CPRO vs. OILK
CPRO (Calamos Russell 2000 Structured Alt Protection ETF - October) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - CPRO is a Defined Outcome fund actively managed by Calamos, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. CPRO is actively managed, while OILK is passively managed. Over the past year, CPRO returned 13.53% vs 20.72% for OILK. At a correlation of -0.11, they often move in opposite directions. CPRO charges 0.69%/yr vs 0.68%/yr for OILK.
Performance
CPRO vs. OILK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CPRO achieves a 4.39% return, which is significantly lower than OILK's 41.61% return.
CPRO
- 1D
- 0.20%
- 1M
- 0.95%
- YTD
- 4.39%
- 6M
- 4.04%
- 1Y
- 13.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OILK
- 1D
- -1.44%
- 1M
- -12.86%
- YTD
- 41.61%
- 6M
- 40.08%
- 1Y
- 20.72%
- 3Y*
- 14.14%
- 5Y*
- 13.20%
- 10Y*
- —
CPRO vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October | 4.39% | 8.34% | 0.22% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 41.61% | -11.86% | 5.51% |
Correlation
The correlation between CPRO and OILK is -0.25, 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 | -0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | -0.11 |
The correlation between CPRO and OILK shifts across timeframes, from -0.25 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.
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
CPRO vs. OILK — Risk / Return Rank
CPRO
OILK
CPRO vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CPRO | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.31 | ||
| Sortino ratioReturn per unit of downside risk | +4.42 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.14 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 7.68 | 1.23 | +6.45 |
| Martin ratioReturn relative to average drawdown | 28.45 | 2.67 | +25.78 |
Loading charts...
Drawdowns
CPRO vs. OILK - Drawdown Comparison
The maximum CPRO drawdown since its inception was -3.36%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for CPRO and OILK.
Loading charts...
Drawdown Indicators
| CPRO | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.36% | -83.76% | +80.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.77% | -16.92% | +15.15% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.69% | — |
Current DrawdownCurrent decline from peak | 0.00% | -16.92% | +16.92% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -32.48% | +31.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 8.89% | -8.41% |
Volatility
CPRO vs. OILK - Volatility Comparison
The current volatility for Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO) is 0.77%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 8.06%. This indicates that CPRO 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.
Loading charts...
Volatility by Period
| CPRO | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 8.06% | -7.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 24.09% | -21.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 29.05% | -24.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.13% | 30.27% | -26.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.13% | 35.97% | -31.84% |
CPRO vs. OILK - Expense Ratio Comparison
CPRO has a 0.69% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
CPRO vs. OILK - Dividend Comparison
CPRO has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 9.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CPRO Calamos Russell 2000 Structured Alt Protection ETF - October | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 9.48% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
Frequently Asked Questions
CPRO and OILK have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILK has higher volatility (8.06%) compared to CPRO (0.77%). In terms of maximum drawdown, CPRO dropped -3.36% vs OILK's -83.76%.
On 1-year performance, OILK leads with 20.72% vs 13.53% for CPRO. On fees, OILK is cheaper at 0.68% per year. On volatility, CPRO has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OILK has performed better with a 20.72% return vs 13.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.69% for CPRO.
OILK has the higher dividend yield at 9.48%, compared with 0.00% for CPRO.
CPRO is categorized as Defined Outcome, while OILK is Oil & Gas. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CPRO and 0.68% for OILK.
CPRO currently has the higher Sharpe Ratio (3.03 vs 0.72), 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 CPRO and OILK
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