DCMT vs. USOI

Last updated Jun 4, 2026

DCMT (DoubleLine Commodity Strategy ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Commodities funds. DCMT is actively managed, while USOI is passively managed. Over the past year, DCMT returned 42.19% vs 49.69% for USOI. A 0.80 correlation means they provide meaningful diversification when combined. DCMT charges 0.66%/yr vs 0.85%/yr for USOI.

Performance

DCMT vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Commodity Strategy ETF (DCMT) 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, DCMT achieves a 34.49% return, which is significantly lower than USOI's 50.53% return.

DCMT

• 1D: 0.63%
• 1M: -2.89%
• YTD: 34.49%
• 6M: 33.53%
• 1Y: 42.19%
• 3Y*: —
• 5Y*: —
• 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)

DCMT vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DCMT DoubleLine Commodity Strategy ETF	34.49%	6.04%	1.30%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%

Correlation

The correlation between DCMT 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	0.80

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

Return for Risk

DCMT vs. USOI — Risk / Return Rank

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

DCMT

DCMT Risk / Return Rank: 76
DCMT Sharpe Ratio Rank: 71
DCMT Sortino Ratio Rank: 66
DCMT Omega Ratio Rank: 69
DCMT Calmar Ratio Rank: 93
DCMT Martin Ratio Rank: 82

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.

DCMT vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Commodity Strategy ETF (DCMT) 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.

	DCMT	USOI	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.23	+0.09
Sortino ratio: Return per unit of downside risk	3.01	2.86	+0.15
Omega ratio: Gain probability vs. loss probability	1.41	1.37	+0.04
Calmar ratio: Return relative to maximum drawdown	6.83	4.20	+2.63
Martin ratio: Return relative to average drawdown	16.31	9.74	+6.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCMT vs. USOI - Sharpe Ratio Comparison

The current DCMT Sharpe Ratio is 2.32, which is comparable to the USOI Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of DCMT 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

	DCMT	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.23	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.94	+0.26

Drawdowns

DCMT vs. USOI - Drawdown Comparison

The maximum DCMT drawdown since its inception was -11.95%, smaller than the maximum USOI drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for DCMT and USOI.

Drawdown Indicators

	DCMT	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-11.95%	-19.49%	+7.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-11.90%	+5.69%
Current Drawdown Current decline from peak	-3.46%	-3.08%	-0.38%
Average Drawdown Average peak-to-trough decline	-3.13%	-7.21%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	5.12%	-2.53%

Volatility

DCMT vs. USOI - Volatility Comparison

The current volatility for DoubleLine Commodity Strategy ETF (DCMT) is 6.71%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that DCMT 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

	DCMT	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	10.14%	-3.43%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	18.25%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.27%	22.35%	-4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	22.59%	-6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	22.59%	-6.82%

DCMT vs. USOI - Expense Ratio Comparison

DCMT has a 0.66% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

DCMT vs. USOI - Dividend Comparison

DCMT's dividend yield for the trailing twelve months is around 2.73%, less than USOI's 36.88% yield.

Position	TTM	2025	2024
DCMT DoubleLine Commodity Strategy ETF	2.73%	3.67%	1.59%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%

Frequently Asked Questions

Can I hold both DCMT and USOI in my portfolio?

DCMT 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, DCMT or USOI?

USOI has higher volatility (10.14%) compared to DCMT (6.71%). In terms of maximum drawdown, DCMT dropped -11.95% vs USOI's -19.49%.

Which ETF is better, DCMT or USOI?

On 1-year performance, USOI leads with 49.69% vs 42.19% for DCMT. On fees, DCMT is cheaper at 0.66% per year. On volatility, DCMT has been the lower-risk option at 6.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DCMT or USOI?

Over the 1-year period, USOI has performed better with a 49.69% return vs 42.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DCMT or USOI?

DCMT is cheaper with a 0.66% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 36.88%, compared with 2.73% for DCMT.

What is the main difference between DCMT and USOI?

They also come from different issuers: DoubleLine and Credit Suisse. Their fees differ too: 0.66% for DCMT and 0.85% for USOI.

Which has better risk-adjusted returns?

DCMT currently has the higher Sharpe Ratio (2.32 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.