USOI vs. CMDY
USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both Commodities funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while CMDY tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past year, USOI returned 46.39% vs 35.71% for CMDY. A 0.61 correlation means they provide meaningful diversification when combined. USOI charges 0.85%/yr vs 0.28%/yr for CMDY.
Performance
USOI vs. CMDY - Performance Comparison
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Returns By Period
In the year-to-date period, USOI achieves a 47.45% return, which is significantly higher than CMDY's 24.16% return.
USOI
- 1D
- -2.04%
- 1M
- 0.59%
- YTD
- 47.45%
- 6M
- 44.00%
- 1Y
- 46.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMDY
- 1D
- -1.01%
- 1M
- -3.07%
- YTD
- 24.16%
- 6M
- 23.07%
- 1Y
- 35.71%
- 3Y*
- 15.11%
- 5Y*
- 10.49%
- 10Y*
- —
USOI vs. CMDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 47.45% | -8.78% | 6.94% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 24.16% | 15.81% | -0.92% |
Correlation
The correlation between USOI and CMDY is 0.62, 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 | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | 0.61 |
The correlation between USOI and CMDY has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.
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Return for Risk
USOI vs. CMDY — Risk / Return Rank
USOI
CMDY
USOI vs. CMDY - 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 iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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 | CMDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.40 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 4.64 | -0.72 |
| Martin ratioReturn relative to average drawdown | 9.08 | 13.86 | -4.78 |
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
| USOI | CMDY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 2.23 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 0.55 | +0.34 |
Drawdowns
USOI vs. CMDY - Drawdown Comparison
The maximum USOI drawdown since its inception was -19.49%, smaller than the maximum CMDY drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for USOI and CMDY.
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Drawdown Indicators
| USOI | CMDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -31.19% | +11.70% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -7.73% | -4.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -10.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.56% | — |
Current DrawdownCurrent decline from peak | -5.06% | -4.95% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -7.20% | -13.14% | +5.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.13% | 2.58% | +2.55% |
Volatility
USOI vs. CMDY - Volatility Comparison
Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 10.37% compared to iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) at 5.11%. This indicates that USOI's price experiences larger fluctuations and is considered to be riskier than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USOI | CMDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.37% | 5.11% | +5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 18.34% | 14.25% | +4.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.46% | 16.10% | +6.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 15.80% | +6.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.61% | 14.63% | +7.98% |
USOI vs. CMDY - Expense Ratio Comparison
USOI has a 0.85% expense ratio, which is higher than CMDY's 0.28% expense ratio.
Dividends
USOI vs. CMDY - Dividend Comparison
USOI's dividend yield for the trailing twelve months is around 37.65%, more than CMDY's 10.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.38% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
USOI and CMDY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOI has higher volatility (10.37%) compared to CMDY (5.11%). In terms of maximum drawdown, USOI dropped -19.49% vs CMDY's -31.19%.
On 1-year performance, USOI leads with 46.39% vs 35.71% for CMDY. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOI has performed better with a 46.39% return vs 35.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY is cheaper with a 0.28% expense ratio, compared with 0.85% for USOI.
USOI has the higher dividend yield at 37.65%, compared with 10.38% for CMDY.
USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while CMDY tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Credit Suisse and iShares. Their fees differ too: 0.85% for USOI and 0.28% for CMDY.
CMDY currently has the higher Sharpe Ratio (2.23 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.
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