USOI vs. CVX

Last updated Jun 4, 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 CVX (Chevron Corporation) is a stock. Over the past year, USOI returned 49.69% vs 41.64% for CVX. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

USOI vs. CVX - 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 Chevron Corporation (CVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOI achieves a 50.53% return, which is significantly higher than CVX's 26.84% return.

USOI

• 1D: 1.94%
• 1M: 2.54%
• YTD: 50.53%
• 6M: 48.65%
• 1Y: 49.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVX

• 1D: 1.15%
• 1M: -0.43%
• YTD: 26.84%
• 6M: 27.53%
• 1Y: 41.64%
• 3Y*: 11.27%
• 5Y*: 16.52%
• 10Y*: 11.15%

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

USOI vs. CVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%
CVX Chevron Corporation	26.84%	10.10%	-6.04%

Correlation

The correlation between USOI and CVX is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.51

The correlation between USOI and CVX has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.

Return for Risk

USOI vs. CVX — Risk / Return Rank

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

USOI

USOI Risk / Return Rank: 64
USOI Sharpe Ratio Rank: 66
USOI Sortino Ratio Rank: 60
USOI Omega Ratio Rank: 60
USOI Calmar Ratio Rank: 80
USOI Martin Ratio Rank: 55

CVX

CVX Risk / Return Rank: 83
CVX Sharpe Ratio Rank: 86
CVX Sortino Ratio Rank: 82
CVX Omega Ratio Rank: 81
CVX Calmar Ratio Rank: 82
CVX Martin Ratio Rank: 82

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. CVX - 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 Chevron Corporation (CVX). 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	CVX	Difference
Sharpe ratio Return per unit of total volatility	2.23	1.90	+0.34
Sortino ratio Return per unit of downside risk	2.86	2.49	+0.37
Omega ratio Gain probability vs. loss probability	1.37	1.32	+0.05
Calmar ratio Return relative to maximum drawdown	4.20	2.99	+1.20
Martin ratio Return relative to average drawdown	9.74	7.70	+2.04
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. CVX - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 2.23, which is comparable to the CVX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of USOI and CVX, 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	CVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.90	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.38	+0.57

Drawdowns

USOI vs. CVX - Drawdown Comparison

The maximum USOI drawdown since its inception was -19.49%, smaller than the maximum CVX drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for USOI and CVX.

Drawdown Indicators

	USOI	CVX	Difference
Max Drawdown Largest peak-to-trough decline	-19.49%	-55.77%	+36.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-13.99%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.95%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-55.77%	—
Current Drawdown Current decline from peak	-3.08%	-9.33%	+6.25%
Average Drawdown Average peak-to-trough decline	-7.21%	-11.39%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	5.42%	-0.30%

Volatility

USOI vs. CVX - Volatility Comparison

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 10.14% compared to Chevron Corporation (CVX) at 8.29%. This indicates that USOI's price experiences larger fluctuations and is considered to be riskier than CVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	CVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	8.29%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	18.25%	17.82%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	22.35%	22.10%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	25.12%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.59%	29.16%	-6.57%

Dividends

USOI vs. CVX - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 36.88%, more than CVX's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVX Chevron Corporation	3.68%	4.49%	4.50%	4.05%	3.16%	4.52%	6.11%	3.95%	4.12%	3.45%	3.64%	4.76%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USOI and CVX in my portfolio?

USOI and CVX have a correlation of 0.57, 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 CVX?

USOI has higher volatility (10.14%) compared to CVX (8.29%). In terms of maximum drawdown, USOI dropped -19.49% vs CVX's -55.77%.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (2.23 vs 1.90), 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.