ZSB vs. USE

Last updated Jun 24, 2026

ZSB (USCF Sustainable Battery Metals Strategy Fund) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both exchange-traded funds - ZSB is a Lithium & Battery Metals fund tracking the S&P GSCI Electric Vehicle Meals Index, while USE is a Commodities fund actively managed by USCF. ZSB is passively managed, while USE is actively managed. Over the past 3 years, ZSB returned 1.91%/yr vs 10.72%/yr for USE. At a 0.07 correlation, their price movements are largely independent. ZSB charges 0.59%/yr vs 0.79%/yr for USE.

Performance

ZSB vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Battery Metals Strategy Fund (ZSB) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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 USE's 19.51% return.

ZSB

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

USE

• 1D: -0.88%
• 1M: -18.62%
• YTD: 19.51%
• 6M: 20.11%
• 1Y: 2.57%
• 3Y*: 10.72%
• 5Y*: —
• 10Y*: —

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

ZSB vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZSB USCF Sustainable Battery Metals Strategy Fund	4.41%	64.34%	-19.70%	-21.43%
USE USCF Energy Commodity Strategy Absolute Return Fund	19.51%	-14.97%	22.58%	9.68%

Correlation

The correlation between ZSB and USE is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.07

The correlation between ZSB and USE shifts across timeframes, from -0.08 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZSB vs. USE — 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

USE

USE Risk / Return Rank: 10
USE Sharpe Ratio Rank: 10
USE Sortino Ratio Rank: 10
USE Omega Ratio Rank: 10
USE Calmar Ratio Rank: 10
USE Martin Ratio Rank: 10

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. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Battery Metals Strategy Fund (ZSB) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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	USE	Difference
Sharpe ratio: Return per unit of total volatility	2.26	0.08	+2.18
Sortino ratio: Return per unit of downside risk	2.71	0.34	+2.37
Omega ratio: Gain probability vs. loss probability	1.42	1.04	+0.38
Calmar ratio: Return relative to maximum drawdown	3.58	0.10	+3.48
Martin ratio: Return relative to average drawdown	9.56	0.19	+9.37

ZSB vs. USE - Sharpe Ratio Comparison

The current ZSB Sharpe Ratio is 2.26, which is higher than the USE Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of ZSB and USE, 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. USE - Drawdown Comparison

The maximum ZSB drawdown since its inception was -49.26%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for ZSB and USE.

Drawdown Indicators

	ZSB	USE	Difference
Max Drawdown Largest peak-to-trough decline	-49.26%	-26.24%	-23.02%
Max Drawdown (1Y) Largest decline over 1 year	-16.75%	-26.24%	+9.49%
Max Drawdown (3Y) Largest decline over 3 years	-43.22%	-26.24%	-16.98%
Current Drawdown Current decline from peak	-11.97%	-23.19%	+11.22%
Average Drawdown Average peak-to-trough decline	-30.58%	-8.07%	-22.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.27%	13.80%	-7.53%

Volatility

ZSB vs. USE - Volatility Comparison

The current volatility for USCF Sustainable Battery Metals Strategy Fund (ZSB) is 5.63%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 9.95%. This indicates that ZSB experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSB	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	9.95%	-4.32%
Volatility (6M) Calculated over the trailing 6-month period	22.46%	27.41%	-4.95%
Volatility (1Y) Calculated over the trailing 1-year period	26.67%	31.31%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.62%	27.31%	-7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.62%	27.31%	-7.69%

ZSB vs. USE - Expense Ratio Comparison

ZSB has a 0.59% expense ratio, which is lower than USE's 0.79% expense ratio.

Dividends

ZSB vs. USE - Dividend Comparison

ZSB's dividend yield for the trailing twelve months is around 0.88%, less than USE's 2.56% yield.

Position	TTM	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	2.56%	3.06%	38.65%	4.83%
ZSB USCF Sustainable Battery Metals Strategy Fund	0.88%	0.92%	2.96%	3.59%

Frequently Asked Questions

Can I hold both ZSB and USE in my portfolio?

ZSB and USE have a correlation of -0.08, 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 USE?

USE has higher volatility (9.95%) compared to ZSB (5.63%). In terms of maximum drawdown, ZSB dropped -49.26% vs USE's -26.24%.

Which ETF is better, ZSB or USE?

On 3-year performance, USE leads with 10.72% vs 1.91% for ZSB. On fees, ZSB is cheaper at 0.59% 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 USE?

Over the 3-year period, USE has performed better with a 10.72% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSB or USE?

ZSB is cheaper with a 0.59% expense ratio, compared with 0.79% for USE.

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

USE has the higher dividend yield at 2.56%, compared with 0.88% for ZSB.

What is the main difference between ZSB and USE?

ZSB is categorized as Lithium & Battery Metals, while USE is Commodities. Their fees differ too: 0.59% for ZSB and 0.79% for USE.

Which has better risk-adjusted returns?

ZSB currently has the higher Sharpe Ratio (2.26 vs 0.08), 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.