USE vs. USOI

Last updated Jun 26, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - USE is a Commodities fund actively managed by USCF, while USOI is a Oil & Gas fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. USE is actively managed, while USOI is passively managed. Over the past year, USE returned 3.42% vs 24.20% for USOI. A 0.77 correlation means they provide meaningful diversification when combined. USE charges 0.79%/yr vs 0.85%/yr for USOI.

Performance

USE vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Energy Commodity Strategy Absolute Return Fund (USE) 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, USE achieves a 17.68% return, which is significantly lower than USOI's 24.69% return.

USE

• 1D: 2.72%
• 1M: -17.66%
• YTD: 17.68%
• 6M: 17.10%
• 1Y: 3.42%
• 3Y*: 10.27%
• 5Y*: —
• 10Y*: —

USOI

• 1D: 2.76%
• 1M: -14.40%
• YTD: 24.69%
• 6M: 23.45%
• 1Y: 24.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USE vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USE USCF Energy Commodity Strategy Absolute Return Fund	17.68%	-14.97%	5.34%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	24.69%	-8.78%	3.24%

Correlation

The correlation between USE and USOI is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.77

The correlation between USE and USOI has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

Return for Risk

USE vs. USOI — Risk / Return Rank

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

USE

USE Risk / Return Rank: 10
USE Sharpe Ratio Rank: 10
USE Sortino Ratio Rank: 11
USE Omega Ratio Rank: 10
USE Calmar Ratio Rank: 10
USE Martin Ratio Rank: 10

USOI

USOI Risk / Return Rank: 29
USOI Sharpe Ratio Rank: 31
USOI Sortino Ratio Rank: 30
USOI Omega Ratio Rank: 29
USOI Calmar Ratio Rank: 25
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.

USE vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) 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.

	USE	USOI	Difference
Sharpe ratio: Return per unit of total volatility	0.11	1.02	-0.91
Sortino ratio: Return per unit of downside risk	0.38	1.46	-1.08
Omega ratio: Gain probability vs. loss probability	1.04	1.18	-0.14
Calmar ratio: Return relative to maximum drawdown	0.13	1.11	-0.98
Martin ratio: Return relative to average drawdown	0.24	3.98	-3.73

USE vs. USOI - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 0.11, which is lower than the USOI Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of USE 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

USE vs. USOI - Drawdown Comparison

The maximum USE drawdown since its inception was -26.38%, which is greater than USOI's maximum drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for USE and USOI.

Drawdown Indicators

	USE	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-26.38%	-21.86%	-4.52%
Max Drawdown (1Y) Largest decline over 1 year	-26.38%	-21.86%	-4.52%
Max Drawdown (3Y) Largest decline over 3 years	-26.38%	—	—
Current Drawdown Current decline from peak	-24.37%	-19.71%	-4.66%
Average Drawdown Average peak-to-trough decline	-8.12%	-7.38%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.98%	6.10%	+7.88%

Volatility

USE vs. USOI - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 10.99% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 10.40%. This indicates that USE'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

	USE	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.99%	10.40%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	27.86%	19.82%	+8.04%
Volatility (1Y) Calculated over the trailing 1-year period	31.31%	23.89%	+7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.42%	23.23%	+4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.42%	23.23%	+4.19%

USE vs. USOI - Expense Ratio Comparison

USE has a 0.79% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

USE vs. USOI - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.60%, less than USOI's 48.04% yield.

Position	TTM	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	2.60%	3.06%	38.65%	4.83%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	48.04%	27.21%	12.54%	0.00%

Frequently Asked Questions

Can I hold both USE and USOI in my portfolio?

USE and USOI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USE or USOI?

USE has higher volatility (10.99%) compared to USOI (10.40%). In terms of maximum drawdown, USE dropped -26.38% vs USOI's -21.86%.

Which ETF is better, USE or USOI?

On 1-year performance, USOI leads with 24.20% vs 3.42% for USE. On fees, USE is cheaper at 0.79% per year. On volatility, USOI has been the lower-risk option at 10.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USE or USOI?

Over the 1-year period, USOI has performed better with a 24.20% return vs 3.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or USOI?

USE is cheaper with a 0.79% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 48.04%, compared with 2.60% for USE.

What is the main difference between USE and USOI?

USE is categorized as Commodities, while USOI is Oil & Gas. They also come from different issuers: USCF and Credit Suisse. Their fees differ too: 0.79% for USE and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.02 vs 0.11), 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.