UNG vs. USOI

Last updated Jun 23, 2026

UNG (United States Natural Gas Fund LP) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - UNG tracks the Front Month Natural Gas Futures while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, UNG returned -33.35% vs 23.34% for USOI. At a 0.07 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.85%/yr for USOI.

Performance

UNG vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Natural Gas Fund LP (UNG) 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, UNG achieves a -4.00% return, which is significantly lower than USOI's 28.21% return.

UNG

• 1D: 0.26%
• 1M: 7.59%
• YTD: -4.00%
• 6M: -0.68%
• 1Y: -33.35%
• 3Y*: -26.96%
• 5Y*: -24.05%
• 10Y*: -21.19%

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)

UNG vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UNG United States Natural Gas Fund LP	-4.00%	-27.07%	-4.43%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	28.21%	-8.78%	3.24%

Correlation

The correlation between UNG and USOI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.07

The correlation between UNG and USOI shifts across timeframes, from 0.07 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UNG vs. USOI — Risk / Return Rank

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

UNG

UNG Risk / Return Rank: 4
UNG Sharpe Ratio Rank: 4
UNG Sortino Ratio Rank: 5
UNG Omega Ratio Rank: 5
UNG Calmar Ratio Rank: 2
UNG Martin Ratio Rank: 2

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.

UNG vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) 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.

	UNG	USOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	1.00	-1.55
Sortino ratio: Return per unit of downside risk	-0.50	1.44	-1.94
Omega ratio: Gain probability vs. loss probability	0.94	1.18	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.84	1.34	-2.18
Martin ratio: Return relative to average drawdown	-1.28	4.11	-5.39

UNG vs. USOI - Sharpe Ratio Comparison

The current UNG Sharpe Ratio is -0.55, which is lower than the USOI Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of UNG 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

UNG vs. USOI - Drawdown Comparison

The maximum UNG drawdown since its inception was -99.88%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for UNG and USOI.

Drawdown Indicators

	UNG	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-99.88%	-19.49%	-80.39%
Max Drawdown (1Y) Largest decline over 1 year	-39.94%	-17.45%	-22.49%
Max Drawdown (3Y) Largest decline over 3 years	-68.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.55%	—	—
Current Drawdown Current decline from peak	-99.86%	-17.45%	-82.41%
Average Drawdown Average peak-to-trough decline	-89.97%	-7.30%	-82.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.14%	5.72%	+23.42%

Volatility

UNG vs. USOI - Volatility Comparison

United States Natural Gas Fund LP (UNG) has a higher volatility of 11.95% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 9.07%. This indicates that UNG'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

	UNG	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.95%	9.07%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	51.06%	19.21%	+31.85%
Volatility (1Y) Calculated over the trailing 1-year period	60.47%	23.56%	+36.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.14%	23.01%	+41.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.79%	23.01%	+31.78%

UNG vs. USOI - Expense Ratio Comparison

UNG has a 1.17% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

UNG vs. USOI - Dividend Comparison

UNG has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 46.72%.

Position	TTM	2025	2024
UNG United States Natural Gas 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 UNG and USOI in my portfolio?

UNG 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, UNG or USOI?

UNG has higher volatility (11.95%) compared to USOI (9.07%). In terms of maximum drawdown, UNG dropped -99.88% vs USOI's -19.49%.

Which ETF is better, UNG or USOI?

On 1-year performance, USOI leads with 23.34% vs -33.35% for UNG. On fees, USOI is cheaper at 0.85% 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, UNG or USOI?

Over the 1-year period, USOI has performed better with a 23.34% return vs -33.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNG or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 1.17% for UNG.

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

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

What is the main difference between UNG and USOI?

UNG tracks Front Month Natural Gas Futures, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: USCF Investments and Credit Suisse. Their fees differ too: 1.17% for UNG and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.00 vs -0.55), 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.