USOI vs. KMLI

Last updated Aug 5, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and KMLI (KraneShares 2x Long MELI Daily ETF) are both exchange-traded funds - USOI is a Oil & Gas fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while KMLI is a Leveraged Equities fund actively managed by KraneShares. USOI is passively managed, while KMLI is actively managed. Over the past year, USOI returned 24.70% vs -54.33% for KMLI. Their -0.17 correlation means they have often moved in opposite directions in the past. USOI charges 0.85%/yr vs 1.26%/yr for KMLI.

Performance

USOI vs. KMLI - 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 KraneShares 2x Long MELI Daily ETF (KMLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOI achieves a 30.69% return, which is significantly higher than KMLI's -26.34% return.

USOI

• 1D: -1.16%
• 1M: 9.92%
• 6M: 21.84%
• YTD: 30.69%
• 1Y: 24.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.05%

KMLI

• 1D: -0.88%
• 1M: 12.89%
• 6M: -30.25%
• YTD: -26.34%
• 1Y: -54.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -49.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KMLI KraneShares 2x Long MELI Daily ETF	$367.74K	$483.95K	$786.94K
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	$16.92M	$18.15M	$9.02M

USOI vs. KMLI - Yearly Performance Comparison

	2026 (YTD)	2025
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	30.69%	-2.52%
KMLI KraneShares 2x Long MELI Daily ETF	-26.34%	-38.14%

Correlation

The correlation between USOI and KMLI is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.17
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.17

Return for Risk

USOI vs. KMLI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USOI

USOI Risk / Return Rank: 33
USOI Sharpe Ratio Rank: 36
USOI Sortino Ratio Rank: 35
USOI Omega Ratio Rank: 34
USOI Calmar Ratio Rank: 30
USOI Martin Ratio Rank: 32

KMLI

KMLI Risk / Return Rank: 3
KMLI Sharpe Ratio Rank: 3
KMLI Sortino Ratio Rank: 4
KMLI Omega Ratio Rank: 4
KMLI Calmar Ratio Rank: 3
KMLI Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USOI vs. KMLI - 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 KraneShares 2x Long MELI Daily ETF (KMLI). 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	KMLI	Difference
Sharpe ratio: Return per unit of total volatility	1.01	-0.69	+1.70
Sortino ratio: Return per unit of downside risk	1.47	-0.75	+2.22
Omega ratio: Gain probability vs. loss probability	1.18	0.90	+0.28
Calmar ratio: Return relative to maximum drawdown	1.05	-0.78	+1.84
Martin ratio: Return relative to average drawdown	3.27	-1.16	+4.43

USOI vs. KMLI - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 1.01, which is higher than the KMLI Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of USOI and KMLI, 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. KMLI - Drawdown Comparison

The maximum USOI drawdown since its inception was -23.54%, smaller than the maximum KMLI drawdown of -73.23%. Use the drawdown chart below to compare losses from any high point for USOI and KMLI.

Drawdown Indicators

	USOI	KMLI	Difference
Max Drawdown Largest peak-to-trough decline	-23.54%	-73.23%	+49.69%
Max Drawdown (1Y) Largest decline over 1 year	-23.54%	-69.49%	+45.95%
Current Drawdown Current decline from peak	-15.85%	-62.09%	+46.24%
Average Drawdown Average peak-to-trough decline	-7.88%	-44.58%	+36.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.60%	46.73%	-39.13%

Volatility

USOI vs. KMLI - Volatility Comparison

The current volatility for Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) is 6.44%, while KraneShares 2x Long MELI Daily ETF (KMLI) has a volatility of 10.52%. This indicates that USOI experiences smaller price fluctuations and is considered to be less risky than KMLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	KMLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.44%	10.52%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	20.38%	58.47%	-38.09%
Volatility (1Y) Calculated over the trailing 1-year period	24.67%	79.23%	-54.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.29%	76.45%	-53.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.29%	76.45%	-53.16%

USOI vs. KMLI - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is lower than KMLI's 1.26% expense ratio.

Dividends

USOI vs. KMLI - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 47.10%, more than KMLI's 14.43% yield.

Position	TTM	2025	2024
KMLI KraneShares 2x Long MELI Daily ETF	14.43%	10.63%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.10%	27.21%	12.54%

Frequently Asked Questions

Can I hold both USOI and KMLI in my portfolio?

USOI and KMLI have a correlation of -0.17, 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 KMLI?

KMLI has higher volatility (10.52%) compared to USOI (6.44%). In terms of maximum drawdown, USOI dropped -23.54% vs KMLI's -73.23%.

Which ETF is better, USOI or KMLI?

On 1-year performance, USOI leads with 24.70% vs -54.33% for KMLI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or KMLI?

Over the 1-year period, USOI has performed better with a 24.70% return vs -54.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOI or KMLI?

USOI is cheaper with a 0.85% expense ratio, compared with 1.26% for KMLI.

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

USOI has the higher dividend yield at 47.10%, compared with 14.43% for KMLI.

What is the main difference between USOI and KMLI?

USOI is categorized as Oil & Gas, while KMLI is Leveraged Equities. They also come from different issuers: Credit Suisse and KraneShares. Their fees differ too: 0.85% for USOI and 1.26% for KMLI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.01 vs -0.69), 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.