DJP vs. USOI

Last updated Jun 4, 2026

DJP (iPath Bloomberg Commodity Index Total Return ETN) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Commodities funds - DJP tracks the Bloomberg Commodity Index while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, DJP returned 44.52% vs 49.69% for USOI. A 0.59 correlation means they provide meaningful diversification when combined. DJP charges 0.70%/yr vs 0.85%/yr for USOI.

Performance

DJP vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Bloomberg Commodity Index Total Return ETN (DJP) 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, DJP achieves a 30.63% return, which is significantly lower than USOI's 50.53% return.

DJP

• 1D: 0.02%
• 1M: -3.31%
• YTD: 30.63%
• 6M: 29.34%
• 1Y: 44.52%
• 3Y*: 17.94%
• 5Y*: 12.46%
• 10Y*: 7.36%

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)

DJP vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DJP iPath Bloomberg Commodity Index Total Return ETN	30.63%	17.20%	-1.69%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%

Correlation

The correlation between DJP and USOI is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.59

The correlation between DJP and USOI has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

Return for Risk

DJP vs. USOI — Risk / Return Rank

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

DJP

DJP Risk / Return Rank: 72
DJP Sharpe Ratio Rank: 71
DJP Sortino Ratio Rank: 62
DJP Omega Ratio Rank: 69
DJP Calmar Ratio Rank: 88
DJP Martin Ratio Rank: 71

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.

DJP vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Bloomberg Commodity Index Total Return ETN (DJP) 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.

	DJP	USOI	Difference
Sharpe ratio Return per unit of total volatility	2.36	2.23	+0.13
Sortino ratio Return per unit of downside risk	2.95	2.86	+0.09
Omega ratio Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio Return relative to maximum drawdown	5.20	4.20	+1.00
Martin ratio Return relative to average drawdown	13.30	9.74	+3.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJP vs. USOI - Sharpe Ratio Comparison

The current DJP Sharpe Ratio is 2.36, which is comparable to the USOI Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of DJP 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

	DJP	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.23	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.94	-0.94

Drawdowns

DJP vs. USOI - Drawdown Comparison

The maximum DJP drawdown since its inception was -78.35%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for DJP and USOI.

Drawdown Indicators

	DJP	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-78.35%	-19.49%	-58.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-11.90%	+3.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.36%	—	—
Current Drawdown Current decline from peak	-32.82%	-3.08%	-29.74%
Average Drawdown Average peak-to-trough decline	-50.86%	-7.21%	-43.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	5.12%	-1.76%

Volatility

DJP vs. USOI - Volatility Comparison

The current volatility for iPath Bloomberg Commodity Index Total Return ETN (DJP) is 5.85%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that DJP 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

	DJP	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	10.14%	-4.29%
Volatility (6M) Calculated over the trailing 6-month period	16.64%	18.25%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	22.35%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	22.59%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	22.59%	-5.53%

DJP vs. USOI - Expense Ratio Comparison

DJP has a 0.70% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

DJP vs. USOI - Dividend Comparison

DJP has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 36.88%.

Position	TTM	2025	2024
DJP iPath Bloomberg Commodity Index Total Return ETN	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%

Frequently Asked Questions

Can I hold both DJP and USOI in my portfolio?

DJP and USOI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJP or USOI?

USOI has higher volatility (10.14%) compared to DJP (5.85%). In terms of maximum drawdown, DJP dropped -78.35% vs USOI's -19.49%.

Which ETF is better, DJP or USOI?

On 1-year performance, USOI leads with 49.69% vs 44.52% for DJP. On fees, DJP is cheaper at 0.70% per year. On volatility, DJP has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJP or USOI?

Over the 1-year period, USOI has performed better with a 49.69% return vs 44.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJP or USOI?

DJP is cheaper with a 0.70% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 36.88%, compared with 0.00% for DJP.

What is the main difference between DJP and USOI?

DJP tracks Bloomberg Commodity Index, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: Barclays Capital and Credit Suisse. Their fees differ too: 0.70% for DJP and 0.85% for USOI.

Which has better risk-adjusted returns?

DJP currently has the higher Sharpe Ratio (2.36 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.