USOI vs. HGER

Last updated Jun 5, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and HGER (Harbor Commodity All-Weather Strategy ETF) are both Commodities funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while HGER tracks the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past year, USOI returned 46.39% vs 39.42% for HGER. A 0.65 correlation means they provide meaningful diversification when combined. USOI charges 0.85%/yr vs 0.68%/yr for HGER.

Performance

USOI vs. HGER - 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 Harbor Commodity All-Weather Strategy ETF (HGER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOI achieves a 47.45% return, which is significantly higher than HGER's 27.03% return.

USOI

• 1D: -2.04%
• 1M: 0.59%
• YTD: 47.45%
• 6M: 44.00%
• 1Y: 46.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HGER

• 1D: -0.85%
• 1M: -3.84%
• YTD: 27.03%
• 6M: 26.30%
• 1Y: 39.42%
• 3Y*: 20.87%
• 5Y*: —
• 10Y*: —

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

USOI vs. HGER - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.45%	-8.78%	6.94%
HGER Harbor Commodity All-Weather Strategy ETF	27.03%	20.08%	2.03%

Correlation

The correlation between USOI and HGER is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.65

The correlation between USOI and HGER has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Return for Risk

USOI vs. HGER — Risk / Return Rank

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

USOI

USOI Risk / Return Rank: 62
USOI Sharpe Ratio Rank: 63
USOI Sortino Ratio Rank: 58
USOI Omega Ratio Rank: 57
USOI Calmar Ratio Rank: 78
USOI Martin Ratio Rank: 54

HGER

HGER Risk / Return Rank: 77
HGER Sharpe Ratio Rank: 73
HGER Sortino Ratio Rank: 68
HGER Omega Ratio Rank: 74
HGER Calmar Ratio Rank: 87
HGER 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. HGER - 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 Harbor Commodity All-Weather Strategy ETF (HGER). 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	HGER	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.35	-0.27
Sortino ratio: Return per unit of downside risk	2.69	3.06	-0.38
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	3.92	4.90	-0.98
Martin ratio: Return relative to average drawdown	9.08	16.29	-7.22
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. HGER - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 2.08, which is comparable to the HGER Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of USOI and HGER, 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	HGER	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.35	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.89	0.00

Drawdowns

USOI vs. HGER - Drawdown Comparison

The maximum USOI drawdown since its inception was -19.49%, smaller than the maximum HGER drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for USOI and HGER.

Drawdown Indicators

	USOI	HGER	Difference
Max Drawdown Largest peak-to-trough decline	-19.49%	-23.31%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-8.09%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.84%	—
Current Drawdown Current decline from peak	-5.06%	-5.80%	+0.74%
Average Drawdown Average peak-to-trough decline	-7.20%	-7.65%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	2.43%	+2.70%

Volatility

USOI vs. HGER - Volatility Comparison

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 10.37% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 4.06%. This indicates that USOI's price experiences larger fluctuations and is considered to be riskier than HGER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	HGER	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	4.06%	+6.31%
Volatility (6M) Calculated over the trailing 6-month period	18.34%	14.55%	+3.79%
Volatility (1Y) Calculated over the trailing 1-year period	22.46%	16.90%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	17.61%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	17.61%	+5.00%

USOI vs. HGER - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is higher than HGER's 0.68% expense ratio.

Dividends

USOI vs. HGER - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 37.65%, more than HGER's 5.58% yield.

Position	TTM	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	5.58%	7.09%	3.28%	7.24%	0.64%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	37.65%	27.21%	12.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USOI and HGER in my portfolio?

USOI and HGER have a correlation of 0.60, 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 HGER?

USOI has higher volatility (10.37%) compared to HGER (4.06%). In terms of maximum drawdown, USOI dropped -19.49% vs HGER's -23.31%.

Which ETF is better, USOI or HGER?

On 1-year performance, USOI leads with 46.39% vs 39.42% for HGER. On fees, HGER is cheaper at 0.68% per year. On volatility, HGER has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or HGER?

Over the 1-year period, USOI has performed better with a 46.39% return vs 39.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOI or HGER?

HGER is cheaper with a 0.68% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 37.65%, compared with 5.58% for HGER.

What is the main difference between USOI and HGER?

USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: Credit Suisse and Harbor. Their fees differ too: 0.85% for USOI and 0.68% for HGER.

Which has better risk-adjusted returns?

HGER currently has the higher Sharpe Ratio (2.35 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.