UNL vs. USOI

Last updated Jun 24, 2026

UNL (United States 12 Month Natural Gas Fund LP) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, UNL returned -30.69% vs 24.90% for USOI. At a 0.07 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.85%/yr for USOI.

Performance

UNL vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Natural Gas Fund LP (UNL) 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, UNL achieves a -13.41% return, which is significantly lower than USOI's 26.72% return.

UNL

• 1D: -1.92%
• 1M: 1.75%
• YTD: -13.41%
• 6M: -15.14%
• 1Y: -30.69%
• 3Y*: -17.95%
• 5Y*: -7.73%
• 10Y*: -4.56%

USOI

• 1D: -1.16%
• 1M: -13.97%
• YTD: 26.72%
• 6M: 25.07%
• 1Y: 24.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UNL vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UNL United States 12 Month Natural Gas Fund LP	-13.41%	-9.67%	0.25%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	26.72%	-8.78%	3.24%

Correlation

The correlation between UNL and USOI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.07

Return for Risk

UNL vs. USOI — Risk / Return Rank

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

UNL

UNL Risk / Return Rank: 2
UNL Sharpe Ratio Rank: 2
UNL Sortino Ratio Rank: 3
UNL Omega Ratio Rank: 2
UNL Calmar Ratio Rank: 1
UNL Martin Ratio Rank: 1

USOI

USOI Risk / Return Rank: 30
USOI Sharpe Ratio Rank: 31
USOI Sortino Ratio Rank: 29
USOI Omega Ratio Rank: 29
USOI Calmar Ratio Rank: 29
USOI Martin Ratio Rank: 31

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.

UNL vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Natural Gas Fund LP (UNL) 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.

	UNL	USOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	1.07	-1.93
Sortino ratio: Return per unit of downside risk	-1.10	1.53	-2.63
Omega ratio: Gain probability vs. loss probability	0.86	1.19	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.95	1.36	-2.31
Martin ratio: Return relative to average drawdown	-1.52	4.30	-5.82

UNL vs. USOI - Sharpe Ratio Comparison

The current UNL Sharpe Ratio is -0.86, which is lower than the USOI Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of UNL 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

UNL vs. USOI - Drawdown Comparison

The maximum UNL drawdown since its inception was -89.00%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for UNL and USOI.

Drawdown Indicators

	UNL	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-89.00%	-19.49%	-69.51%
Max Drawdown (1Y) Largest decline over 1 year	-32.43%	-18.41%	-14.02%
Max Drawdown (3Y) Largest decline over 3 years	-48.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.12%	—	—
Current Drawdown Current decline from peak	-88.68%	-18.41%	-70.27%
Average Drawdown Average peak-to-trough decline	-73.39%	-7.33%	-66.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.45%	5.81%	+14.64%

Volatility

UNL vs. USOI - Volatility Comparison

The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 7.26%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 9.08%. This indicates that UNL 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

	UNL	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	9.08%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	30.37%	19.23%	+11.14%
Volatility (1Y) Calculated over the trailing 1-year period	35.76%	23.55%	+12.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.76%	23.00%	+18.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	23.00%	+10.86%

UNL vs. USOI - Expense Ratio Comparison

UNL has a 0.90% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

UNL vs. USOI - Dividend Comparison

UNL has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 47.27%.

Position	TTM	2025	2024
UNL United States 12 Month Natural Gas Fund LP	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.27%	27.21%	12.54%

Frequently Asked Questions

Can I hold both UNL and USOI in my portfolio?

UNL and USOI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UNL or USOI?

USOI has higher volatility (9.08%) compared to UNL (7.26%). In terms of maximum drawdown, UNL dropped -89.00% vs USOI's -19.49%.

Which ETF is better, UNL or USOI?

On 1-year performance, USOI leads with 24.90% vs -30.69% for UNL. On fees, USOI is cheaper at 0.85% per year. On volatility, UNL has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNL or USOI?

Over the 1-year period, USOI has performed better with a 24.90% return vs -30.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNL or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 0.90% for UNL.

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

USOI has the higher dividend yield at 47.27%, compared with 0.00% for UNL.

What is the main difference between UNL and USOI?

UNL tracks 12 Month Natural Gas, 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: 0.90% for UNL and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.07 vs -0.86), 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.