ZSC vs. GSG
ZSC (USCF Sustainable Commodity Strategy Fund) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds. ZSC is actively managed, while GSG is passively managed. Over the past year, ZSC returned 29.04% vs 42.34% for GSG. Their 0.21 correlation means their historical movements had little consistent relationship. ZSC charges 0.59%/yr vs 0.75%/yr for GSG.
Performance
ZSC vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, ZSC achieves a 5.92% return, which is significantly lower than GSG's 38.94% return.
ZSC
- 1D
- -0.88%
- 1M
- 0.51%
- 6M
- 3.11%
- YTD
- 5.92%
- 1Y
- 29.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.35%
GSG
- 1D
- 0.28%
- 1M
- 12.94%
- 6M
- 25.75%
- YTD
- 38.94%
- 1Y
- 42.34%
- 3Y*
- 14.13%
- 5Y*
- 14.47%
- 10Y*
- 8.91%
- ALL TIME*
- -2.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.60M | $17.31M | $26.52M | |
| $3.54K | $12.33K | $12.42K |
ZSC vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZSC USCF Sustainable Commodity Strategy Fund | 5.92% | 28.43% | -14.39% | -10.63% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 38.94% | 5.93% | 8.52% | -6.70% |
Correlation
The correlation between ZSC and GSG is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2023 | 0.21 |
The correlation between ZSC and GSG shifts across timeframes, from 0.21 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZSC vs. GSG — Risk / Return Rank
ZSC
GSG
ZSC vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Commodity Strategy Fund (ZSC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.29 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.67 | 2.16 | +1.51 |
| Martin ratioReturn relative to average drawdown | 9.13 | 6.99 | +2.15 |
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Drawdowns
ZSC vs. GSG - Drawdown Comparison
The maximum ZSC drawdown since its inception was -26.49%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for ZSC and GSG.
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Drawdown Indicators
| ZSC | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.49% | -89.62% | +63.13% |
Max Drawdown (1Y)Largest decline over 1 year | -7.69% | -18.81% | +11.12% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.81% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -5.87% | -58.05% | +52.18% |
Average DrawdownAverage peak-to-trough decline | -14.19% | -63.67% | +49.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 5.84% | -2.75% |
Volatility
ZSC vs. GSG - Volatility Comparison
The current volatility for USCF Sustainable Commodity Strategy Fund (ZSC) is 3.21%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.11%. This indicates that ZSC experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSC | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 8.11% | -4.90% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 22.18% | -13.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 24.23% | -11.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.19% | 22.86% | -10.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.19% | 22.06% | -9.87% |
ZSC vs. GSG - Expense Ratio Comparison
ZSC has a 0.59% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
ZSC vs. GSG - Dividend Comparison
ZSC's dividend yield for the trailing twelve months is around 1.65%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
ZSC USCF Sustainable Commodity Strategy Fund | 1.65% | 1.75% | 2.18% | 1.40% |
Frequently Asked Questions
ZSC and GSG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.11%) compared to ZSC (3.21%). In terms of maximum drawdown, ZSC dropped -26.49% vs GSG's -89.62%.
On 1-year performance, GSG leads with 42.34% vs 29.04% for ZSC. On fees, ZSC is cheaper at 0.59% per year. On volatility, ZSC has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 42.34% return vs 29.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZSC is cheaper with a 0.59% expense ratio, compared with 0.75% for GSG.
ZSC has the higher dividend yield at 1.65%, compared with 0.00% for GSG.
They also come from different issuers: USCF and iShares. Their fees differ too: 0.59% for ZSC and 0.75% for GSG.
ZSC currently has the higher Sharpe Ratio (2.20 vs 1.68), 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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