USCI vs. XES
USCI (United States Commodity Index Fund) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, USCI returned 9.20%/yr vs -2.88%/yr for XES. Their 0.48 correlation means their historical movements had little consistent relationship. USCI charges 1.03%/yr vs 0.35%/yr for XES.
Performance
USCI vs. XES - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 30.16% return, which is significantly lower than XES's 36.38% return. Over the past 10 years, USCI has outperformed XES with an annualized return of 9.20%, while XES has yielded a comparatively lower -2.88% annualized return.
USCI
- 1D
- 0.05%
- 1M
- 9.30%
- 6M
- 19.52%
- YTD
- 30.16%
- 1Y
- 35.83%
- 3Y*
- 19.78%
- 5Y*
- 19.95%
- 10Y*
- 9.20%
- ALL TIME*
- 4.50%
XES
- 1D
- 3.09%
- 1M
- 2.89%
- 6M
- 12.93%
- YTD
- 36.38%
- 1Y
- 68.96%
- 3Y*
- 7.20%
- 5Y*
- 17.17%
- 10Y*
- -2.88%
- ALL TIME*
- -3.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.01M | $1.13M | $1.88M | |
| $5.46M | $8.52M | $12.51M |
USCI vs. XES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 30.16% | 17.63% | 17.24% | 0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 36.38% | 5.89% | -5.44% | 6.68% | 62.03% | 12.00% | -43.38% | -9.00% | -46.99% | -21.93% |
Correlation
The correlation between USCI and XES is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.48 |
The correlation between USCI and XES has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.
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Return for Risk
USCI vs. XES — Risk / Return Rank
USCI
XES
USCI vs. XES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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 | XES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 3.23 | -0.01 |
| Martin ratioReturn relative to average drawdown | 10.29 | 10.31 | -0.01 |
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Drawdowns
USCI vs. XES - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for USCI and XES.
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Drawdown Indicators
| USCI | XES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -95.65% | +29.24% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -21.48% | +10.29% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -45.95% | +33.94% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -45.95% | +27.11% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -91.23% | +45.41% |
Current DrawdownCurrent decline from peak | -1.85% | -73.66% | +71.81% |
Average DrawdownAverage peak-to-trough decline | -29.27% | -54.50% | +25.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 6.73% | -3.23% |
Volatility
USCI vs. XES - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 5.30%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 9.34%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | XES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 9.34% | -4.04% |
Volatility (6M)Calculated over the trailing 6-month period | 14.27% | 21.60% | -7.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.21% | 30.74% | -13.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.42% | 38.63% | -20.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.91% | 44.85% | -28.94% |
USCI vs. XES - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than XES's 0.35% expense ratio.
Dividends
USCI vs. XES - Dividend Comparison
USCI has not paid dividends to shareholders, while XES's dividend yield for the trailing twelve months is around 1.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.17% | 1.69% | 1.31% | 0.66% | 0.36% | 1.81% | 1.33% | 1.43% | 1.14% | 1.68% | 0.64% | 2.47% |
Frequently Asked Questions
USCI and XES have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XES has higher volatility (9.34%) compared to USCI (5.30%). In terms of maximum drawdown, USCI dropped -66.41% vs XES's -95.65%.
On 10-year performance, USCI leads with 9.20% vs -2.88% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, USCI has been the lower-risk option at 5.30%. 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 9.20% return vs -2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XES is cheaper with a 0.35% expense ratio, compared with 1.03% for USCI.
XES has the higher dividend yield at 1.17%, compared with 0.00% for USCI.
USCI is categorized as Commodities, while XES is Energy Equities. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: USCF and State Street. Their fees differ too: 1.03% for USCI and 0.35% for XES.
XES currently has the higher Sharpe Ratio (2.26 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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