CTWO vs. USOI

Last updated Jun 24, 2026

CTWO (COtwo Advisors Physical European Carbon Allowance Trust) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - CTWO is a Commodities fund managed by COtwo Advisors, while USOI is a Oil & Gas fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Over the past year, CTWO returned 1.48% vs 24.90% for USOI. At a correlation of -0.11, they often move in opposite directions. CTWO charges 0.79%/yr vs 0.85%/yr for USOI.

Performance

CTWO vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in COtwo Advisors Physical European Carbon Allowance Trust (CTWO) 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, CTWO achieves a -13.60% return, which is significantly lower than USOI's 26.72% return.

CTWO

• 1D: 0.00%
• 1M: 1.18%
• YTD: -13.60%
• 6M: -12.94%
• 1Y: 1.48%
• 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)

CTWO vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025
CTWO COtwo Advisors Physical European Carbon Allowance Trust	-13.60%	4.42%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	26.72%	-3.10%

Correlation

The correlation between CTWO and USOI is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Jun 20, 2025	-0.11

Return for Risk

CTWO vs. USOI — Risk / Return Rank

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

CTWO

CTWO Risk / Return Rank: 10
CTWO Sharpe Ratio Rank: 10
CTWO Sortino Ratio Rank: 10
CTWO Omega Ratio Rank: 10
CTWO Calmar Ratio Rank: 10
CTWO Martin Ratio Rank: 9

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.

CTWO vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for COtwo Advisors Physical European Carbon Allowance Trust (CTWO) 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.

	CTWO	USOI	Difference
Sharpe ratio: Return per unit of total volatility	0.05	1.07	-1.01
Sortino ratio: Return per unit of downside risk	0.26	1.53	-1.27
Omega ratio: Gain probability vs. loss probability	1.04	1.19	-0.15
Calmar ratio: Return relative to maximum drawdown	0.05	1.36	-1.31
Martin ratio: Return relative to average drawdown	0.10	4.30	-4.19

CTWO vs. USOI - Sharpe Ratio Comparison

The current CTWO Sharpe Ratio is 0.05, which is lower than the USOI Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of CTWO 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

CTWO vs. USOI - Drawdown Comparison

The maximum CTWO drawdown since its inception was -30.13%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for CTWO and USOI.

Drawdown Indicators

	CTWO	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-30.13%	-19.49%	-10.64%
Max Drawdown (1Y) Largest decline over 1 year	-30.13%	-18.41%	-11.72%
Current Drawdown Current decline from peak	-23.44%	-18.41%	-5.03%
Average Drawdown Average peak-to-trough decline	-12.57%	-7.33%	-5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.60%	5.81%	+8.79%

Volatility

CTWO vs. USOI - Volatility Comparison

The current volatility for COtwo Advisors Physical European Carbon Allowance Trust (CTWO) is 8.27%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 9.08%. This indicates that CTWO 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

	CTWO	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	9.08%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	24.34%	19.23%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	27.61%	23.55%	+4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.25%	23.00%	+6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.25%	23.00%	+6.25%

CTWO vs. USOI - Expense Ratio Comparison

CTWO has a 0.79% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

CTWO vs. USOI - Dividend Comparison

CTWO has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 47.27%.

Position	TTM	2025	2024
CTWO COtwo Advisors Physical European Carbon Allowance Trust	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.27%	27.21%	12.54%

Frequently Asked Questions

Can I hold both CTWO and USOI in my portfolio?

CTWO and USOI have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTWO or USOI?

USOI has higher volatility (9.08%) compared to CTWO (8.27%). In terms of maximum drawdown, CTWO dropped -30.13% vs USOI's -19.49%.

Which ETF is better, CTWO or USOI?

On 1-year performance, USOI leads with 24.90% vs 1.48% for CTWO. On fees, CTWO is cheaper at 0.79% per year. On volatility, CTWO has been the lower-risk option at 8.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CTWO or USOI?

Over the 1-year period, USOI has performed better with a 24.90% return vs 1.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CTWO or USOI?

CTWO is cheaper with a 0.79% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 47.27%, compared with 0.00% for CTWO.

What is the main difference between CTWO and USOI?

CTWO is categorized as Commodities, while USOI is Oil & Gas. They also come from different issuers: COtwo Advisors and Credit Suisse. Their fees differ too: 0.79% for CTWO and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.07 vs 0.05), 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.