USOI vs. CERY

Last updated Jun 5, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both Commodities funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while CERY tracks the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, USOI returned 46.39% vs 42.29% for CERY. A 0.68 correlation means they provide meaningful diversification when combined. USOI charges 0.85%/yr vs 0.28%/yr for CERY.

Performance

USOI vs. CERY - 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 SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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 CERY's 28.16% return.

USOI

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

CERY

• 1D: -1.32%
• 1M: -3.05%
• YTD: 28.16%
• 6M: 28.35%
• 1Y: 42.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USOI vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.45%	-8.78%	7.60%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	28.16%	15.68%	3.92%

Correlation

The correlation between USOI and CERY is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.68

The correlation between USOI and CERY has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.

Return for Risk

USOI vs. CERY — 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

CERY

CERY Risk / Return Rank: 85
CERY Sharpe Ratio Rank: 85
CERY Sortino Ratio Rank: 79
CERY Omega Ratio Rank: 81
CERY Calmar Ratio Rank: 92
CERY Martin Ratio Rank: 89

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. CERY - 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 SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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	CERY	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.75	-0.68
Sortino ratio: Return per unit of downside risk	2.69	3.50	-0.81
Omega ratio: Gain probability vs. loss probability	1.35	1.48	-0.13
Calmar ratio: Return relative to maximum drawdown	3.92	6.09	-2.17
Martin ratio: Return relative to average drawdown	9.08	19.52	-10.44
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. CERY - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 2.08, which is comparable to the CERY Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of USOI and CERY, 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	CERY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.75	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.92	-1.04

Drawdowns

USOI vs. CERY - Drawdown Comparison

The maximum USOI drawdown since its inception was -19.49%, which is greater than CERY's maximum drawdown of -10.05%. Use the drawdown chart below to compare losses from any high point for USOI and CERY.

Drawdown Indicators

	USOI	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-19.49%	-10.05%	-9.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-6.98%	-4.92%
Current Drawdown Current decline from peak	-5.06%	-4.99%	-0.07%
Average Drawdown Average peak-to-trough decline	-7.20%	-2.11%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	2.17%	+2.96%

Volatility

USOI vs. CERY - Volatility Comparison

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 10.37% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 5.08%. This indicates that USOI's price experiences larger fluctuations and is considered to be riskier than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	5.08%	+5.29%
Volatility (6M) Calculated over the trailing 6-month period	18.34%	13.37%	+4.97%
Volatility (1Y) Calculated over the trailing 1-year period	22.46%	15.44%	+7.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	14.73%	+7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	14.73%	+7.88%

USOI vs. CERY - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

USOI vs. CERY - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 37.65%, more than CERY's 3.90% yield.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	3.90%	4.99%	0.52%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	37.65%	27.21%	12.54%

Frequently Asked Questions

Can I hold both USOI and CERY in my portfolio?

USOI and CERY have a correlation of 0.65, 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 CERY?

USOI has higher volatility (10.37%) compared to CERY (5.08%). In terms of maximum drawdown, USOI dropped -19.49% vs CERY's -10.05%.

Which ETF is better, USOI or CERY?

On 1-year performance, USOI leads with 46.39% vs 42.29% for CERY. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or CERY?

Over the 1-year period, USOI has performed better with a 46.39% return vs 42.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOI or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 37.65%, compared with 3.90% for CERY.

What is the main difference between USOI and CERY?

USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: Credit Suisse and State Street. Their fees differ too: 0.85% for USOI and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (2.75 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.