USE vs. BEMB
USE (USCF Energy Commodity Strategy Absolute Return Fund) and BEMB (Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF) are both exchange-traded funds - USE is a Commodities fund actively managed by USCF, while BEMB is a Emerging Markets Bonds fund actively managed by iShares. Both are actively managed. Over the past 3 years, USE returned 9.33%/yr vs 7.95%/yr for BEMB. Their -0.15 correlation means they have often moved in opposite directions in the past. USE charges 0.79%/yr vs 0.18%/yr for BEMB.
Performance
USE vs. BEMB - Performance Comparison
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Returns By Period
In the year-to-date period, USE achieves a 36.22% return, which is significantly higher than BEMB's 1.08% return.
USE
- 1D
- -3.71%
- 1M
- 21.36%
- 6M
- 44.67%
- YTD
- 36.22%
- 1Y
- 11.10%
- 3Y*
- 9.33%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.60%
BEMB
- 1D
- 0.37%
- 1M
- -0.63%
- 6M
- 0.50%
- YTD
- 1.08%
- 1Y
- 6.23%
- 3Y*
- 7.95%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.14K | $41.30K | $48.97K | |
| $689.79K | $334.22K | $152.34K |
USE vs. BEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USE USCF Energy Commodity Strategy Absolute Return Fund | 36.22% | -14.97% | 22.58% | 9.68% |
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 1.08% | 12.27% | 5.51% | 6.68% |
Correlation
The correlation between USE and BEMB is -0.41, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (All Time) Calculated using the full available price history since May 4, 2023 | -0.15 |
Over the past year, the inverse relationship between USE and BEMB has strengthened: their correlation has moved from -0.15 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
USE vs. BEMB — Risk / Return Rank
USE
BEMB
USE vs. BEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) and Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB). 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.
| USE | BEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.27 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 1.71 | -1.31 |
| Martin ratioReturn relative to average drawdown | 0.74 | 6.97 | -6.22 |
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Drawdowns
USE vs. BEMB - Drawdown Comparison
The maximum USE drawdown since its inception was -28.17%, which is greater than BEMB's maximum drawdown of -6.17%. Use the drawdown chart below to compare losses from any high point for USE and BEMB.
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Drawdown Indicators
| USE | BEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.17% | -6.17% | -22.00% |
Max Drawdown (1Y)Largest decline over 1 year | -28.17% | -3.67% | -24.50% |
Max Drawdown (3Y)Largest decline over 3 years | -28.17% | -5.52% | -22.65% |
Current DrawdownCurrent decline from peak | -12.46% | -0.92% | -11.54% |
Average DrawdownAverage peak-to-trough decline | -8.40% | -0.93% | -7.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.94% | 0.90% | +14.04% |
Volatility
USE vs. BEMB - Volatility Comparison
USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 15.88% compared to Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) at 1.27%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than BEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USE | BEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 1.27% | +14.61% |
Volatility (6M)Calculated over the trailing 6-month period | 31.16% | 3.69% | +27.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.00% | 4.37% | +30.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.60% | 5.81% | +22.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.60% | 5.81% | +22.79% |
USE vs. BEMB - Expense Ratio Comparison
USE has a 0.79% expense ratio, which is higher than BEMB's 0.18% expense ratio.
Dividends
USE vs. BEMB - Dividend Comparison
USE's dividend yield for the trailing twelve months is around 2.25%, less than BEMB's 6.91% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 6.91% | 6.88% | 6.31% | 5.46% |
USE USCF Energy Commodity Strategy Absolute Return Fund | 2.25% | 3.06% | 38.65% | 4.83% |
Frequently Asked Questions
USE and BEMB have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USE has higher volatility (15.88%) compared to BEMB (1.27%). In terms of maximum drawdown, USE dropped -28.17% vs BEMB's -6.17%.
On 3-year performance, USE leads with 9.33% vs 7.95% for BEMB. On fees, BEMB is cheaper at 0.18% per year. On volatility, BEMB has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USE has performed better with a 9.33% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BEMB is cheaper with a 0.18% expense ratio, compared with 0.79% for USE.
BEMB has the higher dividend yield at 6.91%, compared with 2.25% for USE.
USE is categorized as Commodities, while BEMB is Emerging Markets Bonds. They also come from different issuers: USCF and iShares. Their fees differ too: 0.79% for USE and 0.18% for BEMB.
BEMB currently has the higher Sharpe Ratio (1.43 vs 0.32), 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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