USOI vs. DBO

Last updated Jun 25, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and DBO (Invesco DB Oil Fund) are both Oil & Gas funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past year, USOI returned 21.77% vs 37.25% for DBO. Their correlation of 0.93 suggests significant overlap in exposure. USOI charges 0.85%/yr vs 0.78%/yr for DBO.

Performance

USOI vs. DBO - 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 Oil Fund (DBO). 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 DBO's 43.93% return.

USOI

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

DBO

• 1D: -4.15%
• 1M: -21.96%
• YTD: 43.93%
• 6M: 41.96%
• 1Y: 37.25%
• 3Y*: 12.72%
• 5Y*: 9.10%
• 10Y*: 8.76%

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

USOI vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	21.35%	-8.78%	3.24%
DBO Invesco DB Oil Fund	43.93%	-11.71%	-1.37%

Correlation

The correlation between USOI and DBO is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.93

The correlation between USOI and DBO has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

USOI vs. DBO — 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

DBO

DBO Risk / Return Rank: 32
DBO Sharpe Ratio Rank: 33
DBO Sortino Ratio Rank: 34
DBO Omega Ratio Rank: 31
DBO Calmar Ratio Rank: 31
DBO Martin Ratio Rank: 32

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. DBO - 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 Oil Fund (DBO). 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	DBO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.09	-0.17
Sortino ratio: Return per unit of downside risk	1.34	1.65	-0.30
Omega ratio: Gain probability vs. loss probability	1.17	1.20	-0.03
Calmar ratio: Return relative to maximum drawdown	1.00	1.43	-0.43
Martin ratio: Return relative to average drawdown	3.65	4.33	-0.67

USOI vs. DBO - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 0.92, which is comparable to the DBO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of USOI and DBO, 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. DBO - Drawdown Comparison

The maximum USOI drawdown since its inception was -21.86%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for USOI and DBO.

Drawdown Indicators

	USOI	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-90.18%	+68.32%
Max Drawdown (1Y) Largest decline over 1 year	-21.86%	-26.22%	+4.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-21.86%	-62.12%	+40.26%
Average Drawdown Average peak-to-trough decline	-7.35%	-62.22%	+54.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	8.63%	-2.66%

Volatility

USOI vs. DBO - Volatility Comparison

The current volatility for Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) is 9.75%, while Invesco DB Oil Fund (DBO) has a volatility of 10.78%. This indicates that USOI experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.75%	10.78%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	29.70%	-9.96%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	34.63%	-10.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	32.59%	-9.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	31.84%	-8.67%

USOI vs. DBO - Expense Ratio Comparison

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

Dividends

USOI vs. DBO - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 49.36%, more than DBO's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.44%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
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 DBO in my portfolio?

With a correlation of 0.91, USOI and DBO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USOI or DBO?

DBO has higher volatility (10.78%) compared to USOI (9.75%). In terms of maximum drawdown, USOI dropped -21.86% vs DBO's -90.18%.

Which ETF is better, USOI or DBO?

On 1-year performance, DBO leads with 37.25% vs 21.77% for USOI. On fees, DBO is cheaper at 0.78% per year. On volatility, USOI has been the lower-risk option at 9.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or DBO?

Over the 1-year period, DBO has performed better with a 37.25% 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 DBO?

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

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

USOI has the higher dividend yield at 49.36%, compared with 2.44% for DBO.

What is the main difference between USOI and DBO?

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

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.09 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.