USOI vs. USO
USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and USO (United States Oil Fund LP) are both exchange-traded funds - USOI is a Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, USOI returned 49.69% vs 101.55% for USO. Their correlation of 0.94 suggests significant overlap in exposure. USOI charges 0.85%/yr vs 0.86%/yr for USO.
Performance
USOI vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USOI achieves a 50.53% return, which is significantly lower than USO's 103.67% return.
USOI
- 1D
- 1.94%
- 1M
- 2.54%
- YTD
- 50.53%
- 6M
- 48.65%
- 1Y
- 49.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
USOI vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 50.53% | -8.78% | 6.94% |
USO United States Oil Fund LP | 103.67% | -8.46% | 5.18% |
Correlation
The correlation between USOI and USO is 0.92, 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 | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | 0.94 |
The correlation between USOI and USO has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
USOI vs. USO — Risk / Return Rank
USOI
USO
USOI vs. USO - 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 Oil Fund LP (USO). 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.
| USOI | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.38 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.20 | 5.01 | -0.81 |
| Martin ratioReturn relative to average drawdown | 9.74 | 9.42 | +0.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| USOI | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 2.31 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | -0.18 | +1.12 |
Drawdowns
USOI vs. USO - Drawdown Comparison
The maximum USOI drawdown since its inception was -19.49%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for USOI and USO.
Loading charts...
Drawdown Indicators
| USOI | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -98.19% | +78.70% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -20.39% | +8.49% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -3.08% | -85.01% | +81.93% |
Average DrawdownAverage peak-to-trough decline | -7.21% | -75.30% | +68.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 10.82% | -5.70% |
Volatility
USOI vs. USO - Volatility Comparison
The current volatility for Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) is 10.14%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that USOI experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| USOI | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.14% | 14.87% | -4.73% |
Volatility (6M)Calculated over the trailing 6-month period | 18.25% | 38.23% | -19.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.35% | 44.20% | -21.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.59% | 36.06% | -13.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.59% | 39.00% | -16.41% |
USOI vs. USO - Expense Ratio Comparison
USOI has a 0.85% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
USOI vs. USO - Dividend Comparison
USOI's dividend yield for the trailing twelve months is around 36.88%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 36.88% | 27.21% | 12.54% |
Frequently Asked Questions
With a correlation of 0.92, USOI and USO 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.
USO has higher volatility (14.87%) compared to USOI (10.14%). In terms of maximum drawdown, USOI dropped -19.49% vs USO's -98.19%.
On 1-year performance, USO leads with 101.55% vs 49.69% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 101.55% return vs 49.69%. 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 0.86% for USO.
USOI has the higher dividend yield at 36.88%, compared with 0.00% for USO.
USOI is categorized as Commodities, while USO is Oil & Gas. USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Credit Suisse and USCF. Their fees differ too: 0.85% for USOI and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 2.23), 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.
Find the right allocation for USOI and USO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer