USL vs. USOI

Last updated Jun 24, 2026

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 12 Month Light Sweet Crude Oil while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, USL returned 26.14% vs 24.90% for USOI. Their correlation of 0.92 suggests significant overlap in exposure. USL charges 0.88%/yr vs 0.85%/yr for USOI.

Performance

USL vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Oil Fund LP (USL) 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, USL achieves a 39.93% return, which is significantly higher than USOI's 26.72% return.

USL

• 1D: -0.53%
• 1M: -13.39%
• YTD: 39.93%
• 6M: 37.90%
• 1Y: 26.14%
• 3Y*: 13.28%
• 5Y*: 12.73%
• 10Y*: 9.43%

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)

USL vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USL United States 12 Month Oil Fund LP	39.93%	-12.37%	-2.09%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	26.72%	-8.78%	3.24%

Correlation

The correlation between USL and USOI is 0.91, 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	0.91
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 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

USL vs. USOI — Risk / Return Rank

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

USL

USL Risk / Return Rank: 27
USL Sharpe Ratio Rank: 27
USL Sortino Ratio Rank: 26
USL Omega Ratio Rank: 26
USL Calmar Ratio Rank: 31
USL Martin Ratio Rank: 27

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.

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 ratio: Return per unit of total volatility	0.92	1.07	-0.15
Sortino ratio: Return per unit of downside risk	1.38	1.53	-0.15
Omega ratio: Gain probability vs. loss probability	1.17	1.19	-0.02
Calmar ratio: Return relative to maximum drawdown	1.50	1.36	+0.14
Martin ratio: Return relative to average drawdown	3.41	4.30	-0.88

USL vs. USOI - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 0.92, which is comparable to the USOI Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of USL 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

USL vs. USOI - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for USL and USOI.

Drawdown Indicators

	USL	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-89.06%	-19.49%	-69.57%
Max Drawdown (1Y) Largest decline over 1 year	-17.53%	-18.41%	+0.88%
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 Drawdown Current decline from peak	-46.93%	-18.41%	-28.52%
Average Drawdown Average peak-to-trough decline	-61.39%	-7.33%	-54.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.72%	5.81%	+1.91%

Volatility

USL vs. USOI - Volatility Comparison

The current volatility for United States 12 Month Oil Fund LP (USL) is 8.21%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 9.08%. This indicates that USL 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

	USL	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.21%	9.08%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	24.20%	19.23%	+4.97%
Volatility (1Y) Calculated over the trailing 1-year period	28.90%	23.55%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.24%	23.00%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.33%	23.00%	+9.33%

USL vs. USOI - Expense Ratio Comparison

USL has a 0.88% 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 47.27%.

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	47.27%	27.21%	12.54%

Frequently Asked Questions

Can I hold both USL and USOI in my portfolio?

With a correlation of 0.91, 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.

Which is riskier, USL or USOI?

USOI has higher volatility (9.08%) compared to USL (8.21%). In terms of maximum drawdown, USL dropped -89.06% vs USOI's -19.49%.

Which ETF is better, USL or USOI?

On 1-year performance, USL leads with 26.14% vs 24.90% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USL or USOI?

Over the 1-year period, USL has performed better with a 26.14% return vs 24.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USL or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between USL and USOI?

USL tracks 12 Month Light Sweet Crude Oil, 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: 0.88% for USL and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.07 vs 0.92), 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.