500 ETF

Often compared with USCI:
USCI vs. DBCUSCI vs. SDCIUSCI vs. PDBCUSCI vs. VOOUSCI vs. CCRVUSCI vs. GLDMUSCI vs. IVV
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

USCI vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USCI
USCI Risk / Return Rank: 7676
Overall Rank
USCI Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
USCI Sortino Ratio Rank: 6868
Sortino Ratio Rank
USCI Omega Ratio Rank: 6868
Omega Ratio Rank
USCI Calmar Ratio Rank: 8686
Calmar Ratio Rank
USCI Martin Ratio Rank: 8484
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7575
Overall Rank
SPY Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7575
Sortino Ratio Rank
SPY Omega Ratio Rank: 7676
Omega Ratio Rank
SPY Calmar Ratio Rank: 6868
Calmar Ratio Rank
SPY Martin Ratio Rank: 8080
Martin Ratio Rank
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and State Street SPDR S&P 500 ETF (SPY). 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.

USCISPYDifference

Sharpe ratio

Return per unit of total volatility

2.49

2.52

-0.03

Sortino ratio

Return per unit of downside risk

3.17

3.42

-0.25

Omega ratio

Gain probability vs. loss probability

1.42

1.46

-0.04

Calmar ratio

Return relative to maximum drawdown

4.93

3.42

+1.51

Martin ratio

Return relative to average drawdown

17.27

15.93

+1.35

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. SPY - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 2.49, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of USCI and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

USCISPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.49

2.52

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.07

0.84

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.87

-0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.59

-0.29

Drawdowns

USCI vs. SPY - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for USCI and SPY.

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Drawdown Indicators

USCISPYDifference

Max Drawdown

Largest peak-to-trough decline

-66.41%

-55.19%

-11.22%

Max Drawdown (1Y)

Largest decline over 1 year

-8.73%

-8.88%

+0.15%

Max Drawdown (3Y)

Largest decline over 3 years

-12.01%

-18.76%

+6.75%

Max Drawdown (5Y)

Largest decline over 5 years

-18.84%

-24.50%

+5.66%

Max Drawdown (10Y)

Largest decline over 10 years

-45.82%

-33.72%

-12.10%

Current Drawdown

Current decline from peak

-3.20%

0.00%

-3.20%

Average Drawdown

Average peak-to-trough decline

-29.52%

-9.05%

-20.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

1.91%

+0.58%

Volatility

USCI vs. SPY - Volatility Comparison

United States Commodity Index Fund (USCI) has a higher volatility of 4.61% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USCISPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.61%

2.75%

+1.86%

Volatility (6M)

Calculated over the trailing 6-month period

13.94%

8.89%

+5.05%

Volatility (1Y)

Calculated over the trailing 1-year period

16.74%

11.81%

+4.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.45%

17.05%

+1.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.85%

17.94%

-2.09%

USCI vs. SPY - Expense Ratio Comparison

USCI has a 1.03% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

USCI vs. SPY - Dividend Comparison

USCI has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.97%.

PositionTTM20252024202320222021202020192018201720162015
SPY
State Street SPDR S&P 500 ETF		0.97%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%
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 SPY have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USCI has higher volatility (4.61%) compared to SPY (2.75%). In terms of maximum drawdown, USCI dropped -66.41% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.57% vs 8.84% for USCI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.57% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 1.03% for USCI.

SPY has the higher dividend yield at 0.97%, compared with 0.00% for USCI.

USCI is categorized as Commodities, while SPY is S&P 500. USCI tracks SummerHaven Dynamic Commodity (TR), while SPY tracks S&P 500 Index. They also come from different issuers: Concierge Technologies and State Street. Their fees differ too: 1.03% for USCI and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.52 vs 2.49), 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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