SPY vs USCI
State Street SPDR S&P 500 ETF Trust vs United States Commodity Index Fund ETV
Which is better, SPY or USCI?
Large Cap Blend against Commodities.
SPY has a lower expense ratio. SPY led over the full window, USCI over 1Y, 3Y and 5Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | USCI |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.05% |
| AUM | $814.4B | $389M |
| Dividend Yield | 1.01% | 0.00% |
| Holdings | 505 | 30 |
| YTD Return | +13.34% | +38.66%Best |
| 1Y Return | +19.97% | +40.46%Best |
| 3Y Return (annualized) | +21.20% | +21.73%Best |
| 5Y Return (annualized) | +12.81% | +21.99%Best |
| Volatility (annualized) | 14.2%Best | 14.8% |
| Max Drawdown | -34.1%Best | -66.4% |
| $10,000 over 5 years | $18,270 | $27,016Best |
| Fund Family | State Street Investment Management | USCF Investments |
| Category | Equity | Commodity |
| Style | Large Cap Blend | Commodities |
| Inception | Jan 22, 1993 | Aug 10, 2010 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Aug 10, 2010 to Sep 4, 2026 (16.1 years).
SPY vs USCI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 16.1 years both funds cover.
SPY vs USCI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and United States Commodity Index Fund ETV (USCI) is an ETF from USCF Investments. Over the past year SPY returned +19.97% while USCI returned +40.46%. Year to date, SPY is up 13.34% versus a gain of 38.66% for USCI.
Over three years, SPY compounded at +21.20% per year against +21.73% for USCI; over five years the annualized figures are +12.81% and +21.99% respectively. Across the full 16-year window we track, SPY has the edge at +13.25% annualized vs +4.86%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USCI has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 14.2% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -34.1% for SPY and -66.4% for USCI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.39. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while USCI charges 1.05%. On a $10,000 position that is $9 vs $105 annually, a gap of $96 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for USCI.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in USCI, totalling 100.0% and 28.3% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 1 in USCI, against full books of 505 and 30.
You are not choosing between two funds in isolation.
Whichever of SPY and USCI you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or USCI?
SPY has an expense ratio of 0.09% while USCI charges 1.05%. SPY is the cheaper option, by $96 a year on a $10,000 investment.
Which performed better, SPY or USCI?
Over the past year SPY returned +19.97% vs +40.46% for USCI, so USCI leads on 1-year performance. Over the longest common window we track (16 years), SPY annualized +13.25% vs +4.86% for USCI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or USCI?
USCI has been the more volatile fund at 14.8% annualized versus 14.2% for SPY. Worst drawdown: SPY -34.1% vs USCI -66.4%.
Should I hold both SPY and USCI?
SPY and USCI have a monthly-return correlation of 0.39, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or USCI?
SPY yields 1.01% while USCI yields 0.00%, so SPY currently pays the higher dividend yield.
Is USCI better than SPY?
SPY has a lower expense ratio. SPY led over the full window, USCI over 1Y, 3Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.