ZSC vs. UMI

Last updated Aug 2, 2026

ZSC (USCF Sustainable Commodity Strategy Fund) and UMI (USCF Midstream Energy Income Fund ETF) are both exchange-traded funds - ZSC is a Commodities fund actively managed by USCF, while UMI is a Energy Equities fund actively managed by USCF. Both are actively managed. Over the past year, ZSC returned 29.04% vs 28.25% for UMI. Their 0.06 correlation means their historical movements had little consistent relationship. ZSC charges 0.59%/yr vs 0.85%/yr for UMI.

Performance

ZSC vs. UMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Commodity Strategy Fund (ZSC) and USCF Midstream Energy Income Fund ETF (UMI). 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 lower than UMI's 26.70% return.

ZSC

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

UMI

• 1D: 0.50%
• 1M: 3.72%
• 6M: 18.07%
• YTD: 26.70%
• 1Y: 28.25%
• 3Y*: 26.23%
• 5Y*: 22.50%
• 10Y*: —
• ALL TIME*: 14.58%

*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)
UMI USCF Midstream Energy Income Fund ETF	$1.28M	$1.03M	$1.15M
ZSC USCF Sustainable Commodity Strategy Fund	$3.54K	$12.33K	$12.42K

ZSC vs. UMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZSC USCF Sustainable Commodity Strategy Fund	5.92%	28.43%	-14.39%	-10.63%
UMI USCF Midstream Energy Income Fund ETF	26.70%	5.11%	42.97%	5.46%

Correlation

The correlation between ZSC and UMI is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.04
Correlation (All Time) Calculated using the full available price history since Aug 9, 2023	0.06

The correlation between ZSC and UMI shifts across timeframes, from -0.04 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZSC vs. UMI — 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

UMI

UMI Risk / Return Rank: 83
UMI Sharpe Ratio Rank: 84
UMI Sortino Ratio Rank: 83
UMI Omega Ratio Rank: 81
UMI Calmar Ratio Rank: 90
UMI Martin Ratio Rank: 76

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. UMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Commodity Strategy Fund (ZSC) and USCF Midstream Energy Income Fund ETF (UMI). 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	UMI	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.95	+0.25
Sortino ratio: Return per unit of downside risk	2.93	2.69	+0.23
Omega ratio: Gain probability vs. loss probability	1.41	1.34	+0.08
Calmar ratio: Return relative to maximum drawdown	3.67	3.79	-0.11
Martin ratio: Return relative to average drawdown	9.13	9.51	-0.38

ZSC vs. UMI - Sharpe Ratio Comparison

The current ZSC Sharpe Ratio is 2.20, which is comparable to the UMI Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of ZSC and UMI, 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. UMI - Drawdown Comparison

The maximum ZSC drawdown since its inception was -26.49%, smaller than the maximum UMI drawdown of -48.08%. Use the drawdown chart below to compare losses from any high point for ZSC and UMI.

Drawdown Indicators

	ZSC	UMI	Difference
Max Drawdown Largest peak-to-trough decline	-26.49%	-48.08%	+21.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.69%	-7.50%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.05%	—
Current Drawdown Current decline from peak	-5.87%	-2.00%	-3.87%
Average Drawdown Average peak-to-trough decline	-14.19%	-6.53%	-7.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.98%	+0.11%

Volatility

ZSC vs. UMI - Volatility Comparison

The current volatility for USCF Sustainable Commodity Strategy Fund (ZSC) is 3.21%, while USCF Midstream Energy Income Fund ETF (UMI) has a volatility of 5.19%. This indicates that ZSC experiences smaller price fluctuations and is considered to be less risky than UMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSC	UMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	5.19%	-1.98%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	11.67%	-2.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	14.59%	-1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	19.35%	-7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.19%	23.10%	-10.91%

ZSC vs. UMI - Expense Ratio Comparison

ZSC has a 0.59% expense ratio, which is lower than UMI's 0.85% expense ratio.

Dividends

ZSC vs. UMI - Dividend Comparison

ZSC's dividend yield for the trailing twelve months is around 1.65%, less than UMI's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMI USCF Midstream Energy Income Fund ETF	5.80%	6.23%	4.39%	4.67%	4.36%	3.00%	2.18%	2.47%	2.48%	0.15%
ZSC USCF Sustainable Commodity Strategy Fund	1.65%	1.75%	2.18%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZSC and UMI in my portfolio?

ZSC and UMI have a correlation of -0.04, 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 UMI?

UMI has higher volatility (5.19%) compared to ZSC (3.21%). In terms of maximum drawdown, ZSC dropped -26.49% vs UMI's -48.08%.

Which ETF is better, ZSC or UMI?

On 1-year performance, ZSC leads with 29.04% vs 28.25% for UMI. 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.

Which ETF has performed better, ZSC or UMI?

Over the 1-year period, ZSC has performed better with a 29.04% return vs 28.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSC or UMI?

ZSC is cheaper with a 0.59% expense ratio, compared with 0.85% for UMI.

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

UMI has the higher dividend yield at 5.80%, compared with 1.65% for ZSC.

What is the main difference between ZSC and UMI?

ZSC is categorized as Commodities, while UMI is Energy Equities. Their fees differ too: 0.59% for ZSC and 0.85% for UMI.

Which has better risk-adjusted returns?

ZSC currently has the higher Sharpe Ratio (2.20 vs 1.95), 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.