USE vs. UMI

Last updated Aug 4, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and UMI (USCF Midstream Energy Income Fund ETF) are both exchange-traded funds - USE is a Commodities fund actively managed by USCF, while UMI is a Energy Equities fund actively managed by USCF. Both are actively managed. Over the past 3 years, USE returned 9.33%/yr vs 25.99%/yr for UMI. Their 0.26 correlation means their historical movements had little consistent relationship. USE charges 0.79%/yr vs 0.85%/yr for UMI.

Performance

USE vs. UMI - Performance Comparison

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

Returns By Period

In the year-to-date period, USE achieves a 36.22% return, which is significantly higher than UMI's 25.30% 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%

UMI

• 1D: -1.10%
• 1M: 2.58%
• 6M: 18.10%
• YTD: 25.30%
• 1Y: 26.83%
• 3Y*: 25.99%
• 5Y*: 22.48%
• 10Y*: —
• ALL TIME*: 14.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UMI USCF Midstream Energy Income Fund ETF	$1.15M	$1.04M	$1.15M
USE USCF Energy Commodity Strategy Absolute Return Fund	$689.79K	$334.22K	$152.34K

USE vs. UMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	36.22%	-14.97%	22.58%	9.68%
UMI USCF Midstream Energy Income Fund ETF	25.30%	5.11%	42.97%	16.25%

Correlation

The correlation between USE and UMI is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.26

Return for Risk

USE vs. UMI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USE

USE Risk / Return Rank: 18
USE Sharpe Ratio Rank: 17
USE Sortino Ratio Rank: 20
USE Omega Ratio Rank: 19
USE Calmar Ratio Rank: 17
USE Martin Ratio Rank: 16

UMI

UMI Risk / Return Rank: 77
UMI Sharpe Ratio Rank: 78
UMI Sortino Ratio Rank: 77
UMI Omega Ratio Rank: 74
UMI Calmar Ratio Rank: 87
UMI Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USE vs. UMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) and USCF Midstream Energy Income Fund ETF (UMI). 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	UMI	Difference
Sharpe ratio: Return per unit of total volatility	0.32	1.84	-1.53
Sortino ratio: Return per unit of downside risk	0.71	2.56	-1.85
Omega ratio: Gain probability vs. loss probability	1.08	1.32	-0.24
Calmar ratio: Return relative to maximum drawdown	0.40	3.60	-3.20
Martin ratio: Return relative to average drawdown	0.74	9.01	-8.27

USE vs. UMI - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 0.32, which is lower than the UMI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of USE and UMI, 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. UMI - Drawdown Comparison

The maximum USE drawdown since its inception was -28.17%, smaller than the maximum UMI drawdown of -48.08%. Use the drawdown chart below to compare losses from any high point for USE and UMI.

Drawdown Indicators

	USE	UMI	Difference
Max Drawdown Largest peak-to-trough decline	-28.17%	-48.08%	+19.91%
Max Drawdown (1Y) Largest decline over 1 year	-28.17%	-7.50%	-20.67%
Max Drawdown (3Y) Largest decline over 3 years	-28.17%	-17.08%	-11.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.05%	—
Current Drawdown Current decline from peak	-12.46%	-3.08%	-9.38%
Average Drawdown Average peak-to-trough decline	-8.40%	-6.53%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.94%	2.99%	+11.95%

Volatility

USE vs. UMI - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 15.88% compared to USCF Midstream Energy Income Fund ETF (UMI) at 5.31%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than UMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USE	UMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.88%	5.31%	+10.57%
Volatility (6M) Calculated over the trailing 6-month period	31.16%	11.73%	+19.43%
Volatility (1Y) Calculated over the trailing 1-year period	35.00%	14.64%	+20.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.60%	19.36%	+9.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.60%	23.09%	+5.51%

USE vs. UMI - Expense Ratio Comparison

USE has a 0.79% expense ratio, which is lower than UMI's 0.85% expense ratio.

Dividends

USE vs. UMI - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.25%, less than UMI's 5.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMI USCF Midstream Energy Income Fund ETF	5.86%	6.23%	4.39%	4.67%	4.36%	3.00%	2.18%	2.47%	2.48%	0.15%
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%

Frequently Asked Questions

Can I hold both USE and UMI in my portfolio?

USE and UMI have a correlation of 0.28, 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 UMI?

USE has higher volatility (15.88%) compared to UMI (5.31%). In terms of maximum drawdown, USE dropped -28.17% vs UMI's -48.08%.

Which ETF is better, USE or UMI?

On 3-year performance, UMI leads with 25.99% vs 9.33% for USE. On fees, USE is cheaper at 0.79% per year. On volatility, UMI has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USE or UMI?

Over the 3-year period, UMI has performed better with a 25.99% return vs 9.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or UMI?

USE is cheaper with a 0.79% expense ratio, compared with 0.85% for UMI.

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

UMI has the higher dividend yield at 5.86%, compared with 2.25% for USE.

What is the main difference between USE and UMI?

USE is categorized as Commodities, while UMI is Energy Equities. Their fees differ too: 0.79% for USE and 0.85% for UMI.

Which has better risk-adjusted returns?

UMI currently has the higher Sharpe Ratio (1.84 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.