USOI vs. UNL

Last updated Jul 16, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and UNL (United States 12 Month Natural Gas Fund LP) are both Oil & Gas funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past year, USOI returned 25.92% vs -32.29% for UNL. At a 0.07 correlation, their price movements are largely independent. USOI charges 0.85%/yr vs 0.90%/yr for UNL.

Performance

USOI vs. UNL - 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 12 Month Natural Gas Fund LP (UNL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOI achieves a 30.79% return, which is significantly higher than UNL's -18.07% return.

USOI

• 1D: 0.13%
• 1M: -3.85%
• 6M: 27.39%
• YTD: 30.79%
• 1Y: 25.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UNL

• 1D: -0.25%
• 1M: -5.08%
• 6M: -7.12%
• YTD: -18.07%
• 1Y: -32.29%
• 3Y*: -18.38%
• 5Y*: -9.85%
• 10Y*: -5.21%

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

USOI vs. UNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	30.79%	-8.78%	3.24%
UNL United States 12 Month Natural Gas Fund LP	-18.07%	-9.67%	0.25%

Correlation

The correlation between USOI and UNL is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.07

Return for Risk

USOI vs. UNL — Risk / Return Rank

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

USOI

USOI Risk / Return Rank: 32
USOI Sharpe Ratio Rank: 35
USOI Sortino Ratio Rank: 34
USOI Omega Ratio Rank: 33
USOI Calmar Ratio Rank: 27
USOI Martin Ratio Rank: 30

UNL

UNL Risk / Return Rank: 2
UNL Sharpe Ratio Rank: 2
UNL Sortino Ratio Rank: 3
UNL Omega Ratio Rank: 2
UNL Calmar Ratio Rank: 0
UNL Martin Ratio Rank: 0

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. UNL - 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 12 Month Natural Gas Fund LP (UNL). 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	UNL	Difference
Sharpe ratio: Return per unit of total volatility	1.04	-0.92	+1.97
Sortino ratio: Return per unit of downside risk	1.51	-1.21	+2.72
Omega ratio: Gain probability vs. loss probability	1.19	0.84	+0.34
Calmar ratio: Return relative to maximum drawdown	1.11	-0.99	+2.09
Martin ratio: Return relative to average drawdown	3.41	-1.63	+5.03

USOI vs. UNL - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 1.04, which is higher than the UNL Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of USOI and UNL, 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. UNL - Drawdown Comparison

The maximum USOI drawdown since its inception was -23.54%, smaller than the maximum UNL drawdown of -89.32%. Use the drawdown chart below to compare losses from any high point for USOI and UNL.

Drawdown Indicators

	USOI	UNL	Difference
Max Drawdown Largest peak-to-trough decline	-23.54%	-89.32%	+65.78%
Max Drawdown (1Y) Largest decline over 1 year	-23.54%	-32.78%	+9.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-78.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-78.75%	—
Current Drawdown Current decline from peak	-15.79%	-89.29%	+73.50%
Average Drawdown Average peak-to-trough decline	-7.69%	-73.44%	+65.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.63%	19.86%	-12.23%

Volatility

USOI vs. UNL - Volatility Comparison

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 10.62% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.63%. This indicates that USOI's price experiences larger fluctuations and is considered to be riskier than UNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	UNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.62%	5.63%	+4.99%
Volatility (6M) Calculated over the trailing 6-month period	20.59%	28.62%	-8.03%
Volatility (1Y) Calculated over the trailing 1-year period	24.95%	35.06%	-10.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.54%	41.75%	-18.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	33.83%	-10.29%

USOI vs. UNL - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is lower than UNL's 0.90% expense ratio.

Dividends

USOI vs. UNL - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 45.80%, while UNL has not paid dividends to shareholders.

Position	TTM	2025	2024
UNL United States 12 Month Natural Gas Fund LP	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	45.80%	27.21%	12.54%

Frequently Asked Questions

Can I hold both USOI and UNL in my portfolio?

USOI and UNL have a correlation of 0.16, 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 UNL?

USOI has higher volatility (10.62%) compared to UNL (5.63%). In terms of maximum drawdown, USOI dropped -23.54% vs UNL's -89.32%.

Which ETF is better, USOI or UNL?

On 1-year performance, USOI leads with 25.92% vs -32.29% for UNL. On fees, USOI is cheaper at 0.85% per year. On volatility, UNL has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or UNL?

Over the 1-year period, USOI has performed better with a 25.92% return vs -32.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOI or UNL?

USOI is cheaper with a 0.85% expense ratio, compared with 0.90% for UNL.

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

USOI has the higher dividend yield at 45.80%, compared with 0.00% for UNL.

What is the main difference between USOI and UNL?

USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while UNL tracks 12 Month Natural Gas. They also come from different issuers: Credit Suisse and Concierge Technologies. Their fees differ too: 0.85% for USOI and 0.90% for UNL.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.04 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.