DBC vs. USOI

Last updated Jun 4, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Commodities funds - DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, DBC returned 45.90% vs 49.69% for USOI. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

DBC vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) 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, DBC achieves a 35.47% return, which is significantly lower than USOI's 50.53% return.

DBC

• 1D: 0.56%
• 1M: -3.32%
• YTD: 35.47%
• 6M: 35.36%
• 1Y: 45.90%
• 3Y*: 15.09%
• 5Y*: 12.78%
• 10Y*: 9.10%

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)

DBC vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	-1.83%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%

Correlation

The correlation between DBC and USOI is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.82

The correlation between DBC and USOI has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

DBC vs. USOI — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

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.

DBC vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) 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.

	DBC	USOI	Difference
Sharpe ratio Return per unit of total volatility	2.47	2.23	+0.24
Sortino ratio Return per unit of downside risk	3.16	2.86	+0.30
Omega ratio Gain probability vs. loss probability	1.43	1.37	+0.06
Calmar ratio Return relative to maximum drawdown	6.54	4.20	+2.34
Martin ratio Return relative to average drawdown	13.91	9.74	+4.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBC vs. USOI - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.47, which is comparable to the USOI Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of DBC 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

	DBC	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.23	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.94	-0.83

Drawdowns

DBC vs. USOI - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for DBC and USOI.

Drawdown Indicators

	DBC	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-19.49%	-56.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-11.90%	+4.85%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	—	—
Current Drawdown Current decline from peak	-21.64%	-3.08%	-18.56%
Average Drawdown Average peak-to-trough decline	-46.22%	-7.21%	-39.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	5.12%	-1.81%

Volatility

DBC vs. USOI - Volatility Comparison

The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 6.45%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that DBC 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

	DBC	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	10.14%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	18.25%	-2.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	22.35%	-3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	22.59%	-3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	22.59%	-4.78%

DBC vs. USOI - Expense Ratio Comparison

Both DBC and USOI have an expense ratio of 0.85%.

Dividends

DBC vs. USOI - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.46%, less than USOI's 36.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.46%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and USOI in my portfolio?

DBC and USOI have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBC or USOI?

USOI has higher volatility (10.14%) compared to DBC (6.45%). In terms of maximum drawdown, DBC dropped -76.36% vs USOI's -19.49%.

Which ETF is better, DBC or USOI?

On 1-year performance, USOI leads with 49.69% vs 45.90% for DBC. Both ETFs have the same 0.85% expense ratio. On volatility, DBC has been the lower-risk option at 6.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or USOI?

Over the 1-year period, USOI has performed better with a 49.69% return vs 45.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or USOI?

DBC and USOI have the same expense ratio: 0.85% per year.

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

USOI has the higher dividend yield at 36.88%, compared with 2.46% for DBC.

What is the main difference between DBC and USOI?

DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: Invesco and Credit Suisse.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.47 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.