CGW vs. OILK

Last updated Jun 5, 2026

CGW (Invesco S&P Global Water Index ETF) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - CGW is a Water Equities fund tracking the S&P Global Water Index, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, CGW returned 4.76%/yr vs 17.28%/yr for OILK. At a 0.12 correlation, their price movements are largely independent. CGW charges 0.57%/yr vs 0.68%/yr for OILK.

Performance

CGW vs. OILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Global Water Index ETF (CGW) 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, CGW achieves a -0.46% return, which is significantly lower than OILK's 61.09% return.

CGW

• 1D: 0.87%
• 1M: -2.82%
• YTD: -0.46%
• 6M: -1.22%
• 1Y: 4.53%
• 3Y*: 9.72%
• 5Y*: 4.76%
• 10Y*: 9.49%

OILK

• 1D: -1.91%
• 1M: -2.15%
• YTD: 61.09%
• 6M: 56.40%
• 1Y: 56.95%
• 3Y*: 18.39%
• 5Y*: 17.28%
• 10Y*: —

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

CGW vs. OILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGW Invesco S&P Global Water Index ETF	-0.46%	18.10%	4.55%	15.50%	-22.00%	31.70%	15.41%	34.04%	-10.47%	27.08%
OILK ProShares K-1 Free Crude Oil Strategy ETF	61.09%	-11.86%	8.18%	-0.97%	27.57%	63.71%	-61.09%	30.48%	-20.40%	2.82%

Correlation

The correlation between CGW and OILK is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016	0.12

The correlation between CGW and OILK shifts across timeframes, from -0.40 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

CGW vs. OILK - Sectors Allocation Comparison

Sectors	CGW	OILK
Utilities	46.6%	-
Industrials	44.3%	-
Basic Materials	5.8%	-
Energy	1.6%	-
Technology	1.1%	-
Consumer Cyclical	0.5%	100.0%
Real Estate	0.2%	-
Financial Services	0.0%	-
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-

Return for Risk

CGW vs. OILK — Risk / Return Rank

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

CGW

CGW Risk / Return Rank: 14
CGW Sharpe Ratio Rank: 14
CGW Sortino Ratio Rank: 14
CGW Omega Ratio Rank: 13
CGW Calmar Ratio Rank: 14
CGW Martin Ratio Rank: 15

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.

CGW vs. OILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Global Water Index ETF (CGW) 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.

	CGW	OILK	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.99	-1.64
Sortino ratio: Return per unit of downside risk	0.57	2.51	-1.94
Omega ratio: Gain probability vs. loss probability	1.07	1.33	-0.26
Calmar ratio: Return relative to maximum drawdown	0.42	3.30	-2.88
Martin ratio: Return relative to average drawdown	1.10	6.67	-5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGW vs. OILK - Sharpe Ratio Comparison

The current CGW Sharpe Ratio is 0.34, which is lower than the OILK Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of CGW 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

	CGW	OILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	1.99	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.58	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.11	+0.23

Drawdowns

CGW vs. OILK - Drawdown Comparison

The maximum CGW drawdown since its inception was -57.24%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for CGW and OILK.

Drawdown Indicators

	CGW	OILK	Difference
Max Drawdown Largest peak-to-trough decline	-57.24%	-83.76%	+26.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.86%	-17.35%	+6.49%
Max Drawdown (3Y) Largest decline over 3 years	-16.24%	-23.42%	+7.18%
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	-34.69%	+1.95%
Max Drawdown (10Y) Largest decline over 10 years	-35.72%	—	—
Current Drawdown Current decline from peak	-8.92%	-5.49%	-3.43%
Average Drawdown Average peak-to-trough decline	-9.84%	-32.60%	+22.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	8.57%	-4.44%

Volatility

CGW vs. OILK - Volatility Comparison

The current volatility for Invesco S&P Global Water Index ETF (CGW) is 4.43%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 10.52%. This indicates that CGW 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

	CGW	OILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	10.52%	-6.09%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	23.32%	-13.12%
Volatility (1Y) Calculated over the trailing 1-year period	13.31%	28.82%	-15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	30.13%	-13.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	35.97%	-18.25%

CGW vs. OILK - Expense Ratio Comparison

CGW has a 0.57% expense ratio, which is lower than OILK's 0.68% expense ratio.

Dividends

CGW vs. OILK - Dividend Comparison

CGW's dividend yield for the trailing twelve months is around 1.59%, less than OILK's 8.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGW Invesco S&P Global Water Index ETF	1.59%	1.58%	2.27%	1.55%	1.45%	1.59%	1.41%	1.48%	2.14%	1.71%	1.65%	1.67%
OILK ProShares K-1 Free Crude Oil Strategy ETF	8.34%	4.79%	3.11%	5.80%	17.32%	68.82%	0.13%	0.94%	0.58%	6.17%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGW and OILK in my portfolio?

CGW and OILK have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGW or OILK?

OILK has higher volatility (10.52%) compared to CGW (4.43%). In terms of maximum drawdown, CGW dropped -57.24% vs OILK's -83.76%.

Which ETF is better, CGW or OILK?

On 5-year performance, OILK leads with 17.28% vs 4.76% for CGW. On fees, CGW is cheaper at 0.57% per year. On volatility, CGW has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGW or OILK?

Over the 5-year period, OILK has performed better with a 17.28% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGW or OILK?

CGW is cheaper with a 0.57% expense ratio, compared with 0.68% for OILK.

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

OILK has the higher dividend yield at 8.34%, compared with 1.59% for CGW.

What is the main difference between CGW and OILK?

CGW is categorized as Water Equities, while OILK is Oil & Gas. CGW tracks S&P Global Water Index, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.57% for CGW and 0.68% for OILK.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (1.99 vs 0.34), 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.