BCAT vs. USOI

Last updated Jun 4, 2026

BCAT (BlackRock Capital Allocation Trust) is a stock, while USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) is Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Over the past year, BCAT returned 29.15% vs 49.69% for USOI. At a correlation of -0.02, they often move in opposite directions.

Performance

BCAT vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Capital Allocation Trust (BCAT) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCAT achieves a 20.75% return, which is significantly lower than USOI's 50.53% return.

BCAT

• 1D: -1.38%
• 1M: 4.40%
• YTD: 20.75%
• 6M: 19.94%
• 1Y: 29.15%
• 3Y*: 21.04%
• 5Y*: 7.59%
• 10Y*: —

USOI

• 1D: 1.94%
• 1M: 2.54%
• YTD: 50.53%
• 6M: 48.65%
• 1Y: 49.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCAT vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BCAT BlackRock Capital Allocation Trust	20.75%	16.78%	2.22%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%

Correlation

The correlation between BCAT and USOI is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.02

Over the past year, the inverse relationship between BCAT and USOI has strengthened: their correlation has moved from -0.02 to -0.23, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

BCAT vs. USOI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BCAT

BCAT Risk / Return Rank: 91
BCAT Sharpe Ratio Rank: 92
BCAT Sortino Ratio Rank: 92
BCAT Omega Ratio Rank: 91
BCAT Calmar Ratio Rank: 86
BCAT Martin Ratio Rank: 94

USOI

USOI Risk / Return Rank: 64
USOI Sharpe Ratio Rank: 66
USOI Sortino Ratio Rank: 60
USOI Omega Ratio Rank: 60
USOI Calmar Ratio Rank: 80
USOI Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BCAT vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Capital Allocation Trust (BCAT) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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.

	BCAT	USOI	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.23	+0.40
Sortino ratio: Return per unit of downside risk	3.64	2.86	+0.78
Omega ratio: Gain probability vs. loss probability	1.46	1.37	+0.09
Calmar ratio: Return relative to maximum drawdown	3.67	4.20	-0.52
Martin ratio: Return relative to average drawdown	17.47	9.74	+7.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCAT vs. USOI - Sharpe Ratio Comparison

The current BCAT Sharpe Ratio is 2.63, which is comparable to the USOI Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of BCAT and USOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BCAT	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.23	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.94	-0.39

Drawdowns

BCAT vs. USOI - Drawdown Comparison

The maximum BCAT drawdown since its inception was -36.13%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for BCAT and USOI.

Drawdown Indicators

	BCAT	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-36.13%	-19.49%	-16.64%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-11.90%	+3.92%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.03%	—	—
Current Drawdown Current decline from peak	-1.63%	-3.08%	+1.45%
Average Drawdown Average peak-to-trough decline	-12.80%	-7.21%	-5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	5.12%	-3.45%

Volatility

BCAT vs. USOI - Volatility Comparison

The current volatility for BlackRock Capital Allocation Trust (BCAT) is 3.34%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that BCAT experiences smaller price fluctuations and is considered to be less risky than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCAT	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	10.14%	-6.80%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	18.25%	-9.64%
Volatility (1Y) Calculated over the trailing 1-year period	11.12%	22.35%	-11.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	22.59%	-7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.91%	22.59%	-6.68%

Dividends

BCAT vs. USOI - Dividend Comparison

BCAT's dividend yield for the trailing twelve months is around 20.33%, less than USOI's 36.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BCAT BlackRock Capital Allocation Trust	20.33%	23.45%	17.48%	10.08%	9.01%	6.42%	0.48%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCAT and USOI in my portfolio?

BCAT and USOI have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCAT or USOI?

USOI has higher volatility (10.14%) compared to BCAT (3.34%). In terms of maximum drawdown, BCAT dropped -36.13% vs USOI's -19.49%.

Which has better risk-adjusted returns?

BCAT currently has the higher Sharpe Ratio (2.63 vs 2.23), 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.