PIT vs. USOI

Last updated Jun 4, 2026

PIT (VanEck Commodity Strategy ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Commodities funds. PIT is actively managed, while USOI is passively managed. Over the past year, PIT returned 62.93% vs 49.69% for USOI. A 0.76 correlation means they provide meaningful diversification when combined. PIT charges 0.55%/yr vs 0.85%/yr for USOI.

Performance

PIT vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Commodity Strategy ETF (PIT) 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, PIT achieves a 41.36% return, which is significantly lower than USOI's 50.53% return.

PIT

• 1D: 0.58%
• 1M: -2.84%
• YTD: 41.36%
• 6M: 42.58%
• 1Y: 62.93%
• 3Y*: 24.30%
• 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)

PIT vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PIT VanEck Commodity Strategy ETF	41.36%	21.63%	1.93%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%

Correlation

The correlation between PIT and USOI is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.76

The correlation between PIT and USOI has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

PIT vs. USOI — Risk / Return Rank

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

PIT

PIT Risk / Return Rank: 87
PIT Sharpe Ratio Rank: 88
PIT Sortino Ratio Rank: 77
PIT Omega Ratio Rank: 84
PIT Calmar Ratio Rank: 93
PIT Martin Ratio Rank: 92

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.

PIT vs. USOI - Risk-Adjusted Trends Comparison

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

	PIT	USOI	Difference
Sharpe ratio: Return per unit of total volatility	2.97	2.23	+0.74
Sortino ratio: Return per unit of downside risk	3.53	2.86	+0.67
Omega ratio: Gain probability vs. loss probability	1.52	1.37	+0.15
Calmar ratio: Return relative to maximum drawdown	6.83	4.20	+2.63
Martin ratio: Return relative to average drawdown	23.27	9.74	+13.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIT vs. USOI - Sharpe Ratio Comparison

The current PIT Sharpe Ratio is 2.97, which is higher than the USOI Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of PIT 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

	PIT	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.97	2.23	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.94	+0.13

Drawdowns

PIT vs. USOI - Drawdown Comparison

The maximum PIT drawdown since its inception was -12.27%, smaller than the maximum USOI drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for PIT and USOI.

Drawdown Indicators

	PIT	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-12.27%	-19.49%	+7.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.27%	-11.90%	+2.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.27%	—	—
Current Drawdown Current decline from peak	-4.56%	-3.08%	-1.48%
Average Drawdown Average peak-to-trough decline	-3.99%	-7.21%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	5.12%	-2.41%

Volatility

PIT vs. USOI - Volatility Comparison

The current volatility for VanEck Commodity Strategy ETF (PIT) is 6.08%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that PIT 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

	PIT	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	10.14%	-4.06%
Volatility (6M) Calculated over the trailing 6-month period	19.02%	18.25%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	21.30%	22.35%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.47%	22.59%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.47%	22.59%	-5.12%

PIT vs. USOI - Expense Ratio Comparison

PIT has a 0.55% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

PIT vs. USOI - Dividend Comparison

PIT's dividend yield for the trailing twelve months is around 6.31%, less than USOI's 36.88% yield.

Position	TTM	2025	2024	2023
PIT VanEck Commodity Strategy ETF	6.31%	8.92%	3.59%	6.44%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%	0.00%

Frequently Asked Questions

Can I hold both PIT and USOI in my portfolio?

PIT and USOI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIT or USOI?

USOI has higher volatility (10.14%) compared to PIT (6.08%). In terms of maximum drawdown, PIT dropped -12.27% vs USOI's -19.49%.

Which ETF is better, PIT or USOI?

On 1-year performance, PIT leads with 62.93% vs 49.69% for USOI. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIT or USOI?

Over the 1-year period, PIT has performed better with a 62.93% return vs 49.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIT or USOI?

PIT is cheaper with a 0.55% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 36.88%, compared with 6.31% for PIT.

What is the main difference between PIT and USOI?

They also come from different issuers: VanEck and Credit Suisse. Their fees differ too: 0.55% for PIT and 0.85% for USOI.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (2.97 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.