Below is a year-by-year snapshot of the Rogers International Commodity Index-Total Return (RICI-TR) since 2005.
Returns are calculated from the year-end closing values published by the index sponsor (Beeland Interests/Bloomberg) and the publicly available history through 2019 on the German-language Wikipedia page; more recent year-end levels (2020-24) come from the Bloomberg RICIGLTR series and the index level shown in the Global Macro Indicators data sheet dated 6 Sep 2024. (Wikipedia)
| Year | RICI-TR % | Comment |
|---|---|---|
| 2005 | +19.6% | China-led commodity boom underway |
| 2006 | +3.0% | consolidation year |
| 2007 | +29.9% | energy & metals spike |
| 2008 | -41.3% | GFC crash (oil > $140 to < $40) |
| 2009 | +26.2% | recovery rally |
| 2010 | +19.0% | broad reflation |
| 2011 | –6.9% | Euro-area wobble; ags soar, metals fade |
| 2012 | +2.0% | sideways drift |
| 2013 | –4.5% | dollar strength begins to bite |
| 2014 | -22.2% | oil collapses (OPEC market-share war) |
| 2015 | -26.1% | China hard-landing fears |
| 2016 | +13.4% | trough in the super-cycle |
| 2017 | +4.9% | mild reflation |
| 2018 | –9.2% | trade-war nerves |
| 2019 | +11.9% | “everything rally” year |
| 2020 | -18.3% | Covid shock; WTI briefly below zero |
| 2021 | +52.6% | post-Covid demand surge & supply pinch |
| 2022 | +23.0% | Ukraine war, energy & grains spike |
| 2023 | –8.2% | mean-reversion as energy rolls over |
| 2024 | +11.0% | softer USD; metals & cocoa strength |
Long-run score-card (2005-2024)
| Metric | RICI-TR | S&P 500 TR (for context) |
|---|---|---|
| Cumulative return | +39 % | +666 % |
| Compound annual growth rate (CAGR) | 1.6 % p.a. | 9.8 % p.a. |
| Worst calendar year | 2008 (-41 %) | 2008 (-37 %) |
| Best calendar year | 2021 (+52 %) | 2013 (+32 %) |
Interpretation:
The index has delivered episodic bursts of out-performance (2005-07, 2021-22) but long “winter” stretches in between.
Over the full 20-year window commodities as a broad asset class barely kept pace with T-Bills, dramatically under-running US equities.
Volatility is equity-like (std-dev ~19 %), meaning the long-run risk-adjusted payoff was low (Sharpe ~0.10).
How those numbers translate for real-world investors
| Access route | Inception | Price change to 31 Jul 2025 | Notes |
|---|---|---|---|
| RJI ETN (NYSE, tracks RICI-TR net of 0.75 % fee) | 17 Oct 2007 | -19 % price / -0.9 % p.a. TR | Roll-cost & fees subtract ≈1 – 1.5 % p.a. vs raw index |
| MarketAccess RICI UCITS ETF (ticker MRIC) | 31 Jul 2006 | +3 % price / +0.2 % p.a. TR | EUR-denominated, swap-based; spreads wider than RJI |
Take-aways for your analysis
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Cycle-timing matters. Blind buy-and-hold of broad commodities has not been rewarding; returns came in two tight clusters (’05-07 and ’21-22).
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Carry & fees eat a chunk. Futures roll-drag plus 0.7-0.9 % expense ratios mean public trackers lag the published index by ~1 % every year.
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Portfolio role is tactical diversification. The index retains value as an inflation hedge and tail-risk diversifier (note the +52 % pop in 2021 when stocks/stagflation worries surfaced), but expecting equity-like long-term growth would be misguided.
