USE vs. CMCI

Last updated Jun 3, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and CMCI (VanEck CMCI Commodity Strategy ETF) are both Commodities funds. USE is actively managed, while CMCI is passively managed. Over the past year, USE returned 38.15% vs 31.73% for CMCI. A 0.56 correlation means they provide meaningful diversification when combined. USE charges 0.79%/yr vs 0.65%/yr for CMCI.

Performance

USE vs. CMCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Energy Commodity Strategy Absolute Return Fund (USE) and VanEck CMCI Commodity Strategy ETF (CMCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USE achieves a 44.71% return, which is significantly higher than CMCI's 23.39% return.

USE

• 1D: 0.95%
• 1M: -2.42%
• YTD: 44.71%
• 6M: 45.41%
• 1Y: 38.15%
• 3Y*: 16.79%
• 5Y*: —
• 10Y*: —

CMCI

• 1D: 0.49%
• 1M: 1.04%
• YTD: 23.39%
• 6M: 25.02%
• 1Y: 31.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USE vs. CMCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	44.71%	-14.97%	22.58%	-5.80%
CMCI VanEck CMCI Commodity Strategy ETF	23.39%	7.90%	5.68%	-2.87%

Correlation

The correlation between USE and CMCI is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023	0.56

The correlation between USE and CMCI has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

Return for Risk

USE vs. CMCI — Risk / Return Rank

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

USE

USE Risk / Return Rank: 31
USE Sharpe Ratio Rank: 33
USE Sortino Ratio Rank: 34
USE Omega Ratio Rank: 32
USE Calmar Ratio Rank: 31
USE Martin Ratio Rank: 23

CMCI

CMCI Risk / Return Rank: 82
CMCI Sharpe Ratio Rank: 79
CMCI Sortino Ratio Rank: 77
CMCI Omega Ratio Rank: 78
CMCI Calmar Ratio Rank: 93
CMCI Martin Ratio Rank: 84

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.

USE vs. CMCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) and VanEck CMCI Commodity Strategy ETF (CMCI). 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.

	USE	CMCI	Difference
Sharpe ratio Return per unit of total volatility	1.22	2.62	-1.39
Sortino ratio Return per unit of downside risk	1.83	3.51	-1.68
Omega ratio Gain probability vs. loss probability	1.22	1.47	-0.25
Calmar ratio Return relative to maximum drawdown	1.58	6.68	-5.10
Martin ratio Return relative to average drawdown	3.12	17.64	-14.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USE vs. CMCI - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 1.22, which is lower than the CMCI Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of USE and CMCI, 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

	USE	CMCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.62	-1.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.95	-0.28

Drawdowns

USE vs. CMCI - Drawdown Comparison

The maximum USE drawdown since its inception was -26.24%, which is greater than CMCI's maximum drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for USE and CMCI.

Drawdown Indicators

	USE	CMCI	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-11.54%	-14.70%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-5.03%	-21.21%
Max Drawdown (3Y) Largest decline over 3 years	-26.24%	—	—
Current Drawdown Current decline from peak	-7.00%	-2.82%	-4.18%
Average Drawdown Average peak-to-trough decline	-7.96%	-3.54%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.32%	1.91%	+11.41%

Volatility

USE vs. CMCI - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 11.27% compared to VanEck CMCI Commodity Strategy ETF (CMCI) at 4.39%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than CMCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USE	CMCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.27%	4.39%	+6.88%
Volatility (6M) Calculated over the trailing 6-month period	25.77%	10.13%	+15.64%
Volatility (1Y) Calculated over the trailing 1-year period	31.43%	12.26%	+19.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.03%	12.63%	+14.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.03%	12.63%	+14.40%

USE vs. CMCI - Expense Ratio Comparison

USE has a 0.79% expense ratio, which is higher than CMCI's 0.65% expense ratio.

Dividends

USE vs. CMCI - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.11%, less than CMCI's 8.01% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.01%	9.89%	3.93%	1.64%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.11%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both USE and CMCI in my portfolio?

USE and CMCI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USE or CMCI?

USE has higher volatility (11.27%) compared to CMCI (4.39%). In terms of maximum drawdown, USE dropped -26.24% vs CMCI's -11.54%.

Which ETF is better, USE or CMCI?

On 1-year performance, USE leads with 38.15% vs 31.73% for CMCI. On fees, CMCI is cheaper at 0.65% per year. On volatility, CMCI has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USE or CMCI?

Over the 1-year period, USE has performed better with a 38.15% return vs 31.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or CMCI?

CMCI is cheaper with a 0.65% expense ratio, compared with 0.79% for USE.

Which ETF pays a higher dividend yield, USE or CMCI?

CMCI has the higher dividend yield at 8.01%, compared with 2.11% for USE.

What is the main difference between USE and CMCI?

They also come from different issuers: USCF and VanEck. Their fees differ too: 0.79% for USE and 0.65% for CMCI.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (2.62 vs 1.22), 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.