USOI vs. OILK
USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past year, USOI returned 24.90% vs 27.24% for OILK. Their correlation of 0.92 suggests significant overlap in exposure. USOI charges 0.85%/yr vs 0.68%/yr for OILK.
Performance
USOI vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, USOI achieves a 26.72% return, which is significantly lower than OILK's 40.78% return.
USOI
- 1D
- -1.16%
- 1M
- -13.97%
- YTD
- 26.72%
- 6M
- 25.07%
- 1Y
- 24.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OILK
- 1D
- -0.59%
- 1M
- -13.38%
- YTD
- 40.78%
- 6M
- 38.63%
- 1Y
- 27.24%
- 3Y*
- 13.91%
- 5Y*
- 13.00%
- 10Y*
- —
USOI vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 26.72% | -8.78% | 3.24% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 40.78% | -11.86% | -2.64% |
Correlation
The correlation between USOI and OILK 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 | 0.92 |
The correlation between USOI and OILK has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
USOI vs. OILK — Risk / Return Rank
USOI
OILK
USOI vs. OILK - 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 ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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 | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.57 | -0.21 |
| Martin ratioReturn relative to average drawdown | 4.30 | 3.49 | +0.81 |
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Drawdowns
USOI vs. OILK - Drawdown Comparison
The maximum USOI drawdown since its inception was -19.49%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for USOI and OILK.
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Drawdown Indicators
| USOI | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -83.76% | +64.27% |
Max Drawdown (1Y)Largest decline over 1 year | -18.41% | -17.41% | -1.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.69% | — |
Current DrawdownCurrent decline from peak | -18.41% | -17.41% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -7.33% | -32.48% | +25.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.81% | 7.86% | -2.05% |
Volatility
USOI vs. OILK - Volatility Comparison
Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 9.08% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 8.02%. This indicates that USOI's price experiences larger fluctuations and is considered to be riskier than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USOI | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.08% | 8.02% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 19.23% | 24.07% | -4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.55% | 29.00% | -5.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.00% | 30.27% | -7.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.00% | 35.96% | -12.96% |
USOI vs. OILK - Expense Ratio Comparison
USOI has a 0.85% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
USOI vs. OILK - Dividend Comparison
USOI's dividend yield for the trailing twelve months is around 47.27%, more than OILK's 9.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 9.54% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
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% |
Frequently Asked Questions
With a correlation of 0.91, USOI and OILK 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.
USOI has higher volatility (9.08%) compared to OILK (8.02%). In terms of maximum drawdown, USOI dropped -19.49% vs OILK's -83.76%.
On 1-year performance, OILK leads with 27.24% vs 24.90% for USOI. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OILK has performed better with a 27.24% return vs 24.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.85% for USOI.
USOI has the higher dividend yield at 47.27%, compared with 9.54% for OILK.
USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: Credit Suisse and ProShares. Their fees differ too: 0.85% for USOI and 0.68% for OILK.
USOI currently has the higher Sharpe Ratio (1.07 vs 0.96), 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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