AFSM vs. OILK

Last updated Jun 4, 2026

AFSM (First Trust Active Factor Small Cap ETF) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - AFSM is a Small Cap Blend Equities fund actively managed by First Trust, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. AFSM is actively managed, while OILK is passively managed. Over the past 5 years, AFSM returned 8.53%/yr vs 17.73%/yr for OILK. At a 0.20 correlation, their price movements are largely independent. AFSM charges 0.77%/yr vs 0.68%/yr for OILK.

Performance

AFSM vs. OILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Small Cap ETF (AFSM) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFSM achieves a 15.65% return, which is significantly lower than OILK's 64.22% return.

AFSM

• 1D: -0.99%
• 1M: 3.29%
• YTD: 15.65%
• 6M: 15.19%
• 1Y: 30.17%
• 3Y*: 17.93%
• 5Y*: 8.53%
• 10Y*: —

OILK

• 1D: 1.40%
• 1M: -1.65%
• YTD: 64.22%
• 6M: 60.70%
• 1Y: 58.99%
• 3Y*: 19.03%
• 5Y*: 17.73%
• 10Y*: —

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

AFSM vs. OILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AFSM First Trust Active Factor Small Cap ETF	15.65%	9.99%	10.55%	22.23%	-17.50%	26.03%	8.44%	2.63%
OILK ProShares K-1 Free Crude Oil Strategy ETF	64.22%	-11.86%	8.18%	-0.97%	27.57%	63.71%	-61.09%	4.97%

Correlation

The correlation between AFSM and OILK is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Dec 5, 2019	0.20

The correlation between AFSM and OILK shifts across timeframes, from -0.26 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

AFSM vs. OILK - Sectors Allocation Comparison

Sectors	AFSM	OILK
Technology	20.3%	-
Healthcare	17.8%	-
Industrials	16.9%	-
Financial Services	14.9%	-
Consumer Cyclical	8.6%	100.0%
Energy	5.3%	-
Basic Materials	4.9%	-
Consumer Defensive	4.7%	-
Real Estate	3.8%	-
Communication Services	2.3%	-
Utilities	0.3%	-

Return for Risk

AFSM vs. OILK — Risk / Return Rank

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

AFSM

AFSM Risk / Return Rank: 54
AFSM Sharpe Ratio Rank: 49
AFSM Sortino Ratio Rank: 50
AFSM Omega Ratio Rank: 46
AFSM Calmar Ratio Rank: 64
AFSM Martin Ratio Rank: 59

OILK

OILK Risk / Return Rank: 55
OILK Sharpe Ratio Rank: 60
OILK Sortino Ratio Rank: 53
OILK Omega Ratio Rank: 54
OILK Calmar Ratio Rank: 68
OILK Martin Ratio Rank: 42

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.

AFSM vs. OILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Small Cap ETF (AFSM) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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.

	AFSM	OILK	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.06	-0.37
Sortino ratio: Return per unit of downside risk	2.46	2.59	-0.13
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	3.17	3.42	-0.25
Martin ratio: Return relative to average drawdown	10.41	6.91	+3.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFSM vs. OILK - Sharpe Ratio Comparison

The current AFSM Sharpe Ratio is 1.70, which is comparable to the OILK Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of AFSM and OILK, 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

	AFSM	OILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.06	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.59	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.12	+0.33

Drawdowns

AFSM vs. OILK - Drawdown Comparison

The maximum AFSM drawdown since its inception was -43.54%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for AFSM and OILK.

Drawdown Indicators

	AFSM	OILK	Difference
Max Drawdown Largest peak-to-trough decline	-43.54%	-83.76%	+40.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-17.35%	+7.79%
Max Drawdown (3Y) Largest decline over 3 years	-25.07%	-23.42%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	-34.69%	+6.42%
Current Drawdown Current decline from peak	-1.47%	-3.66%	+2.19%
Average Drawdown Average peak-to-trough decline	-9.48%	-32.61%	+23.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	8.56%	-5.66%

Volatility

AFSM vs. OILK - Volatility Comparison

The current volatility for First Trust Active Factor Small Cap ETF (AFSM) is 5.57%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 10.44%. This indicates that AFSM experiences smaller price fluctuations and is considered to be less risky than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFSM	OILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	10.44%	-4.87%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	23.26%	-10.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	28.75%	-10.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	30.12%	-9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.40%	35.97%	-10.57%

AFSM vs. OILK - Expense Ratio Comparison

AFSM has a 0.77% expense ratio, which is higher than OILK's 0.68% expense ratio.

Dividends

AFSM vs. OILK - Dividend Comparison

AFSM's dividend yield for the trailing twelve months is around 0.47%, less than OILK's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFSM First Trust Active Factor Small Cap ETF	0.47%	0.58%	0.58%	0.92%	1.28%	0.35%	0.53%	0.32%	0.00%	0.00%
OILK ProShares K-1 Free Crude Oil Strategy ETF	8.18%	4.79%	3.11%	5.80%	17.32%	68.82%	0.13%	0.94%	0.58%	6.17%

Frequently Asked Questions

Can I hold both AFSM and OILK in my portfolio?

AFSM and OILK have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFSM or OILK?

OILK has higher volatility (10.44%) compared to AFSM (5.57%). In terms of maximum drawdown, AFSM dropped -43.54% vs OILK's -83.76%.

Which ETF is better, AFSM or OILK?

On 5-year performance, OILK leads with 17.73% vs 8.53% for AFSM. On fees, OILK is cheaper at 0.68% per year. On volatility, AFSM has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFSM or OILK?

Over the 5-year period, OILK has performed better with a 17.73% return vs 8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFSM or OILK?

OILK is cheaper with a 0.68% expense ratio, compared with 0.77% for AFSM.

Which ETF pays a higher dividend yield, AFSM or OILK?

OILK has the higher dividend yield at 8.18%, compared with 0.47% for AFSM.

What is the main difference between AFSM and OILK?

AFSM is categorized as Small Cap Blend Equities, while OILK is Oil & Gas. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.77% for AFSM and 0.68% for OILK.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (2.06 vs 1.70), 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.