USCI vs. ZSB

Last updated Jul 15, 2026

USCI (United States Commodity Index Fund) and ZSB (USCF Sustainable Battery Metals Strategy Fund) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while ZSB is a Lithium & Battery Metals fund tracking the S&P GSCI Electric Vehicle Meals Index. Both are passively managed. Over the past 3 years, USCI returned 20.99%/yr vs -0.16%/yr for ZSB. At a 0.31 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 0.59%/yr for ZSB.

Performance

USCI vs. ZSB - Performance Comparison

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

Returns By Period

In the year-to-date period, USCI achieves a 27.92% return, which is significantly higher than ZSB's 4.29% return.

USCI

• 1D: 1.17%
• 1M: 4.36%
• 6M: 22.22%
• YTD: 27.92%
• 1Y: 33.68%
• 3Y*: 20.99%
• 5Y*: 19.67%
• 10Y*: 8.79%

ZSB

• 1D: 0.66%
• 1M: -4.06%
• 6M: -8.61%
• YTD: 4.29%
• 1Y: 58.26%
• 3Y*: -0.16%
• 5Y*: —
• 10Y*: —

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

USCI vs. ZSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USCI United States Commodity Index Fund	27.92%	17.63%	17.24%	2.83%
ZSB USCF Sustainable Battery Metals Strategy Fund	4.29%	64.34%	-19.70%	-31.38%

Correlation

The correlation between USCI and ZSB is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	0.31

Return for Risk

USCI vs. ZSB — 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: 79
USCI Sortino Ratio Rank: 75
USCI Omega Ratio Rank: 72
USCI Calmar Ratio Rank: 74
USCI Martin Ratio Rank: 67

ZSB

ZSB Risk / Return Rank: 78
ZSB Sharpe Ratio Rank: 86
ZSB Sortino Ratio Rank: 75
ZSB Omega Ratio Rank: 86
ZSB Calmar Ratio Rank: 82
ZSB Martin Ratio Rank: 60

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. ZSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and USCF Sustainable Battery Metals Strategy Fund (ZSB). 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	ZSB	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.21	-0.22
Sortino ratio: Return per unit of downside risk	2.67	2.67	-0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	3.02	3.50	-0.47
Martin ratio: Return relative to average drawdown	9.58	8.38	+1.20

USCI vs. ZSB - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 1.99, which is comparable to the ZSB Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of USCI and ZSB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USCI vs. ZSB - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, which is greater than ZSB's maximum drawdown of -49.26%. Use the drawdown chart below to compare losses from any high point for USCI and ZSB.

Drawdown Indicators

	USCI	ZSB	Difference
Max Drawdown Largest peak-to-trough decline	-66.41%	-49.26%	-17.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-16.75%	+5.56%
Max Drawdown (3Y) Largest decline over 3 years	-12.01%	-43.22%	+31.21%
Max Drawdown (5Y) Largest decline over 5 years	-18.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	—	—
Current Drawdown Current decline from peak	-3.32%	-12.07%	+8.75%
Average Drawdown Average peak-to-trough decline	-29.36%	-30.30%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	6.97%	-3.44%

Volatility

USCI vs. ZSB - Volatility Comparison

United States Commodity Index Fund (USCI) has a higher volatility of 5.40% compared to USCF Sustainable Battery Metals Strategy Fund (ZSB) at 5.06%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier than ZSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCI	ZSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	5.06%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	14.52%	21.55%	-7.03%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	26.57%	-9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.43%	19.56%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	19.56%	-3.66%

USCI vs. ZSB - Expense Ratio Comparison

USCI has a 1.03% expense ratio, which is higher than ZSB's 0.59% expense ratio.

Dividends

USCI vs. ZSB - Dividend Comparison

USCI has not paid dividends to shareholders, while ZSB's dividend yield for the trailing twelve months is around 0.88%.

Position	TTM	2025	2024	2023
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%	0.00%
ZSB USCF Sustainable Battery Metals Strategy Fund	0.88%	0.92%	2.96%	3.59%

Frequently Asked Questions

Can I hold both USCI and ZSB in my portfolio?

USCI and ZSB have a correlation of 0.22, 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 ZSB?

USCI has higher volatility (5.40%) compared to ZSB (5.06%). In terms of maximum drawdown, USCI dropped -66.41% vs ZSB's -49.26%.

Which ETF is better, USCI or ZSB?

On 3-year performance, USCI leads with 20.99% vs -0.16% for ZSB. On fees, ZSB is cheaper at 0.59% per year. On volatility, ZSB has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USCI or ZSB?

Over the 3-year period, USCI has performed better with a 20.99% return vs -0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USCI or ZSB?

ZSB is cheaper with a 0.59% expense ratio, compared with 1.03% for USCI.

Which ETF pays a higher dividend yield, USCI or ZSB?

ZSB has the higher dividend yield at 0.88%, compared with 0.00% for USCI.

What is the main difference between USCI and ZSB?

USCI is categorized as Commodities, while ZSB is Lithium & Battery Metals. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while ZSB tracks S&P GSCI Electric Vehicle Meals Index. They also come from different issuers: United States Commodity Funds and USCF. Their fees differ too: 1.03% for USCI and 0.59% for ZSB.

Which has better risk-adjusted returns?

ZSB currently has the higher Sharpe Ratio (2.21 vs 1.99), 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.