USO vs. SDCI
USO (United States Oil Fund LP) and SDCI (USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while SDCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 5 years, USO returned 20.94%/yr vs 20.72%/yr for SDCI. Their 0.64 correlation means they have sometimes moved together and sometimes differently. USO charges 0.86%/yr vs 0.60%/yr for SDCI.
Performance
USO vs. SDCI - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 76.58% return, which is significantly higher than SDCI's 29.05% return.
USO
- 1D
- -5.46%
- 1M
- 17.45%
- 6M
- 62.11%
- YTD
- 76.58%
- 1Y
- 57.66%
- 3Y*
- 18.29%
- 5Y*
- 20.94%
- 10Y*
- 4.47%
- ALL TIME*
- -7.11%
SDCI
- 1D
- -1.80%
- 1M
- 8.06%
- 6M
- 23.88%
- YTD
- 29.05%
- 1Y
- 36.63%
- 3Y*
- 20.01%
- 5Y*
- 20.72%
- 10Y*
- —
- ALL TIME*
- 11.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.30M | $7.22M | $7.46M | |
| $981.29M | $906.75M | $905.81M |
USO vs. SDCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 76.58% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -29.33% |
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 29.05% | 17.60% | 17.91% | -0.88% | 33.23% | 36.52% | -10.61% | -2.36% | -13.91% |
Correlation
The correlation between USO and SDCI is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (All Time) Calculated using the full available price history since May 3, 2018 | 0.64 |
The correlation between USO and SDCI shifts across timeframes, from 0.64 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USO vs. SDCI — Risk / Return Rank
USO
SDCI
USO vs. SDCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI). 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.
| USO | SDCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.36 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.34 | -1.55 |
| Martin ratioReturn relative to average drawdown | 5.23 | 10.56 | -5.33 |
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Drawdowns
USO vs. SDCI - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than SDCI's maximum drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for USO and SDCI.
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Drawdown Indicators
| USO | SDCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -45.79% | -52.40% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -11.03% | -21.46% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -11.96% | -20.53% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -18.55% | -17.68% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | — | — |
Current DrawdownCurrent decline from peak | -87.01% | -3.30% | -83.71% |
Average DrawdownAverage peak-to-trough decline | -75.38% | -11.46% | -63.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.24% | 3.48% | +7.76% |
Volatility
USO vs. SDCI - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 18.95% compared to USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) at 5.71%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than SDCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | SDCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.95% | 5.71% | +13.24% |
Volatility (6M)Calculated over the trailing 6-month period | 43.21% | 13.97% | +29.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.21% | 17.33% | +29.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.13% | 18.47% | +18.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.32% | 17.08% | +22.24% |
USO vs. SDCI - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than SDCI's 0.60% expense ratio.
Dividends
USO vs. SDCI - Dividend Comparison
USO has not paid dividends to shareholders, while SDCI's dividend yield for the trailing twelve months is around 2.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 2.85% | 3.68% | 5.92% | 3.46% | 33.49% | 19.26% | 0.20% | 0.93% | 0.68% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USO and SDCI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (18.95%) compared to SDCI (5.71%). In terms of maximum drawdown, USO dropped -98.19% vs SDCI's -45.79%.
On 5-year performance, USO leads with 20.94% vs 20.72% for SDCI. On fees, SDCI is cheaper at 0.60% per year. On volatility, SDCI has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 20.94% return vs 20.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDCI is cheaper with a 0.60% expense ratio, compared with 0.86% for USO.
SDCI has the higher dividend yield at 2.85%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while SDCI is Commodities. USO tracks Front Month Light Sweet Crude Oil, while SDCI tracks SummerHaven Dynamic Commodity Index Total Return. Their fees differ too: 0.86% for USO and 0.60% for SDCI.
SDCI currently has the higher Sharpe Ratio (2.13 vs 1.23), 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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