USL vs. USOI
USL (United States 12 Month Oil Fund, LP) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - USL tracks the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, USL returned 36.97% vs 25.08% for USOI. Their correlation of 0.92 means they have usually moved in the same direction. USL charges 1.02%/yr vs 0.85%/yr for USOI.
Performance
USL vs. USOI - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 50.47% return, which is significantly higher than USOI's 32.59% return.
USL
- 1D
- 0.72%
- 1M
- 11.48%
- 6M
- 34.61%
- YTD
- 50.47%
- 1Y
- 36.97%
- 3Y*
- 10.51%
- 5Y*
- 14.04%
- 10Y*
- 11.91%
- ALL TIME*
- -0.05%
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) |
|---|---|---|---|
| $634.47K | $669.88K | $1.15M | |
| $32.75M | $18.81M | $9.02M |
USL vs. USOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 50.47% | -12.37% | -2.09% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 32.59% | -8.78% | 3.24% |
Correlation
The correlation between USL and USOI is 0.90, 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. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | 0.92 |
The correlation between USL and USOI has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
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Return for Risk
USL vs. USOI — Risk / Return Rank
USL
USOI
USL vs. USOI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) 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.
| USL | USOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.17 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 0.96 | +0.62 |
| Martin ratioReturn relative to average drawdown | 4.38 | 3.00 | +1.39 |
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Drawdowns
USL vs. USOI - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than USOI's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for USL and USOI.
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Drawdown Indicators
| USL | USOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -23.54% | -65.52% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -23.54% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | — | — |
Current DrawdownCurrent decline from peak | -42.93% | -14.63% | -28.30% |
Average DrawdownAverage peak-to-trough decline | -61.30% | -7.85% | -53.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 8.10% | +0.28% |
Volatility
USL vs. USOI - Volatility Comparison
United States 12 Month Oil Fund, LP (USL) has a higher volatility of 10.45% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 6.18%. This indicates that USL'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
| USL | USOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 6.18% | +4.27% |
Volatility (6M)Calculated over the trailing 6-month period | 25.73% | 20.39% | +5.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 24.74% | +5.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.36% | 23.32% | +7.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 23.32% | +9.03% |
USL vs. USOI - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is higher than USOI's 0.85% expense ratio.
Dividends
USL vs. USOI - Dividend Comparison
USL has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 46.43%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
USL United States 12 Month Oil 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
With a correlation of 0.90, USL and USOI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USL has higher volatility (10.45%) compared to USOI (6.18%). In terms of maximum drawdown, USL dropped -89.06% vs USOI's -23.54%.
On 1-year performance, USL leads with 36.97% vs 25.08% for USOI. On fees, USOI is cheaper at 0.85% 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, USL has performed better with a 36.97% return vs 25.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USOI is cheaper with a 0.85% expense ratio, compared with 1.02% for USL.
USOI has the higher dividend yield at 46.43%, compared with 0.00% for USL.
USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: USCF and Credit Suisse. Their fees differ too: 1.02% for USL and 0.85% for USOI.
USL currently has the higher Sharpe Ratio (1.11 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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