USE vs. USCI

Last updated Jun 5, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and USCI (United States Commodity Index Fund) are both Commodities funds. USE is actively managed, while USCI is passively managed. Over the past 3 years, USE returned 16.68%/yr vs 21.83%/yr for USCI. A 0.58 correlation means they provide meaningful diversification when combined. USE charges 0.79%/yr vs 1.03%/yr for USCI.

Performance

USE vs. USCI - Performance Comparison

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

Returns By Period

In the year-to-date period, USE achieves a 44.75% return, which is significantly higher than USCI's 24.83% return.

USE

• 1D: -2.65%
• 1M: -3.52%
• YTD: 44.75%
• 6M: 49.10%
• 1Y: 38.24%
• 3Y*: 16.68%
• 5Y*: —
• 10Y*: —

USCI

• 1D: -1.25%
• 1M: -1.94%
• YTD: 24.83%
• 6M: 21.82%
• 1Y: 34.96%
• 3Y*: 21.83%
• 5Y*: 18.64%
• 10Y*: 8.47%

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

USE vs. USCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	44.75%	-14.97%	22.58%	9.98%
USCI United States Commodity Index Fund	24.83%	17.63%	17.24%	7.39%

Correlation

The correlation between USE and USCI is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since May 5, 2023	0.58

The correlation between USE and USCI has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.

Return for Risk

USE vs. USCI — Risk / Return Rank

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

USE

USE Risk / Return Rank: 31
USE Sharpe Ratio Rank: 34
USE Sortino Ratio Rank: 35
USE Omega Ratio Rank: 33
USE Calmar Ratio Rank: 30
USE Martin Ratio Rank: 23

USCI

USCI Risk / Return Rank: 68
USCI Sharpe Ratio Rank: 65
USCI Sortino Ratio Rank: 60
USCI Omega Ratio Rank: 59
USCI Calmar Ratio Rank: 80
USCI Martin Ratio Rank: 75

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. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) and United States Commodity Index Fund (USCI). 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	USCI	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.09	-0.88
Sortino ratio: Return per unit of downside risk	1.82	2.72	-0.90
Omega ratio: Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio: Return relative to maximum drawdown	1.46	4.02	-2.56
Martin ratio: Return relative to average drawdown	2.88	13.80	-10.92
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. USCI - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 1.22, which is lower than the USCI Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of USE and USCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USE	USCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.09	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.02	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.29	+0.37

Drawdowns

USE vs. USCI - Drawdown Comparison

The maximum USE drawdown since its inception was -26.24%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for USE and USCI.

Drawdown Indicators

	USE	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-66.41%	+40.17%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-8.73%	-17.51%
Max Drawdown (3Y) Largest decline over 3 years	-26.24%	-12.01%	-14.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.82%	—
Current Drawdown Current decline from peak	-6.98%	-5.66%	-1.32%
Average Drawdown Average peak-to-trough decline	-7.96%	-29.50%	+21.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.33%	2.54%	+10.79%

Volatility

USE vs. USCI - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 11.24% compared to United States Commodity Index Fund (USCI) at 4.34%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USE	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	4.34%	+6.90%
Volatility (6M) Calculated over the trailing 6-month period	26.03%	14.06%	+11.97%
Volatility (1Y) Calculated over the trailing 1-year period	31.58%	16.82%	+14.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.08%	18.44%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.08%	15.85%	+11.23%

USE vs. USCI - Expense Ratio Comparison

USE has a 0.79% expense ratio, which is lower than USCI's 1.03% expense ratio.

Dividends

USE vs. USCI - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.11%, while USCI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%	0.00%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.11%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both USE and USCI in my portfolio?

USE and USCI have a correlation of 0.58, 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 USCI?

USE has higher volatility (11.24%) compared to USCI (4.34%). In terms of maximum drawdown, USE dropped -26.24% vs USCI's -66.41%.

Which ETF is better, USE or USCI?

On 3-year performance, USCI leads with 21.83% vs 16.68% for USE. On fees, USE is cheaper at 0.79% per year. On volatility, USCI has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USE or USCI?

Over the 3-year period, USCI has performed better with a 21.83% return vs 16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or USCI?

USE is cheaper with a 0.79% expense ratio, compared with 1.03% for USCI.

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

USE has the higher dividend yield at 2.11%, compared with 0.00% for USCI.

What is the main difference between USE and USCI?

They also come from different issuers: USCF and Concierge Technologies. Their fees differ too: 0.79% for USE and 1.03% for USCI.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (2.09 vs 1.22), 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.