USOI vs. BCAT

Last updated Jun 5, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) is Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while BCAT (BlackRock Capital Allocation Trust) is a stock. Over the past year, USOI returned 46.39% vs 27.56% for BCAT. At a correlation of -0.01, they often move in opposite directions.

Performance

USOI vs. BCAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) and BlackRock Capital Allocation Trust (BCAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOI achieves a 47.45% return, which is significantly higher than BCAT's 20.29% return.

USOI

• 1D: -2.04%
• 1M: 0.59%
• YTD: 47.45%
• 6M: 44.00%
• 1Y: 46.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCAT

• 1D: -0.38%
• 1M: 3.46%
• YTD: 20.29%
• 6M: 19.56%
• 1Y: 27.56%
• 3Y*: 20.83%
• 5Y*: 7.50%
• 10Y*: —

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

USOI vs. BCAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.45%	-8.78%	6.94%
BCAT BlackRock Capital Allocation Trust	20.29%	16.78%	2.22%

Correlation

The correlation between USOI and BCAT is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.01

Over the past year, the inverse relationship between USOI and BCAT has strengthened: their correlation has moved from -0.01 to -0.23, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

USOI vs. BCAT — Risk / Return Rank

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

USOI

USOI Risk / Return Rank: 62
USOI Sharpe Ratio Rank: 63
USOI Sortino Ratio Rank: 58
USOI Omega Ratio Rank: 57
USOI Calmar Ratio Rank: 78
USOI Martin Ratio Rank: 54

BCAT

BCAT Risk / Return Rank: 90
BCAT Sharpe Ratio Rank: 92
BCAT Sortino Ratio Rank: 92
BCAT Omega Ratio Rank: 90
BCAT Calmar Ratio Rank: 85
BCAT Martin Ratio Rank: 93

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.

USOI vs. BCAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) and BlackRock Capital Allocation Trust (BCAT). 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.

	USOI	BCAT	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.49	-0.42
Sortino ratio: Return per unit of downside risk	2.69	3.47	-0.78
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.09
Calmar ratio: Return relative to maximum drawdown	3.92	3.47	+0.45
Martin ratio: Return relative to average drawdown	9.08	16.47	-7.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USOI vs. BCAT - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 2.08, which is comparable to the BCAT Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of USOI and BCAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USOI	BCAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.49	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.55	+0.34

Drawdowns

USOI vs. BCAT - Drawdown Comparison

The maximum USOI drawdown since its inception was -19.49%, smaller than the maximum BCAT drawdown of -36.13%. Use the drawdown chart below to compare losses from any high point for USOI and BCAT.

Drawdown Indicators

	USOI	BCAT	Difference
Max Drawdown Largest peak-to-trough decline	-19.49%	-36.13%	+16.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-7.98%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.03%	—
Current Drawdown Current decline from peak	-5.06%	-2.01%	-3.05%
Average Drawdown Average peak-to-trough decline	-7.20%	-12.79%	+5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	1.68%	+3.45%

Volatility

USOI vs. BCAT - Volatility Comparison

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 10.37% compared to BlackRock Capital Allocation Trust (BCAT) at 3.37%. This indicates that USOI's price experiences larger fluctuations and is considered to be riskier than BCAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	BCAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	3.37%	+7.00%
Volatility (6M) Calculated over the trailing 6-month period	18.34%	8.60%	+9.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.46%	11.13%	+11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	15.21%	+7.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	15.91%	+6.70%

Dividends

USOI vs. BCAT - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 37.65%, more than BCAT's 20.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BCAT BlackRock Capital Allocation Trust	20.41%	23.45%	17.48%	10.08%	9.01%	6.42%	0.48%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	37.65%	27.21%	12.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USOI and BCAT in my portfolio?

USOI and BCAT have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USOI or BCAT?

USOI has higher volatility (10.37%) compared to BCAT (3.37%). In terms of maximum drawdown, USOI dropped -19.49% vs BCAT's -36.13%.

Which has better risk-adjusted returns?

BCAT currently has the higher Sharpe Ratio (2.49 vs 2.08), 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.