XES vs. USCI
XES (SPDR S&P Oil & Gas Equipment & Services ETF) and USCI (United States Commodity Index Fund) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, XES returned -4.13%/yr vs 8.41%/yr for USCI. At a 0.48 correlation, their price movements are largely independent. XES charges 0.35%/yr vs 1.03%/yr for USCI.
Performance
XES vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, XES achieves a 37.45% return, which is significantly higher than USCI's 23.68% return. Over the past 10 years, XES has underperformed USCI with an annualized return of -4.13%, while USCI has yielded a comparatively higher 8.41% annualized return.
XES
- 1D
- 1.64%
- 1M
- -8.57%
- 6M
- 26.49%
- YTD
- 37.45%
- 1Y
- 65.04%
- 3Y*
- 10.31%
- 5Y*
- 14.19%
- 10Y*
- -4.13%
USCI
- 1D
- -0.50%
- 1M
- -0.05%
- 6M
- 22.70%
- YTD
- 23.68%
- 1Y
- 28.10%
- 3Y*
- 20.39%
- 5Y*
- 19.25%
- 10Y*
- 8.41%
XES vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XES SPDR S&P Oil & Gas Equipment & Services ETF | 37.45% | 5.89% | -5.44% | 6.68% | 62.03% | 12.00% | -43.38% | -9.00% | -46.99% | -21.93% |
USCI United States Commodity Index Fund | 23.68% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between XES and USCI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.48 |
The correlation between XES and USCI has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.
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Return for Risk
XES vs. USCI — Risk / Return Rank
XES
USCI
XES vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Equipment & Services ETF (XES) 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.
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.
| XES | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 2.67 | +0.51 |
| Martin ratioReturn relative to average drawdown | 11.53 | 8.50 | +3.04 |
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Drawdowns
XES vs. USCI - Drawdown Comparison
The maximum XES drawdown since its inception was -95.65%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for XES and USCI.
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Drawdown Indicators
| XES | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.65% | -66.41% | -29.24% |
Max Drawdown (1Y)Largest decline over 1 year | -20.69% | -11.19% | -9.50% |
Max Drawdown (3Y)Largest decline over 3 years | -45.95% | -12.01% | -33.94% |
Max Drawdown (5Y)Largest decline over 5 years | -45.95% | -18.84% | -27.11% |
Max Drawdown (10Y)Largest decline over 10 years | -91.23% | -45.82% | -45.41% |
Current DrawdownCurrent decline from peak | -73.46% | -6.52% | -66.94% |
Average DrawdownAverage peak-to-trough decline | -54.44% | -29.37% | -25.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.70% | 3.51% | +2.19% |
Volatility
XES vs. USCI - Volatility Comparison
SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 9.22% compared to United States Commodity Index Fund (USCI) at 4.94%. This indicates that XES'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.
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Volatility by Period
| XES | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.22% | 4.94% | +4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 21.50% | 14.42% | +7.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.96% | 16.91% | +14.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.85% | 18.40% | +20.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.88% | 15.88% | +29.00% |
XES vs. USCI - Expense Ratio Comparison
XES has a 0.35% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
XES vs. USCI - Dividend Comparison
XES's dividend yield for the trailing twelve months is around 1.16%, while USCI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.16% | 1.69% | 1.31% | 0.66% | 0.36% | 1.81% | 1.33% | 1.43% | 1.14% | 1.68% | 0.64% | 2.47% |
Frequently Asked Questions
XES and USCI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XES has higher volatility (9.22%) compared to USCI (4.94%). In terms of maximum drawdown, XES dropped -95.65% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.41% vs -4.13% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, USCI has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 8.41% return vs -4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XES is cheaper with a 0.35% expense ratio, compared with 1.03% for USCI.
XES has the higher dividend yield at 1.16%, compared with 0.00% for USCI.
XES is categorized as Energy Equities, while USCI is Commodities. XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: State Street and United States Commodity Funds. Their fees differ too: 0.35% for XES and 1.03% for USCI.
XES currently has the higher Sharpe Ratio (2.13 vs 1.77), 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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