USCI vs. VCMDX

Last updated Jun 4, 2026

USCI (United States Commodity Index Fund) and VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) are both Commodities funds. Over the past 5 years, USCI returned 19.28%/yr vs 12.17%/yr for VCMDX. Their correlation of 0.80 suggests significant overlap in exposure. USCI charges 1.03%/yr vs 0.20%/yr for VCMDX.

Performance

USCI vs. VCMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Commodity Index Fund (USCI) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCI achieves a 28.22% return, which is significantly higher than VCMDX's 22.84% return.

USCI

• 1D: 0.11%
• 1M: -1.22%
• YTD: 28.22%
• 6M: 26.35%
• 1Y: 40.33%
• 3Y*: 23.15%
• 5Y*: 19.28%
• 10Y*: 8.86%

VCMDX

• 1D: 0.35%
• 1M: -2.11%
• YTD: 22.84%
• 6M: 22.83%
• 1Y: 35.30%
• 3Y*: 15.74%
• 5Y*: 12.17%
• 10Y*: —

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

USCI vs. VCMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
USCI United States Commodity Index Fund	28.22%	17.63%	17.24%	-0.00%	29.47%	33.07%	-11.47%	-0.67%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	22.84%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%

Correlation

The correlation between USCI and VCMDX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 27, 2019	0.80

The correlation between USCI and VCMDX has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

USCI vs. VCMDX — Risk / Return Rank

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

USCI

USCI Risk / Return Rank: 74
USCI Sharpe Ratio Rank: 73
USCI Sortino Ratio Rank: 66
USCI Omega Ratio Rank: 66
USCI Calmar Ratio Rank: 84
USCI Martin Ratio Rank: 81

VCMDX

VCMDX Risk / Return Rank: 70
VCMDX Sharpe Ratio Rank: 68
VCMDX Sortino Ratio Rank: 53
VCMDX Omega Ratio Rank: 59
VCMDX Calmar Ratio Rank: 92
VCMDX Martin Ratio Rank: 80

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. VCMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). 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	VCMDX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.41	+0.01
Sortino ratio: Return per unit of downside risk	3.10	3.06	+0.04
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	4.64	4.92	-0.28
Martin ratio: Return relative to average drawdown	16.18	15.03	+1.15
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. VCMDX - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 2.43, which is comparable to the VCMDX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of USCI and VCMDX, 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	VCMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.41	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.77	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.85	-0.55

Drawdowns

USCI vs. VCMDX - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, which is greater than VCMDX's maximum drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for USCI and VCMDX.

Drawdown Indicators

	USCI	VCMDX	Difference
Max Drawdown Largest peak-to-trough decline	-66.41%	-26.67%	-39.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-7.25%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-12.01%	-9.90%	-2.11%
Max Drawdown (5Y) Largest decline over 5 years	-18.84%	-25.45%	+6.61%
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	—	—
Current Drawdown Current decline from peak	-3.10%	-3.45%	+0.35%
Average Drawdown Average peak-to-trough decline	-29.51%	-10.86%	-18.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.37%	+0.13%

Volatility

USCI vs. VCMDX - Volatility Comparison

The current volatility for United States Commodity Index Fund (USCI) is 4.51%, while Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) has a volatility of 5.03%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than VCMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCI	VCMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	5.03%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	13.93%	12.68%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	14.90%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	15.86%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	15.39%	+0.46%

USCI vs. VCMDX - Expense Ratio Comparison

USCI has a 1.03% expense ratio, which is higher than VCMDX's 0.20% expense ratio.

Dividends

USCI vs. VCMDX - Dividend Comparison

USCI has not paid dividends to shareholders, while VCMDX's dividend yield for the trailing twelve months is around 12.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.38%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%

Frequently Asked Questions

Can I hold both USCI and VCMDX in my portfolio?

USCI and VCMDX have a correlation of 0.76, 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 VCMDX?

VCMDX has higher volatility (5.03%) compared to USCI (4.51%). In terms of maximum drawdown, USCI dropped -66.41% vs VCMDX's -26.67%.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (2.43 vs 2.41), 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.