USE vs. RLY
USE (USCF Energy Commodity Strategy Absolute Return Fund) and RLY (State Street Multi-Asset Real Return ETF) are both exchange-traded funds - USE is a Commodities fund actively managed by USCF, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. USE is actively managed, while RLY is passively managed. Over the past 3 years, USE returned 9.33%/yr vs 12.93%/yr for RLY. Their 0.36 correlation means their historical movements had little consistent relationship. USE charges 0.79%/yr vs 0.50%/yr for RLY.
Performance
USE vs. RLY - 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 RLY's 15.29% 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%
RLY
- 1D
- -0.42%
- 1M
- 3.64%
- 6M
- 8.40%
- YTD
- 15.29%
- 1Y
- 27.11%
- 3Y*
- 12.93%
- 5Y*
- 10.64%
- 10Y*
- 8.16%
- ALL TIME*
- 4.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.13M | $7.99M | $7.88M | |
| $689.79K | $334.22K | $152.34K |
USE vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USE USCF Energy Commodity Strategy Absolute Return Fund | 36.22% | -14.97% | 22.58% | 9.68% |
RLY State Street Multi-Asset Real Return ETF | 15.29% | 20.26% | 2.53% | 4.33% |
Correlation
The correlation between USE and RLY is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (All Time) Calculated using the full available price history since May 4, 2023 | 0.36 |
The correlation between USE and RLY shifts across timeframes, from 0.25 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USE vs. RLY — Risk / Return Rank
USE
RLY
USE vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) and State Street Multi-Asset Real Return ETF (RLY). 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 | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.47 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 3.61 | -3.21 |
| Martin ratioReturn relative to average drawdown | 0.74 | 12.56 | -11.81 |
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Drawdowns
USE vs. RLY - Drawdown Comparison
The maximum USE drawdown since its inception was -28.17%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for USE and RLY.
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Drawdown Indicators
| USE | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.17% | -37.75% | +9.58% |
Max Drawdown (1Y)Largest decline over 1 year | -28.17% | -7.54% | -20.63% |
Max Drawdown (3Y)Largest decline over 3 years | -28.17% | -10.08% | -18.09% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.17% | — |
Current DrawdownCurrent decline from peak | -12.46% | -3.15% | -9.31% |
Average DrawdownAverage peak-to-trough decline | -8.40% | -9.40% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.94% | 2.16% | +12.78% |
Volatility
USE vs. RLY - Volatility Comparison
USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 15.88% compared to State Street Multi-Asset Real Return ETF (RLY) at 2.61%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USE | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 2.61% | +13.27% |
Volatility (6M)Calculated over the trailing 6-month period | 31.16% | 8.06% | +23.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.00% | 10.61% | +24.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.60% | 13.46% | +15.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.60% | 13.80% | +14.80% |
USE vs. RLY - Expense Ratio Comparison
USE has a 0.79% expense ratio, which is higher than RLY's 0.50% expense ratio.
Dividends
USE vs. RLY - Dividend Comparison
USE's dividend yield for the trailing twelve months is around 2.25%, less than RLY's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 3.07% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
USE USCF Energy Commodity Strategy Absolute Return Fund | 2.25% | 3.06% | 38.65% | 4.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USE and RLY have a correlation of 0.25, 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 RLY (2.61%). In terms of maximum drawdown, USE dropped -28.17% vs RLY's -37.75%.
On 3-year performance, RLY leads with 12.93% vs 9.33% for USE. On fees, RLY is cheaper at 0.50% per year. On volatility, RLY has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RLY has performed better with a 12.93% return vs 9.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY is cheaper with a 0.50% expense ratio, compared with 0.79% for USE.
RLY has the higher dividend yield at 3.07%, compared with 2.25% for USE.
USE is categorized as Commodities, while RLY is Global Allocation. They also come from different issuers: USCF and State Street. Their fees differ too: 0.79% for USE and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.57 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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