USOI vs. USOY

Last updated Jun 4, 2026

USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - USOI is a Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index, while USOY is a Derivative Income fund actively managed by Defiance. USOI is passively managed, while USOY is actively managed. Over the past year, USOI returned 49.69% vs 57.29% for USOY. Their correlation of 0.91 suggests significant overlap in exposure. USOI charges 0.85%/yr vs 1.22%/yr for USOY.

Performance

USOI vs. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOI achieves a 50.53% return, which is significantly lower than USOY's 62.18% return.

USOI

• 1D: 1.94%
• 1M: 2.54%
• YTD: 50.53%
• 6M: 48.65%
• 1Y: 49.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USOI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	11.08%

Correlation

The correlation between USOI and USOY is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.91

The correlation between USOI and USOY has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

USOI vs. USOY — Risk / Return Rank

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

USOI

USOI Risk / Return Rank: 64
USOI Sharpe Ratio Rank: 66
USOI Sortino Ratio Rank: 60
USOI Omega Ratio Rank: 60
USOI Calmar Ratio Rank: 80
USOI Martin Ratio Rank: 55

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio Return per unit of total volatility	2.23	1.89	+0.34
Sortino ratio Return per unit of downside risk	2.86	2.30	+0.56
Omega ratio Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio Return relative to maximum drawdown	4.20	4.03	+0.17
Martin ratio Return relative to average drawdown	9.74	7.74	+2.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USOI vs. USOY - Sharpe Ratio Comparison

The current USOI Sharpe Ratio is 2.23, which is comparable to the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of USOI and USOY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USOI	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.89	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.99	-0.05

Drawdowns

USOI vs. USOY - Drawdown Comparison

The maximum USOI drawdown since its inception was -19.49%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for USOI and USOY.

Drawdown Indicators

	USOI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-19.49%	-17.46%	-2.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-14.29%	+2.39%
Current Drawdown Current decline from peak	-3.08%	-5.11%	+2.03%
Average Drawdown Average peak-to-trough decline	-7.21%	-6.47%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	7.42%	-2.30%

Volatility

USOI vs. USOY - Volatility Comparison

The current volatility for Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) is 10.14%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that USOI experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	11.62%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	18.25%	27.18%	-8.93%
Volatility (1Y) Calculated over the trailing 1-year period	22.35%	30.44%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	26.13%	-3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.59%	26.13%	-3.54%

USOI vs. USOY - Expense Ratio Comparison

USOI has a 0.85% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

USOI vs. USOY - Dividend Comparison

USOI's dividend yield for the trailing twelve months is around 36.88%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both USOI and USOY in my portfolio?

With a correlation of 0.90, USOI and USOY 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 USOY?

USOY has higher volatility (11.62%) compared to USOI (10.14%). In terms of maximum drawdown, USOI dropped -19.49% vs USOY's -17.46%.

Which ETF is better, USOI or USOY?

On 1-year performance, USOY leads with 57.29% 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.

Which ETF has performed better, USOI or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 49.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOI or USOY?

USOI is cheaper with a 0.85% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 36.88% for USOI.

What is the main difference between USOI and USOY?

USOI is categorized as Commodities, while USOY is Derivative Income. They also come from different issuers: Credit Suisse and Defiance. Their fees differ too: 0.85% for USOI and 1.22% for USOY.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (2.23 vs 1.89), 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.