USE vs. CMDY

Last updated Jun 24, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both Commodities funds. USE is actively managed, while CMDY is passively managed. Over the past 3 years, USE returned 10.72%/yr vs 11.39%/yr for CMDY. A 0.51 correlation means they provide meaningful diversification when combined. USE charges 0.79%/yr vs 0.28%/yr for CMDY.

Performance

USE vs. CMDY - Performance Comparison

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

Returns By Period

In the year-to-date period, USE achieves a 19.51% return, which is significantly higher than CMDY's 14.22% return.

USE

• 1D: -0.88%
• 1M: -18.62%
• YTD: 19.51%
• 6M: 20.11%
• 1Y: 2.57%
• 3Y*: 10.72%
• 5Y*: —
• 10Y*: —

CMDY

• 1D: -1.43%
• 1M: -9.33%
• YTD: 14.22%
• 6M: 12.70%
• 1Y: 21.95%
• 3Y*: 11.39%
• 5Y*: 9.18%
• 10Y*: —

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

USE vs. CMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	19.51%	-14.97%	22.58%	9.68%
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	14.22%	15.81%	5.43%	-0.75%

Correlation

The correlation between USE and CMDY is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.51

The correlation between USE and CMDY has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

USE vs. CMDY — Risk / Return Rank

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

USE

USE Risk / Return Rank: 10
USE Sharpe Ratio Rank: 10
USE Sortino Ratio Rank: 10
USE Omega Ratio Rank: 10
USE Calmar Ratio Rank: 10
USE Martin Ratio Rank: 10

CMDY

CMDY Risk / Return Rank: 40
CMDY Sharpe Ratio Rank: 40
CMDY Sortino Ratio Rank: 36
CMDY Omega Ratio Rank: 39
CMDY Calmar Ratio Rank: 37
CMDY Martin Ratio Rank: 45

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. CMDY - 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 Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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	CMDY	Difference
Sharpe ratio: Return per unit of total volatility	0.08	1.36	-1.27
Sortino ratio: Return per unit of downside risk	0.34	1.83	-1.49
Omega ratio: Gain probability vs. loss probability	1.04	1.25	-0.21
Calmar ratio: Return relative to maximum drawdown	0.10	1.75	-1.66
Martin ratio: Return relative to average drawdown	0.19	7.16	-6.98

USE vs. CMDY - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 0.08, which is lower than the CMDY Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of USE and CMDY, 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

USE vs. CMDY - Drawdown Comparison

The maximum USE drawdown since its inception was -26.24%, smaller than the maximum CMDY drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for USE and CMDY.

Drawdown Indicators

	USE	CMDY	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-31.19%	+4.95%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-12.56%	-13.68%
Max Drawdown (3Y) Largest decline over 3 years	-26.24%	-12.56%	-13.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.56%	—
Current Drawdown Current decline from peak	-23.19%	-12.56%	-10.63%
Average Drawdown Average peak-to-trough decline	-8.07%	-13.11%	+5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.80%	3.09%	+10.71%

Volatility

USE vs. CMDY - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 9.95% compared to iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) at 3.63%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USE	CMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.95%	3.63%	+6.32%
Volatility (6M) Calculated over the trailing 6-month period	27.41%	14.45%	+12.96%
Volatility (1Y) Calculated over the trailing 1-year period	31.31%	16.35%	+14.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.31%	15.77%	+11.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.31%	14.63%	+12.68%

USE vs. CMDY - Expense Ratio Comparison

USE has a 0.79% expense ratio, which is higher than CMDY's 0.28% expense ratio.

Dividends

USE vs. CMDY - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.56%, less than CMDY's 11.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	11.29%	12.89%	4.23%	5.10%	3.98%	16.09%	0.15%	2.21%	1.73%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.56%	3.06%	38.65%	4.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USE and CMDY in my portfolio?

USE and CMDY have a correlation of 0.49, 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 CMDY?

USE has higher volatility (9.95%) compared to CMDY (3.63%). In terms of maximum drawdown, USE dropped -26.24% vs CMDY's -31.19%.

Which ETF is better, USE or CMDY?

On 3-year performance, CMDY leads with 11.39% vs 10.72% for USE. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USE or CMDY?

Over the 3-year period, CMDY has performed better with a 11.39% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or CMDY?

CMDY is cheaper with a 0.28% expense ratio, compared with 0.79% for USE.

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

CMDY has the higher dividend yield at 11.29%, compared with 2.56% for USE.

What is the main difference between USE and CMDY?

They also come from different issuers: USCF and iShares. Their fees differ too: 0.79% for USE and 0.28% for CMDY.

Which has better risk-adjusted returns?

CMDY currently has the higher Sharpe Ratio (1.36 vs 0.08), 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.