USE vs. JIII

Last updated Jun 23, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and JIII (Janus Henderson Income ETF) are both exchange-traded funds - USE is a Commodities fund actively managed by USCF, while JIII is a Multisector Bonds fund actively managed by Janus Henderson. Both are actively managed. Over the past year, USE returned -0.75% vs 6.67% for JIII. At a correlation of -0.26, they often move in opposite directions. USE charges 0.79%/yr vs 0.54%/yr for JIII.

Performance

USE vs. JIII - Performance Comparison

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

Returns By Period

In the year-to-date period, USE achieves a 20.57% return, which is significantly higher than JIII's 1.60% return.

USE

• 1D: -2.08%
• 1M: -17.90%
• YTD: 20.57%
• 6M: 18.76%
• 1Y: -0.75%
• 3Y*: 11.05%
• 5Y*: —
• 10Y*: —

JIII

• 1D: -0.15%
• 1M: 1.10%
• YTD: 1.60%
• 6M: 1.88%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USE vs. JIII - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USE USCF Energy Commodity Strategy Absolute Return Fund	20.57%	-14.97%	4.84%
JIII Janus Henderson Income ETF	1.60%	8.28%	0.54%

Correlation

The correlation between USE and JIII is -0.36, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	-0.26

The correlation between USE and JIII shifts across timeframes, from -0.36 (1 year) to -0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USE vs. JIII — Risk / Return Rank

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

USE

USE Risk / Return Rank: 8
USE Sharpe Ratio Rank: 8
USE Sortino Ratio Rank: 9
USE Omega Ratio Rank: 9
USE Calmar Ratio Rank: 8
USE Martin Ratio Rank: 8

JIII

JIII Risk / Return Rank: 61
JIII Sharpe Ratio Rank: 56
JIII Sortino Ratio Rank: 59
JIII Omega Ratio Rank: 64
JIII Calmar Ratio Rank: 62
JIII Martin Ratio Rank: 64

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. JIII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) and Janus Henderson Income ETF (JIII). 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	JIII	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.84	-1.87
Sortino ratio: Return per unit of downside risk	0.19	2.71	-2.52
Omega ratio: Gain probability vs. loss probability	1.02	1.37	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.03	2.95	-2.98
Martin ratio: Return relative to average drawdown	-0.05	11.12	-11.17

USE vs. JIII - Sharpe Ratio Comparison

The current USE Sharpe Ratio is -0.02, which is lower than the JIII Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of USE and JIII, 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. JIII - Drawdown Comparison

The maximum USE drawdown since its inception was -26.24%, which is greater than JIII's maximum drawdown of -3.55%. Use the drawdown chart below to compare losses from any high point for USE and JIII.

Drawdown Indicators

	USE	JIII	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-3.55%	-22.69%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-2.27%	-23.97%
Max Drawdown (3Y) Largest decline over 3 years	-26.24%	—	—
Current Drawdown Current decline from peak	-22.51%	-0.45%	-22.06%
Average Drawdown Average peak-to-trough decline	-8.06%	-0.49%	-7.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.76%	0.60%	+13.16%

Volatility

USE vs. JIII - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 9.97% compared to Janus Henderson Income ETF (JIII) at 1.28%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than JIII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USE	JIII	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.97%	1.28%	+8.69%
Volatility (6M) Calculated over the trailing 6-month period	27.43%	2.88%	+24.55%
Volatility (1Y) Calculated over the trailing 1-year period	31.36%	3.64%	+27.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.32%	4.00%	+23.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.32%	4.00%	+23.32%

USE vs. JIII - Expense Ratio Comparison

USE has a 0.79% expense ratio, which is higher than JIII's 0.54% expense ratio.

Dividends

USE vs. JIII - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.54%, less than JIII's 7.40% yield.

Position	TTM	2025	2024	2023
JIII Janus Henderson Income ETF	7.40%	7.33%	0.44%	0.00%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.54%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both USE and JIII in my portfolio?

USE and JIII have a correlation of -0.36, 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 JIII?

USE has higher volatility (9.97%) compared to JIII (1.28%). In terms of maximum drawdown, USE dropped -26.24% vs JIII's -3.55%.

Which ETF is better, USE or JIII?

On 1-year performance, JIII leads with 6.67% vs -0.75% for USE. On fees, JIII is cheaper at 0.54% per year. On volatility, JIII has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USE or JIII?

Over the 1-year period, JIII has performed better with a 6.67% return vs -0.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or JIII?

JIII is cheaper with a 0.54% expense ratio, compared with 0.79% for USE.

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

JIII has the higher dividend yield at 7.40%, compared with 2.54% for USE.

What is the main difference between USE and JIII?

USE is categorized as Commodities, while JIII is Multisector Bonds. They also come from different issuers: USCF and Janus Henderson. Their fees differ too: 0.79% for USE and 0.54% for JIII.

Which has better risk-adjusted returns?

JIII currently has the higher Sharpe Ratio (1.84 vs -0.02), 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.