GRN vs. USOI
GRN (iPath Series B Carbon ETN) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Commodities funds - GRN tracks the Barclays Global Carbon II Index while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, GRN returned 9.03% vs 49.69% for USOI. At a correlation of -0.04, they often move in opposite directions. GRN charges 0.75%/yr vs 0.85%/yr for USOI.
Performance
GRN vs. USOI - Performance Comparison
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Returns By Period
In the year-to-date period, GRN achieves a -8.60% return, which is significantly lower than USOI's 50.53% return.
GRN
- 1D
- -0.42%
- 1M
- 8.55%
- YTD
- -8.60%
- 6M
- -4.48%
- 1Y
- 9.03%
- 3Y*
- 0.39%
- 5Y*
- 9.52%
- 10Y*
- —
USOI
- 1D
- 1.94%
- 1M
- 2.54%
- YTD
- 50.53%
- 6M
- 48.65%
- 1Y
- 49.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GRN vs. USOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GRN iPath Series B Carbon ETN | -8.60% | 20.33% | -2.71% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 50.53% | -8.78% | 6.94% |
Correlation
The correlation between GRN and USOI is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | -0.04 |
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Return for Risk
GRN vs. USOI — Risk / Return Rank
GRN
USOI
GRN vs. USOI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) 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.
| GRN | USOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.37 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 4.20 | -3.90 |
| Martin ratioReturn relative to average drawdown | 0.77 | 9.74 | -8.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GRN | USOI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 2.23 | -1.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.94 | -0.53 |
Drawdowns
GRN vs. USOI - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for GRN and USOI.
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Drawdown Indicators
| GRN | USOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -19.49% | -28.47% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -11.90% | -18.49% |
Max Drawdown (3Y)Largest decline over 3 years | -45.30% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | — | — |
Current DrawdownCurrent decline from peak | -19.73% | -3.08% | -16.65% |
Average DrawdownAverage peak-to-trough decline | -17.54% | -7.21% | -10.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.83% | 5.12% | +6.71% |
Volatility
GRN vs. USOI - Volatility Comparison
The current volatility for iPath Series B Carbon ETN (GRN) is 6.65%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that GRN 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.
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Volatility by Period
| GRN | USOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.65% | 10.14% | -3.49% |
Volatility (6M)Calculated over the trailing 6-month period | 24.47% | 18.25% | +6.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 22.35% | +5.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.82% | 22.59% | +17.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.95% | 22.59% | +19.36% |
GRN vs. USOI - Expense Ratio Comparison
GRN has a 0.75% expense ratio, which is lower than USOI's 0.85% expense ratio.
Dividends
GRN vs. USOI - Dividend Comparison
GRN has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 36.88%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GRN iPath Series B Carbon 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
GRN and USOI have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOI has higher volatility (10.14%) compared to GRN (6.65%). In terms of maximum drawdown, GRN dropped -47.96% vs USOI's -19.49%.
On 1-year performance, USOI leads with 49.69% vs 9.03% for GRN. On fees, GRN is cheaper at 0.75% per year. On volatility, GRN has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOI has performed better with a 49.69% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRN is cheaper with a 0.75% expense ratio, compared with 0.85% for USOI.
USOI has the higher dividend yield at 36.88%, compared with 0.00% for GRN.
GRN tracks Barclays Global Carbon II 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: 0.75% for GRN and 0.85% for USOI.
USOI currently has the higher Sharpe Ratio (2.23 vs 0.33), 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.
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