UGA vs. USOI
UGA (United States Gasoline Fund LP) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - UGA tracks the Front Month Unleaded Gasoline while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, UGA returned 88.12% vs 25.08% for USOI. Their correlation of 0.83 means they have usually moved in the same direction. UGA charges 0.75%/yr vs 0.85%/yr for USOI.
Performance
UGA vs. USOI - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 91.06% return, which is significantly higher than USOI's 32.59% return.
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
USOI
- 1D
- 0.37%
- 1M
- 11.52%
- 6M
- 23.29%
- YTD
- 32.59%
- 1Y
- 25.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.47M | $5.01M | $4.85M | |
| $32.75M | $18.81M | $9.02M |
UGA vs. USOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UGA United States Gasoline Fund LP | 91.06% | -2.00% | -2.64% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 32.59% | -8.78% | 3.24% |
Correlation
The correlation between UGA and USOI is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | 0.83 |
The correlation between UGA and USOI has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
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Return for Risk
UGA vs. USOI — Risk / Return Rank
UGA
USOI
UGA vs. USOI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) 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.
| UGA | USOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.17 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.12 | 0.96 | +3.16 |
| Martin ratioReturn relative to average drawdown | 11.57 | 3.00 | +8.57 |
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Drawdowns
UGA vs. USOI - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, which is greater than USOI's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for UGA and USOI.
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Drawdown Indicators
| UGA | USOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -23.54% | -63.05% |
Max Drawdown (1Y)Largest decline over 1 year | -20.32% | -23.54% | +3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | — | — |
Current DrawdownCurrent decline from peak | -5.63% | -14.63% | +9.00% |
Average DrawdownAverage peak-to-trough decline | -36.53% | -7.85% | -28.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 8.10% | -0.84% |
Volatility
UGA vs. USOI - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.28% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 6.18%. This indicates that UGA'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.
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Volatility by Period
| UGA | USOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.28% | 6.18% | +5.10% |
Volatility (6M)Calculated over the trailing 6-month period | 31.98% | 20.39% | +11.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.11% | 24.74% | +11.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.60% | 23.32% | +11.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.26% | 23.32% | +13.94% |
UGA vs. USOI - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is lower than USOI's 0.85% expense ratio.
Dividends
UGA vs. USOI - Dividend Comparison
UGA has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 46.43%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 46.43% | 27.21% | 12.54% |
Frequently Asked Questions
UGA and USOI have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to USOI (6.18%). In terms of maximum drawdown, UGA dropped -86.59% vs USOI's -23.54%.
On 1-year performance, UGA leads with 88.12% vs 25.08% for USOI. On fees, UGA is cheaper at 0.75% per year. On volatility, USOI has been the lower-risk option at 6.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 88.12% return vs 25.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for USOI.
USOI has the higher dividend yield at 46.43%, compared with 0.00% for UGA.
UGA tracks Front Month Unleaded Gasoline, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: Concierge Technologies and Credit Suisse. Their fees differ too: 0.75% for UGA and 0.85% for USOI.
UGA currently has the higher Sharpe Ratio (2.32 vs 0.91), 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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