USCI vs. XOP
USCI (United States Commodity Index Fund) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, USCI returned 8.41%/yr vs 2.97%/yr for XOP. A 0.52 correlation means they provide meaningful diversification when combined. USCI charges 1.03%/yr vs 0.35%/yr for XOP.
Performance
USCI vs. XOP - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 23.68% return, which is significantly lower than XOP's 26.71% return. Over the past 10 years, USCI has outperformed XOP with an annualized return of 8.41%, while XOP has yielded a comparatively lower 2.97% 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%
XOP
- 1D
- -0.56%
- 1M
- -2.49%
- 6M
- 25.57%
- YTD
- 26.71%
- 1Y
- 21.93%
- 3Y*
- 8.56%
- 5Y*
- 13.75%
- 10Y*
- 2.97%
USCI vs. XOP - 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% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 26.71% | -2.15% | -1.00% | 3.56% | 45.37% | 66.74% | -36.40% | -9.44% | -28.10% | -9.47% |
Correlation
The correlation between USCI and XOP is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.52 |
The correlation between USCI and XOP shifts across timeframes, from 0.52 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USCI vs. XOP — Risk / Return Rank
USCI
XOP
USCI vs. XOP - 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 Exploration & Production ETF (XOP). 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 | XOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.15 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 1.23 | +1.44 |
| Martin ratioReturn relative to average drawdown | 8.50 | 3.01 | +5.48 |
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Drawdowns
USCI vs. XOP - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for USCI and XOP.
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Drawdown Indicators
| USCI | XOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -90.27% | +23.86% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -18.50% | +7.31% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -34.98% | +22.97% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -34.98% | +16.14% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -82.61% | +36.79% |
Current DrawdownCurrent decline from peak | -6.52% | -40.77% | +34.25% |
Average DrawdownAverage peak-to-trough decline | -29.37% | -42.57% | +13.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 7.54% | -4.03% |
Volatility
USCI vs. XOP - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 4.94%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 7.88%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | XOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 7.88% | -2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 14.42% | 22.07% | -7.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 28.03% | -11.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 33.73% | -15.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.88% | 40.17% | -24.29% |
USCI vs. XOP - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than XOP's 0.35% expense ratio.
Dividends
USCI vs. XOP - Dividend Comparison
USCI has not paid dividends to shareholders, while XOP's dividend yield for the trailing twelve months is around 2.05%.
| 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% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.05% | 2.62% | 2.45% | 2.63% | 2.47% | 1.61% | 2.34% | 1.47% | 0.99% | 0.76% | 0.76% | 2.21% |
Frequently Asked Questions
USCI and XOP have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XOP has higher volatility (7.88%) compared to USCI (4.94%). In terms of maximum drawdown, USCI dropped -66.41% vs XOP's -90.27%.
On 10-year performance, USCI leads with 8.41% vs 2.97% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, USCI has been the lower-risk option at 4.94%. 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 2.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOP is cheaper with a 0.35% expense ratio, compared with 1.03% for USCI.
XOP has the higher dividend yield at 2.05%, compared with 0.00% for USCI.
USCI is categorized as Commodities, while XOP is Energy Equities. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: United States Commodity Funds and State Street. Their fees differ too: 1.03% for USCI and 0.35% for XOP.
USCI currently has the higher Sharpe Ratio (1.77 vs 0.81), 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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