USCI vs. TIP
USCI (United States Commodity Index Fund) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, USCI returned 8.41%/yr vs 2.34%/yr for TIP. At a 0.03 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 0.18%/yr for TIP.
Performance
USCI vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 23.68% return, which is significantly higher than TIP's 1.00% return. Over the past 10 years, USCI has outperformed TIP with an annualized return of 8.41%, while TIP has yielded a comparatively lower 2.34% annualized return.
USCI
- 1D
- -0.50%
- 1M
- -0.05%
- 6M
- 22.70%
- YTD
- 23.68%
- 1Y
- 28.10%
- 3Y*
- 20.39%
- 5Y*
- 19.25%
- 10Y*
- 8.41%
TIP
- 1D
- 0.01%
- 1M
- -0.38%
- 6M
- 0.76%
- YTD
- 1.00%
- 1Y
- 3.30%
- 3Y*
- 4.07%
- 5Y*
- 0.66%
- 10Y*
- 2.34%
USCI vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 23.68% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
TIP iShares TIPS Bond ETF | 1.00% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between USCI and TIP is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.03 |
The correlation between USCI and TIP shifts across timeframes, from -0.07 (1 year) to 0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USCI vs. TIP — Risk / Return Rank
USCI
TIP
USCI vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.16 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 1.59 | +1.08 |
| Martin ratioReturn relative to average drawdown | 8.50 | 4.58 | +3.92 |
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Drawdowns
USCI vs. TIP - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for USCI and TIP.
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Drawdown Indicators
| USCI | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -14.57% | -51.84% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -1.98% | -9.21% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -4.54% | -7.47% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -14.51% | -4.33% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -14.51% | -31.31% |
Current DrawdownCurrent decline from peak | -6.52% | -0.85% | -5.67% |
Average DrawdownAverage peak-to-trough decline | -29.37% | -3.42% | -25.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 0.69% | +2.82% |
Volatility
USCI vs. TIP - Volatility Comparison
United States Commodity Index Fund (USCI) has a higher volatility of 4.94% compared to iShares TIPS Bond ETF (TIP) at 1.25%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 1.25% | +3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 14.42% | 2.54% | +11.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 3.47% | +13.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 6.20% | +12.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.88% | 5.73% | +10.15% |
USCI vs. TIP - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than TIP's 0.18% expense ratio.
Dividends
USCI vs. TIP - Dividend Comparison
USCI has not paid dividends to shareholders, while TIP's dividend yield for the trailing twelve months is around 4.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 4.44% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
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 TIP have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USCI has higher volatility (4.94%) compared to TIP (1.25%). In terms of maximum drawdown, USCI dropped -66.41% vs TIP's -14.57%.
On 10-year performance, USCI leads with 8.41% vs 2.34% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.25%. 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 8.41% return vs 2.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 1.03% for USCI.
TIP has the higher dividend yield at 4.44%, compared with 0.00% for USCI.
USCI is categorized as Commodities, while TIP is Inflation-Protected Bonds. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. They also come from different issuers: United States Commodity Funds and iShares. Their fees differ too: 1.03% for USCI and 0.18% for TIP.
USCI currently has the higher Sharpe Ratio (1.77 vs 0.91), 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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