USOI vs. OILU

Last updated Jun 4, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - USOI is a Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while OILU is a Leveraged Commodities fund managed by BMO. Over the past year, USOI returned 49.69% vs 115.83% for OILU. A 0.60 correlation means they provide meaningful diversification when combined. USOI charges 0.85%/yr vs 0.95%/yr for OILU.

Performance

USOI vs. OILU - 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 MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOI achieves a 50.53% return, which is significantly lower than OILU's 96.53% return.

USOI

• 1D: 1.94%
• 1M: 2.54%
• YTD: 50.53%
• 6M: 48.65%
• 1Y: 49.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OILU

• 1D: 3.64%
• 1M: -10.84%
• YTD: 96.53%
• 6M: 77.49%
• 1Y: 115.83%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

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

USOI vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	96.53%	-16.50%	-30.91%

Correlation

The correlation between USOI and OILU is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.60

The correlation between USOI and OILU has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

Return for Risk

USOI vs. OILU — Risk / Return Rank

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

USOI

USOI Risk / Return Rank: 64
USOI Sharpe Ratio Rank: 66
USOI Sortino Ratio Rank: 60
USOI Omega Ratio Rank: 60
USOI Calmar Ratio Rank: 80
USOI Martin Ratio Rank: 55

OILU

OILU Risk / Return Rank: 52
OILU Sharpe Ratio Rank: 54
OILU Sortino Ratio Rank: 45
OILU Omega Ratio Rank: 42
OILU Calmar Ratio Rank: 69
OILU Martin Ratio Rank: 51

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. OILU - 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 MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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	OILU	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.87	+0.36
Sortino ratio: Return per unit of downside risk	2.86	2.25	+0.61
Omega ratio: Gain probability vs. loss probability	1.37	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	4.20	3.48	+0.72
Martin ratio: Return relative to average drawdown	9.74	8.74	+1.00
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. OILU - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 2.23, which is comparable to the OILU Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of USOI and OILU, 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	OILU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.87	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.17	+0.78

Drawdowns

USOI vs. OILU - Drawdown Comparison

The maximum USOI drawdown since its inception was -19.49%, smaller than the maximum OILU drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for USOI and OILU.

Drawdown Indicators

	USOI	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-19.49%	-81.00%	+61.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-33.51%	+21.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.09%	—
Current Drawdown Current decline from peak	-3.08%	-47.14%	+44.06%
Average Drawdown Average peak-to-trough decline	-7.21%	-50.59%	+43.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	13.32%	-8.20%

Volatility

USOI vs. OILU - Volatility Comparison

The current volatility for Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) is 10.14%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 25.14%. This indicates that USOI experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	25.14%	-15.00%
Volatility (6M) Calculated over the trailing 6-month period	18.25%	49.94%	-31.69%
Volatility (1Y) Calculated over the trailing 1-year period	22.35%	62.23%	-39.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	81.16%	-58.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.59%	81.16%	-58.57%

USOI vs. OILU - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is lower than OILU's 0.95% expense ratio.

Dividends

USOI vs. OILU - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 36.88%, while OILU has not paid dividends to shareholders.

Position	TTM	2025	2024
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%

Frequently Asked Questions

Can I hold both USOI and OILU in my portfolio?

USOI and OILU have a correlation of 0.64, 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 OILU?

OILU has higher volatility (25.14%) compared to USOI (10.14%). In terms of maximum drawdown, USOI dropped -19.49% vs OILU's -81.00%.

Which ETF is better, USOI or OILU?

On 1-year performance, OILU leads with 115.83% vs 49.69% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or OILU?

Over the 1-year period, OILU has performed better with a 115.83% return vs 49.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOI or OILU?

USOI is cheaper with a 0.85% expense ratio, compared with 0.95% for OILU.

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

USOI has the higher dividend yield at 36.88%, compared with 0.00% for OILU.

What is the main difference between USOI and OILU?

USOI is categorized as Commodities, while OILU is Leveraged Commodities. They also come from different issuers: Credit Suisse and BMO. Their fees differ too: 0.85% for USOI and 0.95% for OILU.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (2.23 vs 1.87), 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.