USO vs. USOI
USO (United States Oil Fund LP) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while USOI is a Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, USO returned 90.22% vs 42.28% 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
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Returns By Period
In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than USOI's 43.91% return.
USO
- 1D
- -2.72%
- 1M
- -0.69%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 90.22%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
USOI
- 1D
- -2.40%
- 1M
- 3.02%
- YTD
- 43.91%
- 6M
- 39.35%
- 1Y
- 42.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO vs. USOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USO United States Oil Fund LP | 92.34% | -8.46% | 5.18% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 43.91% | -8.78% | 6.94% |
Correlation
The correlation between USO and USOI is 0.92, 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 | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | 0.94 |
The correlation between USO and USOI has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
USO vs. USOI — Risk / Return Rank
USO
USOI
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.
| USO | USOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.32 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 3.57 | +0.88 |
| Martin ratioReturn relative to average drawdown | 8.33 | 8.24 | +0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USO | USOI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 1.88 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.08 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.82 | -1.00 |
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 -19.49%. Use the drawdown chart below to compare losses from any high point for USO and USOI.
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Drawdown Indicators
| USO | USOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -19.49% | -78.70% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -11.90% | -8.49% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | — | — |
Current DrawdownCurrent decline from peak | -85.85% | -7.34% | -78.51% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -7.20% | -68.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | 5.15% | +5.72% |
Volatility
USO vs. USOI - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 9.43%. 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.
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Volatility by Period
| USO | USOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | 9.43% | +3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | 18.54% | +19.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 22.60% | +21.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 22.66% | +13.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 22.66% | +16.35% |
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 38.58%.
| 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 | 38.58% | 27.21% | 12.54% |
Frequently Asked Questions
With a correlation of 0.92, 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.
USO has higher volatility (13.30%) compared to USOI (9.43%). In terms of maximum drawdown, USO dropped -98.19% vs USOI's -19.49%.
On 1-year performance, USO leads with 90.22% vs 42.28% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 90.22% return vs 42.28%. 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 0.86% for USO.
USOI has the higher dividend yield at 38.58%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while USOI is Commodities. 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.
USO currently has the higher Sharpe Ratio (2.04 vs 1.88), 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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