USE vs. CMDT

Last updated Apr 3, 2026

Compare and contrast key facts about USCF Energy Commodity Strategy Absolute Return Fund (USE) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT).

USE and CMDT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USE is an actively managed fund by USCF. It was launched on May 3, 2023. CMDT is a passively managed fund by PIMCO that tracks the performance of the Bloomberg Roll Select Commodity Total Return Index. It was launched on May 9, 2023.

Performance

USE vs. CMDT - Performance Comparison

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

USE vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	38.21%	-14.97%	22.58%	5.68%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	17.51%	12.78%	6.93%	5.50%

Returns By Period

In the year-to-date period, USE achieves a 38.21% return, which is significantly higher than CMDT's 17.51% return.

USE

• 1D: 5.65%
• 1M: 29.54%
• YTD: 38.21%
• 6M: 17.19%
• 1Y: 12.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: 0.56%
• 1M: 7.25%
• YTD: 17.51%
• 6M: 20.72%
• 1Y: 24.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USE vs. CMDT - Expense Ratio Comparison

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

USE

USCF Energy Commodity Strategy Absolute Return Fund

CMDT

PIMCO Commodity Strategy Active Exchange-Traded Fund

Return for Risk

USE vs. CMDT — Risk / Return Rank

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

USE

USE Risk / Return Rank: 20
USE Sharpe Ratio Rank: 22
USE Sortino Ratio Rank: 24
USE Omega Ratio Rank: 21
USE Calmar Ratio Rank: 18
USE Martin Ratio Rank: 15

CMDT

CMDT Risk / Return Rank: 83
CMDT Sharpe Ratio Rank: 86
CMDT Sortino Ratio Rank: 87
CMDT Omega Ratio Rank: 82
CMDT Calmar Ratio Rank: 80
CMDT Martin Ratio Rank: 78

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. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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	CMDT	Difference
Sharpe ratio Return per unit of total volatility	0.40	1.85	-1.45
Sortino ratio Return per unit of downside risk	0.78	2.49	-1.71
Omega ratio Gain probability vs. loss probability	1.09	1.33	-0.24
Calmar ratio Return relative to maximum drawdown	0.49	2.66	-2.16
Martin ratio Return relative to average drawdown	0.89	9.76	-8.88
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. CMDT - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 0.40, which is lower than the CMDT Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of USE and CMDT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USE	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	1.85	-1.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.24	-0.58

Correlation

The correlation between USE and CMDT is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

USE vs. CMDT - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.21%, less than CMDT's 2.58% yield.

	TTM	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	2.21%	3.06%	38.65%	4.83%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.58%	3.04%	8.80%	2.71%

Drawdowns

USE vs. CMDT - Drawdown Comparison

The maximum USE drawdown since its inception was -26.24%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for USE and CMDT.

Drawdown Indicators

	USE	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-9.69%	-16.55%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-6.48%	-19.76%
Current Drawdown Current decline from peak	-0.78%	-0.27%	-0.51%
Average Drawdown Average peak-to-trough decline	-8.19%	-2.78%	-5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.59%	2.51%	+12.08%

Volatility

USE vs. CMDT - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 15.47% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 5.26%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USE	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.47%	5.26%	+10.21%
Volatility (6M) Calculated over the trailing 6-month period	22.27%	9.60%	+12.67%
Volatility (1Y) Calculated over the trailing 1-year period	30.33%	13.23%	+17.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.22%	12.11%	+14.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.22%	12.11%	+14.11%