JAPN vs. USOI

Last updated Jun 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while USOI is a Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. JAPN is actively managed, while USOI is passively managed. Over the past year, JAPN returned -16.72% vs 49.69% for USOI. At a correlation of -0.12, they often move in opposite directions. Both charge a 0.85% expense ratio.

Performance

JAPN vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) 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, JAPN achieves a -13.33% return, which is significantly lower than USOI's 50.53% return.

JAPN

• 1D: -1.75%
• 1M: -2.99%
• YTD: -13.33%
• 6M: -13.01%
• 1Y: -16.72%
• 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)

JAPN vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-13.33%	2.80%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	0.90%

Correlation

The correlation between JAPN and USOI is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since May 14, 2025	-0.12

Return for Risk

JAPN vs. USOI — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 2
JAPN Sortino Ratio Rank: 3
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 3
JAPN Martin Ratio Rank: 2

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.

JAPN vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) 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.

	JAPN	USOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	2.23	-3.13
Sortino ratio: Return per unit of downside risk	-1.18	2.86	-4.04
Omega ratio: Gain probability vs. loss probability	0.86	1.37	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.70	4.20	-4.90
Martin ratio: Return relative to average drawdown	-1.34	9.74	-11.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAPN vs. USOI - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.90, which is lower than the USOI Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of JAPN 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

	JAPN	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	2.23	-3.13
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.94	-1.49

Drawdowns

JAPN vs. USOI - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for JAPN and USOI.

Drawdown Indicators

	JAPN	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-19.49%	-4.45%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-11.90%	-12.04%
Current Drawdown Current decline from peak	-22.90%	-3.08%	-19.82%
Average Drawdown Average peak-to-trough decline	-9.47%	-7.21%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.54%	5.12%	+7.42%

Volatility

JAPN vs. USOI - Volatility Comparison

The current volatility for Horizon Kinetics Japan Owner Operator ETF (JAPN) is 4.33%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that JAPN 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

	JAPN	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	10.14%	-5.81%
Volatility (6M) Calculated over the trailing 6-month period	15.41%	18.25%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	22.35%	-3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	22.59%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	22.59%	-3.35%

JAPN vs. USOI - Expense Ratio Comparison

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

Dividends

JAPN vs. USOI - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.28%, less than USOI's 36.88% yield.

Position	TTM	2025	2024
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%	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 JAPN and USOI in my portfolio?

JAPN and USOI have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAPN or USOI?

USOI has higher volatility (10.14%) compared to JAPN (4.33%). In terms of maximum drawdown, JAPN dropped -23.94% vs USOI's -19.49%.

Which ETF is better, JAPN or USOI?

On 1-year performance, USOI leads with 49.69% vs -16.72% for JAPN. Both ETFs have the same 0.85% expense ratio. On volatility, JAPN has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or USOI?

Over the 1-year period, USOI has performed better with a 49.69% return vs -16.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or USOI?

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

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

USOI has the higher dividend yield at 36.88%, compared with 0.28% for JAPN.

What is the main difference between JAPN and USOI?

JAPN is categorized as Japan Equities, while USOI is Commodities. They also come from different issuers: Horizon and Credit Suisse.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (2.23 vs -0.90), 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.