ZSC vs. JSI

Last updated Aug 2, 2026

ZSC (USCF Sustainable Commodity Strategy Fund) and JSI (Janus Henderson Securitized Income ETF) are both exchange-traded funds - ZSC is a Commodities fund actively managed by USCF, while JSI is a Multisector Bonds fund actively managed by Janus Henderson. Both are actively managed. Over the past year, ZSC returned 29.04% vs 2.95% for JSI. Their -0.05 correlation means they have often moved in opposite directions in the past. ZSC charges 0.59%/yr vs 0.50%/yr for JSI.

Performance

ZSC vs. JSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Commodity Strategy Fund (ZSC) and Janus Henderson Securitized Income ETF (JSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSC achieves a 5.92% return, which is significantly higher than JSI's 1.23% return.

ZSC

• 1D: -0.88%
• 1M: 0.51%
• 6M: 3.11%
• YTD: 5.92%
• 1Y: 29.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.35%

JSI

• 1D: -0.09%
• 1M: 0.08%
• 6M: 0.55%
• YTD: 1.23%
• 1Y: 2.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JSI Janus Henderson Securitized Income ETF	$4.88M	$5.15M	$6.51M
ZSC USCF Sustainable Commodity Strategy Fund	$3.54K	$12.33K	$12.42K

ZSC vs. JSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZSC USCF Sustainable Commodity Strategy Fund	5.92%	28.43%	-14.39%	3.04%
JSI Janus Henderson Securitized Income ETF	1.23%	6.46%	7.27%	3.29%

Correlation

The correlation between ZSC and JSI is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	-0.05

Return for Risk

ZSC vs. JSI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZSC

ZSC Risk / Return Rank: 86
ZSC Sharpe Ratio Rank: 89
ZSC Sortino Ratio Rank: 87
ZSC Omega Ratio Rank: 90
ZSC Calmar Ratio Rank: 89
ZSC Martin Ratio Rank: 74

JSI

JSI Risk / Return Rank: 62
JSI Sharpe Ratio Rank: 63
JSI Sortino Ratio Rank: 59
JSI Omega Ratio Rank: 71
JSI Calmar Ratio Rank: 60
JSI Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZSC vs. JSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Commodity Strategy Fund (ZSC) and Janus Henderson Securitized Income ETF (JSI). 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	JSI	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.47	+0.73
Sortino ratio: Return per unit of downside risk	2.93	2.01	+0.92
Omega ratio: Gain probability vs. loss probability	1.41	1.29	+0.12
Calmar ratio: Return relative to maximum drawdown	3.67	2.11	+1.57
Martin ratio: Return relative to average drawdown	9.13	6.67	+2.46

ZSC vs. JSI - Sharpe Ratio Comparison

The current ZSC Sharpe Ratio is 2.20, which is higher than the JSI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of ZSC and JSI, 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. JSI - Drawdown Comparison

The maximum ZSC drawdown since its inception was -26.49%, which is greater than JSI's maximum drawdown of -2.31%. Use the drawdown chart below to compare losses from any high point for ZSC and JSI.

Drawdown Indicators

	ZSC	JSI	Difference
Max Drawdown Largest peak-to-trough decline	-26.49%	-2.31%	-24.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.69%	-1.68%	-6.01%
Current Drawdown Current decline from peak	-5.87%	-0.22%	-5.65%
Average Drawdown Average peak-to-trough decline	-14.19%	-0.34%	-13.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	0.53%	+2.56%

Volatility

ZSC vs. JSI - Volatility Comparison

USCF Sustainable Commodity Strategy Fund (ZSC) has a higher volatility of 3.21% compared to Janus Henderson Securitized Income ETF (JSI) at 0.39%. This indicates that ZSC's price experiences larger fluctuations and is considered to be riskier than JSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSC	JSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	0.39%	+2.82%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	1.66%	+7.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	2.41%	+10.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	2.85%	+9.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.19%	2.85%	+9.34%

ZSC vs. JSI - Expense Ratio Comparison

ZSC has a 0.59% expense ratio, which is higher than JSI's 0.50% expense ratio.

Dividends

ZSC vs. JSI - Dividend Comparison

ZSC's dividend yield for the trailing twelve months is around 1.65%, less than JSI's 6.37% yield.

Position	TTM	2025	2024	2023
JSI Janus Henderson Securitized Income ETF	5.93%	5.80%	6.16%	0.84%
ZSC USCF Sustainable Commodity Strategy Fund	1.65%	1.75%	2.18%	1.40%

Frequently Asked Questions

Can I hold both ZSC and JSI in my portfolio?

ZSC and JSI have a correlation of -0.11, 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 JSI?

ZSC has higher volatility (3.21%) compared to JSI (0.39%). In terms of maximum drawdown, ZSC dropped -26.49% vs JSI's -2.31%.

Which ETF is better, ZSC or JSI?

On 1-year performance, ZSC leads with 29.04% vs 2.95% for JSI. On fees, JSI is cheaper at 0.50% per year. On volatility, JSI has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSC or JSI?

Over the 1-year period, ZSC has performed better with a 29.04% return vs 2.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSC or JSI?

JSI is cheaper with a 0.50% expense ratio, compared with 0.59% for ZSC.

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

JSI has the higher dividend yield at 5.93%, compared with 1.65% for ZSC.

What is the main difference between ZSC and JSI?

ZSC is categorized as Commodities, while JSI is Multisector Bonds. They also come from different issuers: USCF and Janus Henderson. Their fees differ too: 0.59% for ZSC and 0.50% for JSI.

Which has better risk-adjusted returns?

ZSC currently has the higher Sharpe Ratio (2.20 vs 1.47), 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.