CPRY vs. OILK
CPRY (Calamos Russell 2000 Structured Alt Protection ETF - January) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - CPRY 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. CPRY is actively managed, while OILK is passively managed. Over the past year, CPRY returned 12.11% vs 53.67% for OILK. At a correlation of -0.06, they often move in opposite directions. CPRY charges 0.69%/yr vs 0.68%/yr for OILK.
Performance
CPRY vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, CPRY achieves a 2.86% return, which is significantly lower than OILK's 58.67% return.
CPRY
- 1D
- -0.34%
- 1M
- 0.07%
- YTD
- 2.86%
- 6M
- 4.04%
- 1Y
- 12.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OILK
- 1D
- -1.50%
- 1M
- 2.45%
- YTD
- 58.67%
- 6M
- 52.94%
- 1Y
- 53.67%
- 3Y*
- 17.93%
- 5Y*
- 16.92%
- 10Y*
- —
CPRY vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPRY Calamos Russell 2000 Structured Alt Protection ETF - January | 2.86% | 8.68% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 58.67% | -12.89% |
Correlation
The correlation between CPRY and OILK is -0.18, 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 | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | -0.06 |
The correlation between CPRY and OILK shifts across timeframes, from -0.18 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CPRY vs. OILK — Risk / Return Rank
CPRY
OILK
CPRY vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - January (CPRY) 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.
| CPRY | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.31 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 4.90 | 3.11 | +1.79 |
| Martin ratioReturn relative to average drawdown | 24.92 | 6.27 | +18.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPRY | OILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.66 | 1.87 | +0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.88 | 0.11 | +1.77 |
Drawdowns
CPRY vs. OILK - Drawdown Comparison
The maximum CPRY drawdown since its inception was -3.23%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for CPRY and OILK.
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Drawdown Indicators
| CPRY | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.23% | -83.76% | +80.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.48% | -17.35% | +14.87% |
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 | -0.34% | -6.91% | +6.57% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -32.59% | +31.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 8.58% | -8.09% |
Volatility
CPRY vs. OILK - Volatility Comparison
The current volatility for Calamos Russell 2000 Structured Alt Protection ETF - January (CPRY) is 0.68%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 8.60%. This indicates that CPRY 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.
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Volatility by Period
| CPRY | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 8.60% | -7.92% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 23.39% | -21.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.58% | 28.86% | -24.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.37% | 30.12% | -25.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.37% | 35.96% | -31.59% |
CPRY vs. OILK - Expense Ratio Comparison
CPRY has a 0.69% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
CPRY vs. OILK - Dividend Comparison
CPRY has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 8.46%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CPRY Calamos Russell 2000 Structured Alt Protection ETF - January | 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 | 8.46% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
Frequently Asked Questions
CPRY and OILK have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILK has higher volatility (8.60%) compared to CPRY (0.68%). In terms of maximum drawdown, CPRY dropped -3.23% vs OILK's -83.76%.
On 1-year performance, OILK leads with 53.67% vs 12.11% for CPRY. On fees, OILK is cheaper at 0.68% per year. On volatility, CPRY has been the lower-risk option at 0.68%. 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 53.67% return vs 12.11%. 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 CPRY.
OILK has the higher dividend yield at 8.46%, compared with 0.00% for CPRY.
CPRY 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 CPRY and 0.68% for OILK.
CPRY currently has the higher Sharpe Ratio (2.66 vs 1.87), 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.
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