USOI vs. UGA

Last updated Jun 25, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and UGA (United States Gasoline Fund LP) are both Oil & Gas funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while UGA tracks the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, USOI returned 21.77% vs 62.68% for UGA. Their correlation of 0.84 suggests significant overlap in exposure. USOI charges 0.85%/yr vs 0.75%/yr for UGA.

Performance

USOI vs. UGA - 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 United States Gasoline Fund LP (UGA). 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 lower than UGA's 59.54% return.

USOI

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

UGA

• 1D: -2.77%
• 1M: -14.54%
• YTD: 59.54%
• 6M: 55.91%
• 1Y: 62.68%
• 3Y*: 17.85%
• 5Y*: 22.22%
• 10Y*: 13.99%

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

USOI vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	21.35%	-8.78%	3.24%
UGA United States Gasoline Fund LP	59.54%	-2.00%	-2.64%

Correlation

The correlation between USOI and UGA is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.84

The correlation between USOI and UGA has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

USOI vs. UGA — 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

UGA

UGA Risk / Return Rank: 60
UGA Sharpe Ratio Rank: 62
UGA Sortino Ratio Rank: 54
UGA Omega Ratio Rank: 55
UGA Calmar Ratio Rank: 69
UGA Martin Ratio Rank: 60

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. UGA - 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 United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.83	-0.90
Sortino ratio: Return per unit of downside risk	1.34	2.35	-1.01
Omega ratio: Gain probability vs. loss probability	1.17	1.31	-0.14
Calmar ratio: Return relative to maximum drawdown	1.00	3.10	-2.10
Martin ratio: Return relative to average drawdown	3.65	9.66	-6.01

USOI vs. UGA - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 0.92, which is lower than the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of USOI and UGA, 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. UGA - Drawdown Comparison

The maximum USOI drawdown since its inception was -21.86%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for USOI and UGA.

Drawdown Indicators

	USOI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-86.59%	+64.73%
Max Drawdown (1Y) Largest decline over 1 year	-21.86%	-20.32%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-21.86%	-20.32%	-1.54%
Average Drawdown Average peak-to-trough decline	-7.35%	-36.69%	+29.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	6.51%	-0.54%

Volatility

USOI vs. UGA - Volatility Comparison

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) and United States Gasoline Fund LP (UGA) have volatilities of 9.75% and 9.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.75%	9.45%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	30.74%	-11.00%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	34.84%	-11.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	34.47%	-11.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	37.22%	-14.05%

USOI vs. UGA - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

USOI vs. UGA - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 49.36%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%
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 UGA in my portfolio?

USOI and UGA have a correlation of 0.83, 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 UGA?

USOI has higher volatility (9.75%) compared to UGA (9.45%). In terms of maximum drawdown, USOI dropped -21.86% vs UGA's -86.59%.

Which ETF is better, USOI or UGA?

On 1-year performance, UGA leads with 62.68% vs 21.77% for USOI. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or UGA?

Over the 1-year period, UGA has performed better with a 62.68% 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 UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 49.36%, compared with 0.00% for UGA.

What is the main difference between USOI and UGA?

USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Credit Suisse and Concierge Technologies. Their fees differ too: 0.85% for USOI and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.82 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.