USOI vs. USL
USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and USL (United States 12 Month Oil Fund, LP) are both Oil & Gas funds - USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index while USL tracks the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. Both are passively managed. Over the past year, USOI returned 24.70% vs 30.23% for USL. Their correlation of 0.92 means they have usually moved in the same direction. USOI charges 0.85%/yr vs 1.02%/yr for USL.
Performance
USOI vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, USOI achieves a 30.69% return, which is significantly lower than USL's 42.12% return.
USOI
- 1D
- -1.16%
- 1M
- 9.92%
- 6M
- 21.84%
- YTD
- 30.69%
- 1Y
- 24.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.05%
USL
- 1D
- -2.31%
- 1M
- 5.30%
- 6M
- 29.91%
- YTD
- 42.12%
- 1Y
- 30.23%
- 3Y*
- 8.03%
- 5Y*
- 13.78%
- 10Y*
- 10.73%
- ALL TIME*
- -0.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $624.51K | $673.47K | $1.06M | |
| $16.92M | $18.15M | $9.02M |
USOI vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 30.69% | -8.78% | 3.24% |
USL United States 12 Month Oil Fund, LP | 42.12% | -12.37% | -2.09% |
Correlation
The correlation between USOI and USL is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | 0.92 |
The correlation between USOI and USL has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
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Return for Risk
USOI vs. USL — Risk / Return Rank
USOI
USL
USOI vs. USL - 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 Oil Fund, LP (USL). 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 | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.45 | -0.40 |
| Martin ratioReturn relative to average drawdown | 3.27 | 3.98 | -0.71 |
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Drawdowns
USOI vs. USL - Drawdown Comparison
The maximum USOI drawdown since its inception was -23.54%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for USOI and USL.
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Drawdown Indicators
| USOI | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.54% | -89.06% | +65.52% |
Max Drawdown (1Y)Largest decline over 1 year | -23.54% | -20.91% | -2.63% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.33% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.82% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -66.02% | — |
Current DrawdownCurrent decline from peak | -15.85% | -46.10% | +30.25% |
Average DrawdownAverage peak-to-trough decline | -7.88% | -61.29% | +53.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.60% | 7.63% | -0.03% |
Volatility
USOI vs. USL - Volatility Comparison
The current volatility for Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) is 6.44%, while United States 12 Month Oil Fund, LP (USL) has a volatility of 11.47%. This indicates that USOI experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USOI | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.44% | 11.47% | -5.03% |
Volatility (6M)Calculated over the trailing 6-month period | 20.38% | 25.59% | -5.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.67% | 30.00% | -5.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.29% | 30.37% | -7.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.29% | 32.37% | -9.08% |
USOI vs. USL - Expense Ratio Comparison
USOI has a 0.85% expense ratio, which is lower than USL's 1.02% expense ratio.
Dividends
USOI vs. USL - Dividend Comparison
USOI's dividend yield for the trailing twelve months is around 47.10%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 0.00% | 0.00% | 0.00% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 47.10% | 27.21% | 12.54% |
Frequently Asked Questions
With a correlation of 0.90, USOI and USL 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.
USL has higher volatility (11.47%) compared to USOI (6.44%). In terms of maximum drawdown, USOI dropped -23.54% vs USL's -89.06%.
On 1-year performance, USL leads with 30.23% vs 24.70% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USL has performed better with a 30.23% return vs 24.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USOI is cheaper with a 0.85% expense ratio, compared with 1.02% for USL.
USOI has the higher dividend yield at 47.10%, compared with 0.00% for USL.
USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. They also come from different issuers: Credit Suisse and USCF. Their fees differ too: 0.85% for USOI and 1.02% for USL.
USL currently has the higher Sharpe Ratio (1.01 vs 1.01), 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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