ZSC vs. CMDT

Last updated Jul 14, 2026

ZSC (USCF Sustainable Commodity Strategy Fund) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds. ZSC is actively managed, while CMDT is passively managed. Over the past year, ZSC returned 30.77% vs 25.37% for CMDT. At a 0.30 correlation, their price movements are largely independent. ZSC charges 0.59%/yr vs 0.65%/yr for CMDT.

Performance

ZSC vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Commodity Strategy Fund (ZSC) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSC achieves a 8.01% return, which is significantly lower than CMDT's 17.04% return.

ZSC

• 1D: 0.59%
• 1M: 1.61%
• 6M: 2.21%
• YTD: 8.01%
• 1Y: 30.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: 1.53%
• 1M: -0.89%
• 6M: 13.84%
• YTD: 17.04%
• 1Y: 25.37%
• 3Y*: 12.71%
• 5Y*: —
• 10Y*: —

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

ZSC vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZSC USCF Sustainable Commodity Strategy Fund	8.01%	28.43%	-14.39%	-10.63%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	17.04%	12.78%	6.93%	-2.39%

Correlation

The correlation between ZSC and CMDT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Aug 9, 2023	0.30

The correlation between ZSC and CMDT shifts across timeframes, from 0.30 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZSC vs. CMDT — Risk / Return Rank

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

ZSC

ZSC Risk / Return Rank: 85
ZSC Sharpe Ratio Rank: 90
ZSC Sortino Ratio Rank: 87
ZSC Omega Ratio Rank: 90
ZSC Calmar Ratio Rank: 88
ZSC Martin Ratio Rank: 71

CMDT

CMDT Risk / Return Rank: 66
CMDT Sharpe Ratio Rank: 78
CMDT Sortino Ratio Rank: 77
CMDT Omega Ratio Rank: 72
CMDT Calmar Ratio Rank: 48
CMDT Martin Ratio Rank: 55

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.

ZSC vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Commodity Strategy Fund (ZSC) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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.

	ZSC	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.98	+0.42
Sortino ratio: Return per unit of downside risk	3.15	2.73	+0.42
Omega ratio: Gain probability vs. loss probability	1.45	1.34	+0.12
Calmar ratio: Return relative to maximum drawdown	4.02	1.93	+2.10
Martin ratio: Return relative to average drawdown	10.18	7.48	+2.70

ZSC vs. CMDT - Sharpe Ratio Comparison

The current ZSC Sharpe Ratio is 2.40, which is comparable to the CMDT Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of ZSC and CMDT, 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

ZSC vs. CMDT - Drawdown Comparison

The maximum ZSC drawdown since its inception was -26.49%, which is greater than CMDT's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for ZSC and CMDT.

Drawdown Indicators

	ZSC	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-26.49%	-13.23%	-13.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.69%	-13.23%	+5.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.23%	—
Current Drawdown Current decline from peak	-4.01%	-8.28%	+4.27%
Average Drawdown Average peak-to-trough decline	-14.39%	-2.91%	-11.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.40%	-0.37%

Volatility

ZSC vs. CMDT - Volatility Comparison

The current volatility for USCF Sustainable Commodity Strategy Fund (ZSC) is 2.90%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 4.46%. This indicates that ZSC experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSC	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	4.46%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	11.03%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	12.93%	12.92%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.23%	12.33%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.23%	12.33%	-0.10%

ZSC vs. CMDT - Expense Ratio Comparison

ZSC has a 0.59% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

ZSC vs. CMDT - Dividend Comparison

ZSC's dividend yield for the trailing twelve months is around 1.62%, less than CMDT's 2.64% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.64%	3.04%	8.80%	2.71%
ZSC USCF Sustainable Commodity Strategy Fund	1.62%	1.75%	2.18%	1.40%

Frequently Asked Questions

Can I hold both ZSC and CMDT in my portfolio?

ZSC and CMDT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSC or CMDT?

CMDT has higher volatility (4.46%) compared to ZSC (2.90%). In terms of maximum drawdown, ZSC dropped -26.49% vs CMDT's -13.23%.

Which ETF is better, ZSC or CMDT?

On 1-year performance, ZSC leads with 30.77% vs 25.37% for CMDT. On fees, ZSC is cheaper at 0.59% per year. On volatility, ZSC has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSC or CMDT?

Over the 1-year period, ZSC has performed better with a 30.77% return vs 25.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSC or CMDT?

ZSC is cheaper with a 0.59% expense ratio, compared with 0.65% for CMDT.

Which ETF pays a higher dividend yield, ZSC or CMDT?

CMDT has the higher dividend yield at 2.64%, compared with 1.62% for ZSC.

What is the main difference between ZSC and CMDT?

They also come from different issuers: USCF and PIMCO. Their fees differ too: 0.59% for ZSC and 0.65% for CMDT.

Which has better risk-adjusted returns?

ZSC currently has the higher Sharpe Ratio (2.40 vs 1.98), 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.