USOI vs. DBE

Last updated Jun 25, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and DBE (Invesco DB Energy Fund) are both Oil & Gas funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while DBE tracks the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, USOI returned 21.77% vs 44.16% for DBE. Their correlation of 0.90 suggests significant overlap in exposure. USOI charges 0.85%/yr vs 0.78%/yr for DBE.

Performance

USOI vs. DBE - 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 Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOI achieves a 21.35% return, which is significantly lower than DBE's 48.87% return.

USOI

• 1D: -4.24%
• 1M: -17.61%
• YTD: 21.35%
• 6M: 20.14%
• 1Y: 21.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -3.31%
• 1M: -19.00%
• YTD: 48.87%
• 6M: 46.64%
• 1Y: 44.16%
• 3Y*: 15.52%
• 5Y*: 13.92%
• 10Y*: 9.75%

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

USOI vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	21.35%	-8.78%	3.24%
DBE Invesco DB Energy Fund	48.87%	-2.17%	-1.65%

Correlation

The correlation between USOI and DBE is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.90

The correlation between USOI and DBE has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

USOI vs. DBE — Risk / Return Rank

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

USOI

USOI Risk / Return Rank: 26
USOI Sharpe Ratio Rank: 27
USOI Sortino Ratio Rank: 26
USOI Omega Ratio Rank: 26
USOI Calmar Ratio Rank: 23
USOI Martin Ratio Rank: 28

DBE

DBE Risk / Return Rank: 41
DBE Sharpe Ratio Rank: 40
DBE Sortino Ratio Rank: 39
DBE Omega Ratio Rank: 39
DBE Calmar Ratio Rank: 41
DBE Martin Ratio Rank: 45

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. DBE - 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 Invesco DB Energy Fund (DBE). 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	DBE	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.28	-0.36
Sortino ratio: Return per unit of downside risk	1.34	1.84	-0.50
Omega ratio: Gain probability vs. loss probability	1.17	1.23	-0.07
Calmar ratio: Return relative to maximum drawdown	1.00	1.86	-0.86
Martin ratio: Return relative to average drawdown	3.65	6.74	-3.08

USOI vs. DBE - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 0.92, which is comparable to the DBE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of USOI and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USOI vs. DBE - Drawdown Comparison

The maximum USOI drawdown since its inception was -21.86%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for USOI and DBE.

Drawdown Indicators

	USOI	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-86.69%	+64.83%
Max Drawdown (1Y) Largest decline over 1 year	-21.86%	-23.89%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-21.86%	-43.48%	+21.62%
Average Drawdown Average peak-to-trough decline	-7.35%	-57.24%	+49.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	6.57%	-0.60%

Volatility

USOI vs. DBE - Volatility Comparison

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) and Invesco DB Energy Fund (DBE) have volatilities of 9.75% and 9.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.75%	9.69%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	31.65%	-11.91%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	34.90%	-11.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	29.62%	-6.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	28.36%	-5.19%

USOI vs. DBE - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

USOI vs. DBE - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 49.36%, more than DBE's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.60%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	49.36%	27.21%	12.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USOI and DBE in my portfolio?

USOI and DBE have a correlation of 0.89, 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 DBE?

USOI has higher volatility (9.75%) compared to DBE (9.69%). In terms of maximum drawdown, USOI dropped -21.86% vs DBE's -86.69%.

Which ETF is better, USOI or DBE?

On 1-year performance, DBE leads with 44.16% vs 21.77% for USOI. On fees, DBE is cheaper at 0.78% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or DBE?

Over the 1-year period, DBE has performed better with a 44.16% return vs 21.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOI or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 49.36%, compared with 2.60% for DBE.

What is the main difference between USOI and DBE?

USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Credit Suisse and Invesco. Their fees differ too: 0.85% for USOI and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.28 vs 0.92), 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.