KMLI vs. USOI

Last updated Aug 5, 2026

KMLI (KraneShares 2x Long MELI Daily ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - KMLI is a Leveraged Equities fund actively managed by KraneShares, while USOI is a Oil & Gas fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. KMLI is actively managed, while USOI is passively managed. Over the past year, KMLI returned -54.33% vs 24.70% for USOI. Their -0.17 correlation means they have often moved in opposite directions in the past. KMLI charges 1.26%/yr vs 0.85%/yr for USOI.

Performance

KMLI vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long MELI Daily ETF (KMLI) 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, KMLI achieves a -26.34% return, which is significantly lower than USOI's 30.69% return.

KMLI

• 1D: -0.88%
• 1M: 12.89%
• 6M: -30.25%
• YTD: -26.34%
• 1Y: -54.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -49.69%

USOI

• 1D: -1.16%
• 1M: 9.92%
• 6M: 21.84%
• YTD: 30.69%
• 1Y: 24.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KMLI KraneShares 2x Long MELI Daily ETF	$367.74K	$483.95K	$786.94K
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	$16.92M	$18.15M	$9.02M

KMLI vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025
KMLI KraneShares 2x Long MELI Daily ETF	-26.34%	-38.14%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	30.69%	-2.52%

Correlation

The correlation between KMLI and USOI is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.17
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.17

Return for Risk

KMLI vs. USOI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KMLI

KMLI Risk / Return Rank: 3
KMLI Sharpe Ratio Rank: 3
KMLI Sortino Ratio Rank: 4
KMLI Omega Ratio Rank: 4
KMLI Calmar Ratio Rank: 3
KMLI Martin Ratio Rank: 3

USOI

USOI Risk / Return Rank: 33
USOI Sharpe Ratio Rank: 36
USOI Sortino Ratio Rank: 35
USOI Omega Ratio Rank: 34
USOI Calmar Ratio Rank: 30
USOI Martin Ratio Rank: 32

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KMLI vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long MELI Daily ETF (KMLI) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KMLI	USOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	1.01	-1.70
Sortino ratio: Return per unit of downside risk	-0.75	1.47	-2.22
Omega ratio: Gain probability vs. loss probability	0.90	1.18	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.78	1.05	-1.84
Martin ratio: Return relative to average drawdown	-1.16	3.27	-4.43

KMLI vs. USOI - Sharpe Ratio Comparison

The current KMLI Sharpe Ratio is -0.69, which is lower than the USOI Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of KMLI 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.

Drawdowns

KMLI vs. USOI - Drawdown Comparison

The maximum KMLI drawdown since its inception was -73.23%, which is greater than USOI's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for KMLI and USOI.

Drawdown Indicators

	KMLI	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-73.23%	-23.54%	-49.69%
Max Drawdown (1Y) Largest decline over 1 year	-69.49%	-23.54%	-45.95%
Current Drawdown Current decline from peak	-62.09%	-15.85%	-46.24%
Average Drawdown Average peak-to-trough decline	-44.58%	-7.88%	-36.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.73%	7.60%	+39.13%

Volatility

KMLI vs. USOI - Volatility Comparison

KraneShares 2x Long MELI Daily ETF (KMLI) has a higher volatility of 10.52% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 6.44%. This indicates that KMLI's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMLI	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.52%	6.44%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	58.47%	20.38%	+38.09%
Volatility (1Y) Calculated over the trailing 1-year period	79.23%	24.67%	+54.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.45%	23.29%	+53.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.45%	23.29%	+53.16%

KMLI vs. USOI - Expense Ratio Comparison

KMLI has a 1.26% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

KMLI vs. USOI - Dividend Comparison

KMLI's dividend yield for the trailing twelve months is around 14.43%, less than USOI's 47.10% yield.

Position	TTM	2025	2024
KMLI KraneShares 2x Long MELI Daily ETF	14.43%	10.63%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.10%	27.21%	12.54%

Frequently Asked Questions

Can I hold both KMLI and USOI in my portfolio?

KMLI and USOI have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMLI or USOI?

KMLI has higher volatility (10.52%) compared to USOI (6.44%). In terms of maximum drawdown, KMLI dropped -73.23% vs USOI's -23.54%.

Which ETF is better, KMLI or USOI?

On 1-year performance, USOI leads with 24.70% vs -54.33% for KMLI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMLI or USOI?

Over the 1-year period, USOI has performed better with a 24.70% return vs -54.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMLI or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 1.26% for KMLI.

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

USOI has the higher dividend yield at 47.10%, compared with 14.43% for KMLI.

What is the main difference between KMLI and USOI?

KMLI is categorized as Leveraged Equities, while USOI is Oil & Gas. They also come from different issuers: KraneShares and Credit Suisse. Their fees differ too: 1.26% for KMLI and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.01 vs -0.69), 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.