USVN vs. CMCI

Last updated Jun 18, 2026

USVN (US Treasury 7 Year Note ETF) and CMCI (VanEck CMCI Commodity Strategy ETF) are both exchange-traded funds - USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while CMCI is a Commodities fund tracking the UBS Bloomberg CMCI Composite Total Return Index. Both are passively managed. Over the past year, USVN returned 2.94% vs 18.71% for CMCI. At a correlation of -0.13, they often move in opposite directions. USVN charges 0.15%/yr vs 0.65%/yr for CMCI.

Performance

USVN vs. CMCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 7 Year Note ETF (USVN) and VanEck CMCI Commodity Strategy ETF (CMCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USVN achieves a -0.76% return, which is significantly lower than CMCI's 16.66% return.

USVN

• 1D: -0.57%
• 1M: 0.60%
• YTD: -0.76%
• 6M: -0.80%
• 1Y: 2.94%
• 3Y*: 2.84%
• 5Y*: —
• 10Y*: —

CMCI

• 1D: -0.23%
• 1M: -6.74%
• YTD: 16.66%
• 6M: 19.40%
• 1Y: 18.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USVN vs. CMCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USVN US Treasury 7 Year Note ETF	-0.76%	7.66%	0.03%	4.70%
CMCI VanEck CMCI Commodity Strategy ETF	16.66%	7.90%	5.68%	-2.74%

Correlation

The correlation between USVN and CMCI is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	-0.13

The correlation between USVN and CMCI shifts across timeframes, from -0.24 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USVN vs. CMCI — Risk / Return Rank

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

USVN

USVN Risk / Return Rank: 20
USVN Sharpe Ratio Rank: 21
USVN Sortino Ratio Rank: 20
USVN Omega Ratio Rank: 18
USVN Calmar Ratio Rank: 19
USVN Martin Ratio Rank: 20

CMCI

CMCI Risk / Return Rank: 47
CMCI Sharpe Ratio Rank: 46
CMCI Sortino Ratio Rank: 45
CMCI Omega Ratio Rank: 43
CMCI Calmar Ratio Rank: 49
CMCI Martin Ratio Rank: 50

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.

USVN vs. CMCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 7 Year Note ETF (USVN) and VanEck CMCI Commodity Strategy ETF (CMCI). 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.

	USVN	CMCI	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.53	-0.82
Sortino ratio: Return per unit of downside risk	1.06	2.14	-1.08
Omega ratio: Gain probability vs. loss probability	1.12	1.27	-0.15
Calmar ratio: Return relative to maximum drawdown	0.80	2.32	-1.51
Martin ratio: Return relative to average drawdown	2.20	7.99	-5.79

USVN vs. CMCI - Sharpe Ratio Comparison

The current USVN Sharpe Ratio is 0.70, which is lower than the CMCI Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of USVN and CMCI, 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

USVN vs. CMCI - Drawdown Comparison

The maximum USVN drawdown since its inception was -8.27%, smaller than the maximum CMCI drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for USVN and CMCI.

Drawdown Indicators

	USVN	CMCI	Difference
Max Drawdown Largest peak-to-trough decline	-8.27%	-11.54%	+3.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-8.11%	+4.43%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	—	—
Current Drawdown Current decline from peak	-2.72%	-8.11%	+5.39%
Average Drawdown Average peak-to-trough decline	-2.34%	-3.58%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	2.35%	-1.01%

Volatility

USVN vs. CMCI - Volatility Comparison

The current volatility for US Treasury 7 Year Note ETF (USVN) is 1.38%, while VanEck CMCI Commodity Strategy ETF (CMCI) has a volatility of 2.94%. This indicates that USVN experiences smaller price fluctuations and is considered to be less risky than CMCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVN	CMCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	2.94%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	10.20%	-7.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	12.31%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	12.60%	-6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	12.60%	-6.82%

USVN vs. CMCI - Expense Ratio Comparison

USVN has a 0.15% expense ratio, which is lower than CMCI's 0.65% expense ratio.

Dividends

USVN vs. CMCI - Dividend Comparison

USVN's dividend yield for the trailing twelve months is around 3.75%, less than CMCI's 8.47% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.47%	9.89%	3.93%	1.64%
USVN US Treasury 7 Year Note ETF	3.75%	3.81%	4.07%	2.91%

Frequently Asked Questions

Can I hold both USVN and CMCI in my portfolio?

USVN and CMCI have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USVN or CMCI?

CMCI has higher volatility (2.94%) compared to USVN (1.38%). In terms of maximum drawdown, USVN dropped -8.27% vs CMCI's -11.54%.

Which ETF is better, USVN or CMCI?

On 1-year performance, CMCI leads with 18.71% vs 2.94% for USVN. On fees, USVN is cheaper at 0.15% per year. On volatility, USVN has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVN or CMCI?

Over the 1-year period, CMCI has performed better with a 18.71% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVN or CMCI?

USVN is cheaper with a 0.15% expense ratio, compared with 0.65% for CMCI.

Which ETF pays a higher dividend yield, USVN or CMCI?

CMCI has the higher dividend yield at 8.47%, compared with 3.75% for USVN.

What is the main difference between USVN and CMCI?

USVN is categorized as Government Bonds, while CMCI is Commodities. USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while CMCI tracks UBS Bloomberg CMCI Composite Total Return Index. They also come from different issuers: US Benchmark Series and VanEck. Their fees differ too: 0.15% for USVN and 0.65% for CMCI.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (1.53 vs 0.70), 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.