ZSB vs. LIMI

Last updated Jun 24, 2026

ZSB (USCF Sustainable Battery Metals Strategy Fund) and LIMI (Themes Lithium & Battery Metal Miners ETF) are both Lithium & Battery Metals funds - ZSB tracks the S&P GSCI Electric Vehicle Meals Index while LIMI tracks the BITA Global Lithium and Battery Metals Select Index. Both are passively managed. Over the past year, ZSB returned 59.70% vs 127.73% for LIMI. At a 0.47 correlation, their price movements are largely independent. ZSB charges 0.59%/yr vs 0.35%/yr for LIMI.

Performance

ZSB vs. LIMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Battery Metals Strategy Fund (ZSB) and Themes Lithium & Battery Metal Miners ETF (LIMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSB achieves a 4.41% return, which is significantly lower than LIMI's 8.76% return.

ZSB

• 1D: -2.97%
• 1M: -7.84%
• YTD: 4.41%
• 6M: 6.25%
• 1Y: 59.70%
• 3Y*: 1.91%
• 5Y*: —
• 10Y*: —

LIMI

• 1D: -4.97%
• 1M: -10.59%
• YTD: 8.76%
• 6M: 10.01%
• 1Y: 127.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZSB vs. LIMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZSB USCF Sustainable Battery Metals Strategy Fund	4.41%	64.34%	-1.23%
LIMI Themes Lithium & Battery Metal Miners ETF	8.76%	91.22%	-0.82%

Correlation

The correlation between ZSB and LIMI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.47

Return for Risk

ZSB vs. LIMI — Risk / Return Rank

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

ZSB

ZSB Risk / Return Rank: 71
ZSB Sharpe Ratio Rank: 78
ZSB Sortino Ratio Rank: 65
ZSB Omega Ratio Rank: 78
ZSB Calmar Ratio Rank: 76
ZSB Martin Ratio Rank: 59

LIMI

LIMI Risk / Return Rank: 84
LIMI Sharpe Ratio Rank: 91
LIMI Sortino Ratio Rank: 79
LIMI Omega Ratio Rank: 74
LIMI Calmar Ratio Rank: 92
LIMI Martin Ratio Rank: 83

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.

ZSB vs. LIMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Battery Metals Strategy Fund (ZSB) and Themes Lithium & Battery Metal Miners ETF (LIMI). 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.

	ZSB	LIMI	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.86	-0.60
Sortino ratio: Return per unit of downside risk	2.71	3.19	-0.48
Omega ratio: Gain probability vs. loss probability	1.42	1.40	+0.02
Calmar ratio: Return relative to maximum drawdown	3.58	5.59	-2.00
Martin ratio: Return relative to average drawdown	9.56	15.30	-5.74

ZSB vs. LIMI - Sharpe Ratio Comparison

The current ZSB Sharpe Ratio is 2.26, which is comparable to the LIMI Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of ZSB and LIMI, 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

ZSB vs. LIMI - Drawdown Comparison

The maximum ZSB drawdown since its inception was -49.26%, which is greater than LIMI's maximum drawdown of -43.77%. Use the drawdown chart below to compare losses from any high point for ZSB and LIMI.

Drawdown Indicators

	ZSB	LIMI	Difference
Max Drawdown Largest peak-to-trough decline	-49.26%	-43.77%	-5.49%
Max Drawdown (1Y) Largest decline over 1 year	-16.75%	-23.00%	+6.25%
Max Drawdown (3Y) Largest decline over 3 years	-43.22%	—	—
Current Drawdown Current decline from peak	-11.97%	-19.44%	+7.47%
Average Drawdown Average peak-to-trough decline	-30.58%	-13.10%	-17.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.27%	8.38%	-2.11%

Volatility

ZSB vs. LIMI - Volatility Comparison

The current volatility for USCF Sustainable Battery Metals Strategy Fund (ZSB) is 5.63%, while Themes Lithium & Battery Metal Miners ETF (LIMI) has a volatility of 12.75%. This indicates that ZSB experiences smaller price fluctuations and is considered to be less risky than LIMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSB	LIMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	12.75%	-7.12%
Volatility (6M) Calculated over the trailing 6-month period	22.46%	30.77%	-8.31%
Volatility (1Y) Calculated over the trailing 1-year period	26.67%	44.90%	-18.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.62%	41.77%	-22.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.62%	41.77%	-22.15%

ZSB vs. LIMI - Expense Ratio Comparison

ZSB has a 0.59% expense ratio, which is higher than LIMI's 0.35% expense ratio.

Dividends

ZSB vs. LIMI - Dividend Comparison

ZSB's dividend yield for the trailing twelve months is around 0.88%, more than LIMI's 0.50% yield.

Position	TTM	2025	2024	2023
LIMI Themes Lithium & Battery Metal Miners ETF	0.50%	0.54%	8.14%	0.00%
ZSB USCF Sustainable Battery Metals Strategy Fund	0.88%	0.92%	2.96%	3.59%

Frequently Asked Questions

Can I hold both ZSB and LIMI in my portfolio?

ZSB and LIMI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSB or LIMI?

LIMI has higher volatility (12.75%) compared to ZSB (5.63%). In terms of maximum drawdown, ZSB dropped -49.26% vs LIMI's -43.77%.

Which ETF is better, ZSB or LIMI?

On 1-year performance, LIMI leads with 127.73% vs 59.70% for ZSB. On fees, LIMI is cheaper at 0.35% per year. On volatility, ZSB has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSB or LIMI?

Over the 1-year period, LIMI has performed better with a 127.73% return vs 59.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSB or LIMI?

LIMI is cheaper with a 0.35% expense ratio, compared with 0.59% for ZSB.

Which ETF pays a higher dividend yield, ZSB or LIMI?

ZSB has the higher dividend yield at 0.88%, compared with 0.50% for LIMI.

What is the main difference between ZSB and LIMI?

ZSB tracks S&P GSCI Electric Vehicle Meals Index, while LIMI tracks BITA Global Lithium and Battery Metals Select Index. They also come from different issuers: USCF and Themes. Their fees differ too: 0.59% for ZSB and 0.35% for LIMI.

Which has better risk-adjusted returns?

LIMI currently has the higher Sharpe Ratio (2.86 vs 2.26), 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.