USOI vs. USL

Last updated Jun 25, 2026

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 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past year, USOI returned 21.77% vs 27.96% for USL. Their correlation of 0.92 suggests significant overlap in exposure. USOI charges 0.85%/yr vs 0.88%/yr for USL.

Performance

USOI vs. USL - 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 Oil Fund LP (USL). 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 USL's 35.42% return.

USOI

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

USL

• 1D: -3.22%
• 1M: -16.18%
• YTD: 35.42%
• 6M: 33.45%
• 1Y: 27.96%
• 3Y*: 12.05%
• 5Y*: 11.84%
• 10Y*: 9.07%

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

USOI vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	21.35%	-8.78%	3.24%
USL United States 12 Month Oil Fund LP	35.42%	-12.37%	-2.09%

Correlation

The correlation between USOI and USL is 0.91, 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	0.91
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 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

USOI vs. USL — 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

USL

USL Risk / Return Rank: 29
USL Sharpe Ratio Rank: 30
USL Sortino Ratio Rank: 29
USL Omega Ratio Rank: 28
USL Calmar Ratio Rank: 30
USL Martin Ratio Rank: 29

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. 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 ratio: Return per unit of total volatility	0.92	0.99	-0.07
Sortino ratio: Return per unit of downside risk	1.34	1.47	-0.12
Omega ratio: Gain probability vs. loss probability	1.17	1.18	-0.01
Calmar ratio: Return relative to maximum drawdown	1.00	1.39	-0.39
Martin ratio: Return relative to average drawdown	3.65	3.60	+0.05

USOI vs. USL - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 0.92, which is comparable to the USL Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of USOI and USL, 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. USL - Drawdown Comparison

The maximum USOI drawdown since its inception was -21.86%, 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.

Drawdown Indicators

	USOI	USL	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-89.06%	+67.20%
Max Drawdown (1Y) Largest decline over 1 year	-21.86%	-20.18%	-1.68%
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 Drawdown Current decline from peak	-21.86%	-48.64%	+26.78%
Average Drawdown Average peak-to-trough decline	-7.35%	-61.39%	+54.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	7.78%	-1.81%

Volatility

USOI vs. USL - Volatility Comparison

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a higher volatility of 9.75% compared to United States 12 Month Oil Fund LP (USL) at 8.59%. This indicates that USOI's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.75%	8.59%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	24.45%	-4.71%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	28.66%	-4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	30.28%	-7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	32.34%	-9.17%

USOI vs. USL - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

USOI vs. USL - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 49.36%, 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	49.36%	27.21%	12.54%

Frequently Asked Questions

Can I hold both USOI and USL in my portfolio?

With a correlation of 0.91, 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.

Which is riskier, USOI or USL?

USOI has higher volatility (9.75%) compared to USL (8.59%). In terms of maximum drawdown, USOI dropped -21.86% vs USL's -89.06%.

Which ETF is better, USOI or USL?

On 1-year performance, USL leads with 27.96% vs 21.77% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USL has been the lower-risk option at 8.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOI or USL?

Over the 1-year period, USL has performed better with a 27.96% 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 USL?

USOI is cheaper with a 0.85% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between USOI and USL?

USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Credit Suisse and Concierge Technologies. Their fees differ too: 0.85% for USOI and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (0.99 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.