UGA vs. USOI

Last updated Jun 23, 2026

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 52.27% vs 23.34% for USOI. Their correlation of 0.84 suggests significant overlap in exposure. UGA charges 0.75%/yr vs 0.85%/yr for USOI.

Performance

UGA vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Gasoline Fund LP (UGA) 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, UGA achieves a 65.95% return, which is significantly higher than USOI's 28.21% return.

UGA

• 1D: 0.15%
• 1M: -11.11%
• YTD: 65.95%
• 6M: 62.61%
• 1Y: 52.27%
• 3Y*: 19.40%
• 5Y*: 23.05%
• 10Y*: 14.44%

USOI

• 1D: -1.37%
• 1M: -12.96%
• YTD: 28.21%
• 6M: 27.76%
• 1Y: 23.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGA vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UGA United States Gasoline Fund LP	65.95%	-2.00%	-2.64%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	28.21%	-8.78%	3.24%

Correlation

The correlation between UGA and USOI is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.84

The correlation between UGA and USOI has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

UGA vs. USOI — Risk / Return Rank

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

UGA

UGA Risk / Return Rank: 46
UGA Sharpe Ratio Rank: 44
UGA Sortino Ratio Rank: 40
UGA Omega Ratio Rank: 41
UGA Calmar Ratio Rank: 58
UGA Martin Ratio Rank: 50

USOI

USOI Risk / Return Rank: 28
USOI Sharpe Ratio Rank: 28
USOI Sortino Ratio Rank: 27
USOI Omega Ratio Rank: 27
USOI Calmar Ratio Rank: 28
USOI Martin Ratio Rank: 30

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.

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 ratio: Return per unit of total volatility	1.49	1.00	+0.50
Sortino ratio: Return per unit of downside risk	2.00	1.44	+0.55
Omega ratio: Gain probability vs. loss probability	1.26	1.18	+0.09
Calmar ratio: Return relative to maximum drawdown	2.77	1.34	+1.43
Martin ratio: Return relative to average drawdown	8.29	4.11	+4.18

UGA vs. USOI - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 1.49, which is higher than the USOI Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of UGA 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

UGA vs. USOI - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for UGA and USOI.

Drawdown Indicators

	UGA	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-86.59%	-19.49%	-67.10%
Max Drawdown (1Y) Largest decline over 1 year	-18.96%	-17.45%	-1.51%
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 Drawdown Current decline from peak	-17.12%	-17.45%	+0.33%
Average Drawdown Average peak-to-trough decline	-36.70%	-7.30%	-29.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.05%	5.72%	+1.33%

Volatility

UGA vs. USOI - Volatility Comparison

United States Gasoline Fund LP (UGA) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) have volatilities of 9.26% and 9.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGA	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.26%	9.07%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	30.54%	19.21%	+11.33%
Volatility (1Y) Calculated over the trailing 1-year period	35.27%	23.56%	+11.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.45%	23.01%	+11.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.25%	23.01%	+14.24%

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 46.72%.

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	46.72%	27.21%	12.54%

Frequently Asked Questions

Can I hold both UGA and USOI in my portfolio?

UGA and USOI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGA or USOI?

UGA has higher volatility (9.26%) compared to USOI (9.07%). In terms of maximum drawdown, UGA dropped -86.59% vs USOI's -19.49%.

Which ETF is better, UGA or USOI?

On 1-year performance, UGA leads with 52.27% vs 23.34% for USOI. On fees, UGA is cheaper at 0.75% per year. On volatility, USOI has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGA or USOI?

Over the 1-year period, UGA has performed better with a 52.27% return vs 23.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGA or USOI?

UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 46.72%, compared with 0.00% for UGA.

What is the main difference between UGA and USOI?

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.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.49 vs 1.00), 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.