USO vs. USOI

Last updated Jun 26, 2026

USO (United States Oil Fund LP) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - USO tracks the Front 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, USO returned 49.11% vs 24.20% for USOI. Their correlation of 0.94 suggests significant overlap in exposure. USO charges 0.86%/yr vs 0.85%/yr for USOI.

Performance

USO vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) 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, USO achieves a 58.05% return, which is significantly higher than USOI's 24.69% return.

USO

• 1D: 2.84%
• 1M: -20.21%
• YTD: 58.05%
• 6M: 55.71%
• 1Y: 49.11%
• 3Y*: 20.34%
• 5Y*: 16.82%
• 10Y*: 2.02%

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)

USO vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USO United States Oil Fund LP	58.05%	-8.46%	0.98%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	24.69%	-8.78%	3.24%

Correlation

The correlation between USO and USOI is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.94

The correlation between USO and USOI has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

USO vs. USOI — Risk / Return Rank

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

USO

USO Risk / Return Rank: 36
USO Sharpe Ratio Rank: 35
USO Sortino Ratio Rank: 38
USO Omega Ratio Rank: 37
USO Calmar Ratio Rank: 36
USO Martin Ratio Rank: 35

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.

USO vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) 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.

	USO	USOI	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.02	+0.11
Sortino ratio: Return per unit of downside risk	1.77	1.46	+0.30
Omega ratio: Gain probability vs. loss probability	1.22	1.18	+0.04
Calmar ratio: Return relative to maximum drawdown	1.62	1.11	+0.51
Martin ratio: Return relative to average drawdown	4.76	3.98	+0.79

USO vs. USOI - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.13, which is comparable to the USOI Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of USO 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

USO vs. USOI - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than USOI's maximum drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for USO and USOI.

Drawdown Indicators

	USO	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-21.86%	-76.33%
Max Drawdown (1Y) Largest decline over 1 year	-30.51%	-21.86%	-8.65%
Max Drawdown (3Y) Largest decline over 3 years	-30.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.75%	—	—
Current Drawdown Current decline from peak	-88.37%	-19.71%	-68.66%
Average Drawdown Average peak-to-trough decline	-75.32%	-7.38%	-67.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.34%	6.10%	+4.24%

Volatility

USO vs. USOI - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 12.83% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 10.40%. This indicates that USO'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

	USO	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	10.40%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	39.67%	19.82%	+19.85%
Volatility (1Y) Calculated over the trailing 1-year period	43.65%	23.89%	+19.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.40%	23.23%	+13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.04%	23.23%	+15.81%

USO vs. USOI - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

USO vs. USOI - Dividend Comparison

USO has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 48.04%.

Position	TTM	2025	2024
USO United States Oil Fund LP	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	48.04%	27.21%	12.54%

Frequently Asked Questions

Can I hold both USO and USOI in my portfolio?

With a correlation of 0.94, USO 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, USO or USOI?

USO has higher volatility (12.83%) compared to USOI (10.40%). In terms of maximum drawdown, USO dropped -98.19% vs USOI's -21.86%.

Which ETF is better, USO or USOI?

On 1-year performance, USO leads with 49.11% vs 24.20% for USOI. On fees, USOI is cheaper at 0.85% 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, USO or USOI?

Over the 1-year period, USO has performed better with a 49.11% return vs 24.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 0.86% for USO.

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

USOI has the higher dividend yield at 48.04%, compared with 0.00% for USO.

What is the main difference between USO and USOI?

USO tracks Front Month Light Sweet Crude Oil, 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: 0.86% for USO and 0.85% for USOI.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.13 vs 1.02), 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.