USOI vs. SLVO

Last updated Jun 25, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - USOI is a Oil & Gas fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, USOI returned 21.77% vs 29.87% for SLVO. At a 0.08 correlation, their price movements are largely independent. USOI charges 0.85%/yr vs 0.65%/yr for SLVO.

Performance

USOI vs. SLVO - 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 UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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 higher than SLVO's -7.83% return.

USOI

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

SLVO

• 1D: -7.04%
• 1M: -18.87%
• YTD: -7.83%
• 6M: -8.03%
• 1Y: 29.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USOI vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	21.35%	-8.78%	3.24%
SLVO UBS ETRACS Silver Shares Covered Call ETN	-7.83%	71.20%	0.94%

Correlation

The correlation between USOI and SLVO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.08

The correlation between USOI and SLVO shifts across timeframes, from -0.07 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USOI vs. SLVO — 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

SLVO

SLVO Risk / Return Rank: 31
SLVO Sharpe Ratio Rank: 27
SLVO Sortino Ratio Rank: 24
SLVO Omega Ratio Rank: 34
SLVO Calmar Ratio Rank: 30
SLVO Martin Ratio Rank: 41

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. SLVO - 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 UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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	SLVO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	0.93	-0.01
Sortino ratio: Return per unit of downside risk	1.34	1.25	+0.09
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.05
Calmar ratio: Return relative to maximum drawdown	1.00	1.40	-0.40
Martin ratio: Return relative to average drawdown	3.65	6.08	-2.42

USOI vs. SLVO - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 0.92, which is comparable to the SLVO Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of USOI and SLVO, 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. SLVO - Drawdown Comparison

The maximum USOI drawdown since its inception was -21.86%, roughly equal to the maximum SLVO drawdown of -21.39%. Use the drawdown chart below to compare losses from any high point for USOI and SLVO.

Drawdown Indicators

	USOI	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-21.39%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-21.86%	-21.39%	-0.47%
Current Drawdown Current decline from peak	-21.86%	-21.39%	-0.47%
Average Drawdown Average peak-to-trough decline	-7.35%	-3.32%	-4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	4.93%	+1.04%

Volatility

USOI vs. SLVO - Volatility Comparison

The current volatility for Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) is 9.75%, while UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a volatility of 12.63%. This indicates that USOI experiences smaller price fluctuations and is considered to be less risky than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.75%	12.63%	-2.88%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	30.22%	-10.48%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	32.17%	-8.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	26.45%	-3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	26.45%	-3.28%

USOI vs. SLVO - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is higher than SLVO's 0.65% expense ratio.

Dividends

USOI vs. SLVO - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 49.36%, less than SLVO's 71.97% yield.

Position	TTM	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	71.97%	19.35%	14.45%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	49.36%	27.21%	12.54%

Frequently Asked Questions

Can I hold both USOI and SLVO in my portfolio?

USOI and SLVO have a correlation of -0.07, 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 SLVO?

SLVO has higher volatility (12.63%) compared to USOI (9.75%). In terms of maximum drawdown, USOI dropped -21.86% vs SLVO's -21.39%.

Which ETF is better, USOI or SLVO?

On 1-year performance, SLVO leads with 29.87% vs 21.77% for USOI. On fees, SLVO is cheaper at 0.65% 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 SLVO?

Over the 1-year period, SLVO has performed better with a 29.87% 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 SLVO?

SLVO is cheaper with a 0.65% expense ratio, compared with 0.85% for USOI.

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

SLVO has the higher dividend yield at 71.97%, compared with 49.36% for USOI.

What is the main difference between USOI and SLVO?

USOI is categorized as Oil & Gas, while SLVO is Silver. USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. They also come from different issuers: Credit Suisse and UBS. Their fees differ too: 0.85% for USOI and 0.65% for SLVO.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (0.93 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.