ZSB vs. USOI

Last updated Jun 3, 2026

ZSB (USCF Sustainable Battery Metals Strategy Fund) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Commodities funds - ZSB tracks the S&P GSCI Electric Vehicle Meals Index while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, ZSB returned 78.36% vs 47.75% for USOI. At a 0.09 correlation, their price movements are largely independent. ZSB charges 0.59%/yr vs 0.85%/yr for USOI.

Performance

ZSB vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Battery Metals Strategy Fund (ZSB) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSB achieves a 14.02% return, which is significantly lower than USOI's 47.67% return.

ZSB

• 1D: 0.48%
• 1M: 2.34%
• YTD: 14.02%
• 6M: 28.85%
• 1Y: 78.36%
• 3Y*: 6.63%
• 5Y*: —
• 10Y*: —

USOI

• 1D: 1.82%
• 1M: 2.47%
• YTD: 47.67%
• 6M: 46.91%
• 1Y: 47.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZSB vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZSB USCF Sustainable Battery Metals Strategy Fund	14.02%	64.34%	-17.15%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.67%	-8.78%	6.94%

Correlation

The correlation between ZSB and USOI is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.09

Return for Risk

ZSB vs. USOI — Risk / Return Rank

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

ZSB

ZSB Risk / Return Rank: 81
ZSB Sharpe Ratio Rank: 88
ZSB Sortino Ratio Rank: 73
ZSB Omega Ratio Rank: 86
ZSB Calmar Ratio Rank: 85
ZSB Martin Ratio Rank: 71

USOI

USOI Risk / Return Rank: 63
USOI Sharpe Ratio Rank: 64
USOI Sortino Ratio Rank: 58
USOI Omega Ratio Rank: 58
USOI Calmar Ratio Rank: 80
USOI Martin Ratio Rank: 55

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.

ZSB vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Battery Metals Strategy Fund (ZSB) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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.

	ZSB	USOI	Difference
Sharpe ratio Return per unit of total volatility	2.99	2.15	+0.84
Sortino ratio Return per unit of downside risk	3.38	2.77	+0.61
Omega ratio Gain probability vs. loss probability	1.54	1.36	+0.18
Calmar ratio Return relative to maximum drawdown	4.77	4.17	+0.60
Martin ratio Return relative to average drawdown	13.48	9.70	+3.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSB vs. USOI - Sharpe Ratio Comparison

The current ZSB Sharpe Ratio is 2.99, which is higher than the USOI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ZSB and USOI, 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

	ZSB	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.15	+0.84
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.90	-0.85

Drawdowns

ZSB vs. USOI - Drawdown Comparison

The maximum ZSB drawdown since its inception was -49.26%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for ZSB and USOI.

Drawdown Indicators

	ZSB	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-49.26%	-19.49%	-29.77%
Max Drawdown (1Y) Largest decline over 1 year	-16.75%	-11.90%	-4.85%
Max Drawdown (3Y) Largest decline over 3 years	-43.22%	—	—
Current Drawdown Current decline from peak	-3.87%	-4.92%	+1.05%
Average Drawdown Average peak-to-trough decline	-30.98%	-7.21%	-23.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.92%	5.11%	+0.81%

Volatility

ZSB vs. USOI - Volatility Comparison

The current volatility for USCF Sustainable Battery Metals Strategy Fund (ZSB) is 5.39%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.13%. This indicates that ZSB experiences smaller price fluctuations and is considered to be less risky than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSB	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	10.13%	-4.74%
Volatility (6M) Calculated over the trailing 6-month period	22.64%	18.18%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	26.31%	22.31%	+4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	22.57%	-2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.60%	22.57%	-2.97%

ZSB vs. USOI - Expense Ratio Comparison

ZSB has a 0.59% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

ZSB vs. USOI - Dividend Comparison

ZSB's dividend yield for the trailing twelve months is around 0.81%, less than USOI's 37.59% yield.

Position	TTM	2025	2024	2023
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	37.59%	27.21%	12.54%	0.00%
ZSB USCF Sustainable Battery Metals Strategy Fund	0.81%	0.92%	2.96%	3.59%

Frequently Asked Questions

Can I hold both ZSB and USOI in my portfolio?

ZSB and USOI have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSB or USOI?

USOI has higher volatility (10.13%) compared to ZSB (5.39%). In terms of maximum drawdown, ZSB dropped -49.26% vs USOI's -19.49%.

Which ETF is better, ZSB or USOI?

On 1-year performance, ZSB leads with 78.36% vs 47.75% for USOI. On fees, ZSB is cheaper at 0.59% per year. On volatility, ZSB has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSB or USOI?

Over the 1-year period, ZSB has performed better with a 78.36% return vs 47.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSB or USOI?

ZSB is cheaper with a 0.59% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 37.59%, compared with 0.81% for ZSB.

What is the main difference between ZSB and USOI?

ZSB tracks S&P GSCI Electric Vehicle Meals Index, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: USCF and Credit Suisse. Their fees differ too: 0.59% for ZSB and 0.85% for USOI.

Which has better risk-adjusted returns?

ZSB currently has the higher Sharpe Ratio (2.99 vs 2.15), 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.