DBC vs USCI

Portfolio characteristics

Net assets are dated Nov 9, 2026 for both funds (DBC $1.77B; USCI $401.0M). Figures that the issuers do not publish, such as beta, standard deviation and 52-week range, are left as Not captured rather than estimated.

Top ten sums: DBC 75.6% · USCI 73.1%. 4 shared top-ten commodities. Weights change.

The sector mirror

Same funds, different lenses

Contracts and collateral

Both funds hold futures contracts, not physical commodities. DBC lists 27 commodities and USCI lists 14. Each contract expires and is replaced (rolled) before it ends, and the cash backing the contracts sits in Treasury bills, money market funds and similar holdings. That collateral earns interest and is not counted in the commodity weights here.

What you actually own

Return rows come from the issuer pages and are dated Oct 31, 2026 for DBC and Sep 30, 2026 for USCI, so they are not matched and no return leader is named. NAV returns include fees; market price and benchmark returns are shown beside them where the issuer published them, and gaps are marked Not captured. “Since inception” starts in different years (DBC 2006, USCI 2010). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, DBC to Oct 31, 2026, USCI to Sep 30, 2026

Both funds derived from issuer NAV total returns on matched dates (compounded). Distributions reinvested; fund expenses are already in NAV. Illustration, not a forecast.

Rank by rank, the ten largest commodities of each fund, as a share of futures exposure. Top five: DBC 56.4%, USCI 37.5%. Top ten: DBC 75.6%, USCI 73.1%.

The issuers report bid/ask spreads of 0.03% for DBC and Not captured for USCI (measures differ by issuer; see each fund page). A spread of 0.05% is about $50 between the buy and sell price on $100,000, so check the live quote before you trade.

Commodity prices can swing sharply when oil or metals move, so spreads can widen on volatile days. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

Expense ratio is taken from fund assets, not billed. Net expense ratios are shown (DBC: total 0.89% before a 0.07% waiver; USCI: total 1.05%). Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.

Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.

The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return buys futures on 27 commodities and rolls them toward the contract month with the best expected roll yield, tracking the excess return version of the index. The SummerHaven Dynamic Commodity Index Total Return picks 14 commodities each year from a larger list using price trends, so its mix changes and can differ sharply from the other funds.

DBC follows the DBIQ Optimum Yield Diversified Commodity Index Excess Return and USCI uses the SummerHaven Dynamic Commodity Index Total Return. Because commodity funds hold futures, the return comes from three sources: the change in commodity prices, the roll yield or cost as contracts are replaced, and interest earned on the collateral. Differences in contract choice, roll timing and collateral income explain most of the gap between funds with similar baskets, and fees explain the rest.

Start with what separates them: The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return buys futures on 27 commodities and rolls them toward the contract month with the best expected roll yield, tracking the excess return version of the index.

The SummerHaven Dynamic Commodity Index Total Return picks 14 commodities each year from a larger list using price trends, so its mix changes and can differ sharply from the other funds. Then check what you already own: the funds overlap by 45.1%, so holding both is a real decision about how much of each market you want.

• Step 1 · Structure: DBC holds futures contracts on 27 commodities in the DBIQ Optimum Yield index and fills the rest of the fund with Treasury bills and cash; USCI holds 14 futures contracts picked each year by SummerHaven rules, in roughly equal weights.
• Step 2 · Cost: DBC 0.82% vs USCI 1.05% net expense ratio.
• Step 3 · Tax form: DBC issues a Schedule K-1; USCI issues a Schedule K-1. This matters most for tax-advanced accounts and for Canadian investors.
• Step 4 · Overlap: use the Diversification Calculator against what you own.

Size the position against your whole portfolio. Commodity funds are volatile and behave differently from stocks and bonds, so they usually play a small, deliberate role.

DBC and USCI are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on both entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.

Tax treatment depends on the structure. A fund that files a Schedule K-1 can create extra reporting for a Canadian holder and may not suit an RRSP or TFSA, while a fund that issues a 1099 is simpler. Confirm the rules for your account with a tax professional. This is general education, not tax advice.

DBC is a commodity pool that issues a Schedule K-1 each year, and futures gains in a K-1 fund are generally taxed under the 60/40 rule, with 60% treated as long-term and 40% as short-term regardless of how long you hold. USCI is a commodity pool and issues a Schedule K-1, and futures gains are generally taxed under the 60/40 rule. Issuer pages list after-tax returns only for some funds, and gaps are marked Not captured.

For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.

Investors comparing DBC and USCI often also look at the other broad commodity funds in this group: DBC, PDBC, GSG, USCI, BCI and COMT. See the other commodity ETFs comparisons and the ETF research hub.

Is DBC or USCI better?

In the DBC vs USCI question, neither is better for everyone. DBC and USCI differ in what they hold and what they charge. The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return buys futures on 27 commodities and rolls them toward the contract month with the best expected roll yield, tracking the excess return version of the index.

The SummerHaven Dynamic Commodity Index Total Return picks 14 commodities each year from a larger list using price trends, so its mix changes and can differ sharply from the other funds. Expense ratios are 0.82% and 1.05%. NAV total returns, annualized (DBC to Oct 31, 2026, USCI to Sep 30, 2026): 1 year 52.50% vs 40.67%; 5 years 12.67% vs 21.73%; 10 years 10.32% vs 10.19%. Neither is better for everyone; the choice turns on cost, tax form (K-1 or 1099), and what you already own.

DBC vs USCI, what are the expense ratios?

DBC charges 0.82% and USCI charges 1.05%, which is $82 and $105 a year per $10,000.

DBC vs USCI, how much do the funds overlap?

About 45.1% of the exposure is held by both funds, matched by commodity in issuer holdings dated Nov 9, 2026. 4 commodities appear in both top-ten lists.

DBC vs USCI, what does each ETF track?

DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. USCI tracks the SummerHaven Dynamic Commodity Index Total Return.

DBC vs USCI, what are the top commodities?

DBC (Nov 9, 2026): Brent crude 18.93%, WTI crude 16.0%, Gold 9.22%, Gasoil 6.55%, Copper 5.71%. USCI (Nov 9, 2026): Platinum 7.77%, Aluminum 7.6%, Zinc 7.43%, Soybean meal 7.35%, Copper 7.32%.

DBC vs USCI, which has performed better?

NAV total returns, annualized (DBC to Oct 31, 2026, USCI to Sep 30, 2026): 1 year 52.50% vs 40.67%; 5 years 12.67% vs 21.73%; 10 years 10.32% vs 10.19%. Returns depend on commodity prices, roll yield and collateral income, and past performance does not guarantee future results.

DBC vs USCI, can I own both?

On DBC vs USCI, you can, but they overlap by about 45.1%. 4 top-ten commodities are shared. The funds overlap only partly, so owning both is a real choice about how much of each market you want.

DBC vs USCI, how often do the funds pay dividends?

Distribution frequency: DBC annual, USCI not captured. Distribution rates are 2.36% 12-month distribution rate trailing for DBC and not captured for USCI; check each issuer page for the schedule.

DBC vs USCI, are they suitable for Canadian investors?

On DBC vs USCI, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs. DBC issues a Schedule K-1 and USCI issues a Schedule K-1, which can change reporting. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.

DBC vs USCI, how do the funds differ by sector?

DBC (Nov 9, 2026): energy 52.9%, agriculture 16.9%, industrial metals 11.8%. USCI (Nov 9, 2026): energy 34.0%, industrial metals 29.2%, agriculture 21.9%.

Third-party sources

Invesco DBC fund page · USCF USCI fund page.

Methodology and limits

• DBC figures come from Invesco fund pages and USCI figures from United States Commodity Funds LLC fund pages.
• Dates are shown beside each figure; the issuer documents are linked below.
• Overlap is the sum of the smaller weight of each commodity held by both funds. Treasury bills, cash and swaps used as collateral are excluded, and the dates and bases differ, so treat the overlap as an estimate. Weights are shares of each fund’s futures exposure by underlying commodity, so Treasury bills, cash and collateral are excluded. DBC weights are computed from the Nov 9, 2026 futures holdings by adding contracts on the same commodity and dividing by total futures exposure. USCI weights are the market value of each futures contract divided by net assets on Nov 9, 2026, from the USCF holdings file.
• This page shows livestock as its own group for every fund.
• Figures that were unavailable (beta, standard deviation, 52-week range, calendar-year returns) are left as Not captured, and nothing was filled from memory or from another fund.
• Growth of $10,000 is derived from annualized NAV total returns on matched dates; dollar values are approximate.
• Returns are issuer-reported NAV total returns (dates shown beside each figure), with market price and benchmark figures where published.

Pathways, not rankings or recommendations.