CERY vs. USOI

Last updated Jun 24, 2026

CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while USOI is a Oil & Gas fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, CERY returned 27.40% vs 24.90% for USOI. A 0.69 correlation means they provide meaningful diversification when combined. CERY charges 0.28%/yr vs 0.85%/yr for USOI.

Performance

CERY vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) 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, CERY achieves a 18.11% return, which is significantly lower than USOI's 26.72% return.

CERY

• 1D: -1.20%
• 1M: -9.49%
• YTD: 18.11%
• 6M: 16.37%
• 1Y: 27.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOI

• 1D: -1.16%
• 1M: -13.97%
• YTD: 26.72%
• 6M: 25.07%
• 1Y: 24.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CERY vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	18.11%	15.68%	3.80%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	26.72%	-8.78%	8.10%

Correlation

The correlation between CERY and USOI is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.69

The correlation between CERY and USOI has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

Return for Risk

CERY vs. USOI — Risk / Return Rank

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

CERY

CERY Risk / Return Rank: 53
CERY Sharpe Ratio Rank: 56
CERY Sortino Ratio Rank: 52
CERY Omega Ratio Rank: 52
CERY Calmar Ratio Rank: 47
CERY Martin Ratio Rank: 60

USOI

USOI Risk / Return Rank: 30
USOI Sharpe Ratio Rank: 31
USOI Sortino Ratio Rank: 29
USOI Omega Ratio Rank: 29
USOI Calmar Ratio Rank: 29
USOI Martin Ratio Rank: 31

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.

CERY vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) 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.

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.

	CERY	USOI	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.07	+0.71
Sortino ratio: Return per unit of downside risk	2.38	1.53	+0.85
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.12
Calmar ratio: Return relative to maximum drawdown	2.21	1.36	+0.85
Martin ratio: Return relative to average drawdown	10.02	4.30	+5.72

CERY vs. USOI - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 1.78, which is higher than the USOI Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of CERY 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.

Drawdowns

CERY vs. USOI - Drawdown Comparison

The maximum CERY drawdown since its inception was -12.44%, smaller than the maximum USOI drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for CERY and USOI.

Drawdown Indicators

	CERY	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-12.44%	-19.49%	+7.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.44%	-18.41%	+5.97%
Current Drawdown Current decline from peak	-12.44%	-18.41%	+5.97%
Average Drawdown Average peak-to-trough decline	-2.29%	-7.33%	+5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	5.81%	-3.05%

Volatility

CERY vs. USOI - Volatility Comparison

The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 3.64%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 9.08%. This indicates that CERY 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

	CERY	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	9.08%	-5.44%
Volatility (6M) Calculated over the trailing 6-month period	13.63%	19.23%	-5.60%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	23.55%	-7.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	23.00%	-8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.74%	23.00%	-8.26%

CERY vs. USOI - Expense Ratio Comparison

CERY has a 0.28% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

CERY vs. USOI - Dividend Comparison

CERY's dividend yield for the trailing twelve months is around 4.23%, less than USOI's 47.27% yield.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.23%	4.99%	0.52%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.27%	27.21%	12.54%

Frequently Asked Questions

Can I hold both CERY and USOI in my portfolio?

CERY and USOI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CERY or USOI?

USOI has higher volatility (9.08%) compared to CERY (3.64%). In terms of maximum drawdown, CERY dropped -12.44% vs USOI's -19.49%.

Which ETF is better, CERY or USOI?

On 1-year performance, CERY leads with 27.40% vs 24.90% for USOI. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CERY or USOI?

Over the 1-year period, CERY has performed better with a 27.40% return vs 24.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CERY or USOI?

CERY is cheaper with a 0.28% expense ratio, compared with 0.85% for USOI.

Which ETF pays a higher dividend yield, CERY or USOI?

USOI has the higher dividend yield at 47.27%, compared with 4.23% for CERY.

What is the main difference between CERY and USOI?

CERY is categorized as Commodities, while USOI is Oil & Gas. CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: State Street and Credit Suisse. Their fees differ too: 0.28% for CERY and 0.85% for USOI.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (1.78 vs 1.07), 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.