USOI vs. CVX
USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) is Oil & Gas 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 24.90% vs 24.85% for CVX. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
USOI vs. CVX - Performance Comparison
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Returns By Period
In the year-to-date period, USOI achieves a 26.72% return, which is significantly higher than CVX's 17.66% return.
USOI
- 1D
- -1.16%
- 1M
- -13.97%
- YTD
- 26.72%
- 6M
- 25.07%
- 1Y
- 24.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CVX
- 1D
- 0.53%
- 1M
- -8.07%
- YTD
- 17.66%
- 6M
- 19.15%
- 1Y
- 24.85%
- 3Y*
- 9.68%
- 5Y*
- 15.06%
- 10Y*
- 10.19%
USOI vs. CVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 26.72% | -8.78% | 3.24% |
CVX Chevron Corporation | 17.66% | 10.10% | -8.84% |
Correlation
The correlation between USOI and CVX is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | 0.52 |
The correlation between USOI and CVX has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
USOI vs. CVX — Risk / Return Rank
USOI
CVX
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| USOI | CVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.20 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.47 | -0.11 |
| Martin ratioReturn relative to average drawdown | 4.30 | 4.06 | +0.23 |
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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.
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Drawdown Indicators
| USOI | CVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -55.77% | +36.28% |
Max Drawdown (1Y)Largest decline over 1 year | -18.41% | -17.02% | -1.39% |
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 DrawdownCurrent decline from peak | -18.41% | -15.89% | -2.52% |
Average DrawdownAverage peak-to-trough decline | -7.33% | -11.39% | +4.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.81% | 6.14% | -0.33% |
Volatility
USOI vs. CVX - Volatility Comparison
Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 9.08% compared to Chevron Corporation (CVX) at 7.25%. 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.
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Volatility by Period
| USOI | CVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.08% | 7.25% | +1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 19.23% | 18.24% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.55% | 22.47% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.00% | 25.12% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.00% | 29.19% | -6.19% |
Dividends
USOI vs. CVX - Dividend Comparison
USOI's dividend yield for the trailing twelve months is around 47.27%, more than CVX's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVX Chevron Corporation | 3.97% | 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 | 47.27% | 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
USOI and CVX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOI has higher volatility (9.08%) compared to CVX (7.25%). In terms of maximum drawdown, USOI dropped -19.49% vs CVX's -55.77%.
CVX currently has the higher Sharpe Ratio (1.11 vs 1.07), 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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